The Syracuse Industrial Development Agency (SIDA) Board of Directors met on May 19, 2026, at 8:00 AM in the Common Council Chambers at Syracuse City Hall. The meeting included two public hearings and action on resolutions for a mixed-use development at 411-413 University Avenue and a bond refunding initiative for the Joint Schools Construction Board (JSCB). All board members were present.
I don't think I ever see you without hoodie on a work day. Oh as Cal just said, there's a sign-in sheet in the back and printing extra agendas. Anyone should paint them. Morning, Pat. Okay. I'd like to call to order a meeting, a board of directors meeting of the Syracuse Industrial Development Agency of the State. Uh we'll start with a roll call of the board. I'm Kathy Murphy. Ricky Brown. Thank you all very much. Everyone is present. All board members are present, and proof of notice was properly served for this meeting. We have two public hearings on the agenda. The first is Gem Street Holdings LLC. Good morning, everyone. Okay. So uh notice is hereby given that a public hearing pursuant to Section 859-A of New York State General Municipal Law will be held by the City of Syracuse Industrial Development Agency on the 19th of May twenty twenty-six at eight AM local time at two thirty-three East Washington Street, Common Council Chambers in City Hall in Syracuse, New York, in connection with the following matter. Gem Street Holdings LLC, or an entity to be formed, has requested the agency undertake a project consisting of the following. A the acquisition of an interest in approximately eleven thousand four hundred and eighty-one square feet of land located at four eleven and four thirteen University Av in the City of Syracuse, New York, as well as the demolition of two existing structures, the resubdivision of the land, and the construction of a three-story mixed-use building to include approximately thirty one-bedroom residential units with eight units on the first floor. Eleven units on the second floor and eleven units on the third floor, with ten percent of the unit rent restricted as required by the city's zoning ordinance. The appointment of the company or its designee as an agent of the agency in connection with the acquisition, construction, and equipping and completion of the project facility, and the lease of the land and facility by the agency pursuant to a lease agreement and the acquisition of an interest in the equipment pursuant to a bill of sale from the company to the agency and the sublease of the project facility back to the company pursuant to the sublease agreement. The company will be the initial owner and operator of the project facility, and the agency will at the above stated time and place hear all persons with views with respect to the proposed financial assistance to the company, the proposed owner and operator, and the location of the project facility and its nature to the project. I've got one more. You'll be hearing from me. I know. Thank you, Eric. Um, I know that we have some representatives of the applicant here, so we'll start the hearing with whoever chooses to speak first on the application. Please state your name and address for the record and a brief description of the project. Good morning. Um Wendy Luno from Castello Cunning Fiorana, behalf of the applicant. Um as Eric indicated, this is a project at 411 to 413 University Avenue, which is between Madison and Genesee Street. Um the proposal is to tear down two existing um structures and uh uh build a new structure which will um encompass 30 uh one um bedroom residential um uh struct uh uh um uh apartments as well as a commercial uh small commercial space on the first floor. Uh the project has already received um planning commission approval um and we are ready to um guess we're starting to try or start uh poll building permits and stuff so we can get this project underway, uh presuming that we um are successful in obtaining the benefits we're seeking today. Um we're looking for mortgage recording tax exemption, sales and use tax exemption, and um a pilot. Uh the uh total project cost is just shy of six million dollars. Thank you, Wendy. Thank you. Questions? Just one quick this is on the block where Grace Episcopal Church is. Is it how the next block house? Yeah, so this is right next door to Ronald McDonald House. Okay, right. Yes, groundwick down houses on Genesee Street, so this is right behind it on university. Okay, there you go. Gotcha. Okay, the lower level. Yeah, gotcha. So just to be clear, Wendy, I know there are two current multifamily houses on the property, which are owned by the applicant, I believe. Is that correct? We did we did buy the land already.