Syracuse (WSYR-TV) – The Syracuse Industrial Development Agency has approved a tax deal that could land a new grocery store at the former Pond Street Wegmans location by the end of the year.
The next step is approval by the city’s Common Council on Monday. If it meets final approval, a Tops store could be open for business by late fall or winter.
On Thursday morning, SIDA approved about $60,000 in tax breaks for developer Morgan Management and Tops.
In addition, the agency approved a Payment in Lieu of Taxes (PILOT) agreement that will freeze tax assessments on the property for seven years and then gradually phase them in every three years.
The developer and Tops say they will still need to implement about $30,000 in renovations before a store can open in the location.
SIDA Chairman Bill Ryan believes the store will generate about 80 jobs for the area.