Common Council approves tax incentives, Tops could open on Pond Street by year's end
Syracuse (WSYR-TV) – The Syracuse Common Council on Monday approved a tax incentive package requested for a developer and the grocery store chain Tops, who are planning to install a store in the former Pond Street Wegmans location.
Under the incentive plan, Morgan Management and Tops will receive approximately $60,000 in tax breaks.
In addition, the city agreed to permit a Payment in Lieu of Taxes (PILOT) agreement that will freeze the assessments on the property for seven years and gradually phase them in every three years.
When the plan was approved by the Syracuse Industrial Development Agency last week, the store anticipated opening in late fall or early winter.
SIDA Chairman Bill Ryan believes the store will generate about 80 jobs.
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