Lyndonville looks to offer tax exemptions for renovations to historic Main Street
LYNDONVILLE – In an effort to draw investment to Main Street, the Lyndonville Village Board plans to offer an exemption for upgrades to buildings in the downtown.
Property owners who invest in the historic commercial buildings would not see the assessments increase for five years, and would then see 20 percent increases over the next five years, until the sites are at full assessment.
John Belson, mayor of Lyndonville, said he is concerned about the many vacant or underutilized buildings in the downtown. Medina offers a similar exemption, and Belson said it has provided temporary relief for some building owners after they made significant investments in the downtown.
The Orleans County Legislature also is scheduled to vote on offering the exemption in Lyndonville at this Wednesday’s Legislature meeting at 4:30 p.m. Belson would like to see the school district and Town of Yates offer it as well. The Village Board will have its own public hearing on the issue at 6:05 p.m. on March 5 at the Village Hall.
Properties on Main Street, from Eagle Street to Riverside Drive, would be eligible for the exemption if it is approved.
“If we don’t do something we’re in trouble,” Belson said.
He doesn’t want to see buildings fall into more disrepair.
He noted the village and taxing entities aren’t losing any revenue based on the existing taxes from the sites. The taxing jurisdictions are, however, forgoing an increase in taxes for five years with the sites, but would then see a 20 percent increase annually from years 6 to 10 for the additional assessed value based on improvements.