Gibbs Street Self Storage Conversion Project in Rochester, NY, Receives Tax Exemptions

A self-storage development project in Rochester, N.Y., has received mortgage- and sales-tax exemptions from the County of Monroe Industrial Development Agency (COMIDA). The $750,000 conversion is spearheaded by C&P Equities LLC, which will lease the former Monroe Litho Inc. building to Gibbs Street Self Storage, a related entity, according to the source.

A self-storage development project in Rochester, N.Y., has received mortgage- and sales-tax exemptions from the County of Monroe Industrial Development Agency (COMIDA). The $750,000 conversion is spearheaded by C&P Equities LLC, which will lease the former Monroe Litho Inc. building to Gibbs Street Self Storage, a related entity, according to the source.

Phase one will create 30,000 square feet of self-storage inside the 43,000-square-foot structure at 250 Gibbs St. The 13,000-square-foot second floor will eventually be converted to multi-tenant office space. State and regional benefits are estimated at $1.5 billion, according to the source.

The self-storage facility is expected to open in October, according to the Gibbs Street Self Storage website.

COMIDA granted the exemptions during its monthly meeting. The agency also granted tax abatements and incentives to three other projects including incentives for an $18 million international joint venture that has proposed a 98,500-square-foot beet-processing plant in Greece, N.Y.

COMIDA offers assistance for industrial and non-industrial projects through the issuance of tax-exempt industrial revenue bonds (IRBs), taxable IRBs and tax-exempt civic facility bonds. Sale/leaseback transactions—projects financed without the issuance of bonds—can also receive cost savings, including exemption from sales taxes on construction material and exemption from mortgage-recording tax, according to the Monroe County website.

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