The village board of Endicott, N.Y., has approved plans for construction of a multimillion dollar senior living development. The project will have 28 two-family rental properties for seniors, according to the developer, Monarco (Rocky) DiFrancesco of American Horizons Group. He expects the first phase of the project, eight two-family units, to begin construction in spring and to be complete by May 2015.
There is a 23-year payment-in-lieu-of-taxes (PILOT) agreement and under the contract, the developer will have a two-year building period, when the taxes it pays will be frozen at a rate based on the property's current assessment value, which is just over $20,500. The total project value, and the assessment at the end of the PILOT, is expected to be approximately $5.5 million.
Units will be 90 percent ADA compliant, and American Horizons Group will maintain the properties.
Read the source article at Binghamton New York News
