Created: 07/15/2014 6:18 PM WHEC.com
By: Brett Davidsen
The days of tax breaks are officially over for Medley Centre and town leaders are calling it a win for taxpayers. The owner of the Medley Centre will now have to pay up or pay the consequences.
The owners were formerly under a PILOT program, which provided tax breaks. Monroe County and Irondequoit town leaders say they were fed up with the owners missing or being late making several payments with still no progress at the former mall site.
The good news for taxpayers in Irondequoit is that this property is now back on the tax rolls at its fully assessed value. The bad news is that the mall site is now worth about one sixth of what it used to be.
The tax breaks on the Medley Centre are officially over. The mall is now back on the tax rolls after the county deeded it back to Bersin Properties. Monroe County's Industrial Development Agency had held the deed in order to legally provide those breaks, in the form of a PILOT agreement.
At Ted's Barbershop in Irondequoit Tuesday, they were happy to hear the news.
Jerry Marzano said, "He went for a nice ride for a long time. I'm glad it's back on the tax rolls and I hope for the best."
Dick Lawrence said, “I'm not a big believer in giving big tax breaks. I think that people who are, first of all, they have the money to begin with, so why don't they find a way to make things work.”
In order to put the property back on the rolls, the town had to have it re-assessed. At one time, the land and buildings were valued at more than $41 million. That was when it was a bustling mall filled with retail shops. Now, the nearly empty mall is valued at a fraction of that. It was recently assessed at just $7.6 million.
Adam Bello, Irondequoit Town Supervisor, said, "This is an independent analysis that proves that all along taxpayers have been subsidizing the devaluation of the former Irondequoit Mall and to me, that's unacceptable.”
In the end, that means the town and school district are likely to receive about the same or a little less than they did from the PILOT agreement, which is about $300,000 annually. Bello says they now have something they didn't have before, which is leverage.
Bello said, "So the loss in the annual revenue coming from the property really isn't significant at all. What is significant is that they are property tax payments and property tax payments are enforceable.”
News10NBC did reach out to the owners of Bersin Properties by text and email Tuesday for comment, but we did not receive a response. Bersin Properties’s first property tax payment will come due in the fall when school tax bills are sent out.