Empire State Development (ESD) on Thursday approved a loan related to the construction of the Inns at Armory Square in downtown Syracuse.
ESD also approved an award of a $1 million to assist the development of the upcoming Central New York Raceway Park in the town of Hastings.
They’re among seven projects for which the ESD board of directors approved financial assistance on Thursday.
(Sponsored)
Issuing 1099s: What Every Business Owner Needs To Know
If you are a business owner, you have likely heard of Form 1099. It is a crucial part of tax compliance and should not be ignored. The IRS uses 1099s
Assessing the Likely Tax Impacts of the 2024 Election
President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified
Empire State Development is New York’s primary economic-development agency.
ESD approved a loan of up to $2 million for The Inns at Armory Square, LLC that’s intended to help pay for a portion of the costs related to the construction of the combined Marriott hotels in Syracuse’s Armory Square, ESD said in a news release.
The loan targets the cost of the real-estate acquisition, construction, and the purchase of furniture, fixtures, and equipment, the agency said.
ESD refers to it as an urban and community project development-assistance loan.
The $29 million Inns at Armory Square project include a 100-room Courtyard by Marriott and a 75-room Marriott Residence Inn. They both opened last summer.
The Inns at Armory Square, LLC requested the $2 million loan “to help close a funding gap,” ESD said in the news release.
The project is related to the city of Syracuse’s plan to develop a convention district linking the downtown Oncenter with the Armory Square entertainment district, according to the state agency.
Besides the hotel loan, Central New York Raceway Park, Inc. will use a grant of up to $1 million for a portion of the development costs related to its proposed $38 million development of a raceway in Hastings.
The grant will help pay for pre-development soft costs, including planning, design, engineering, investigation, legal and accounting services.
The Central New York Regional Economic Development Council recommended the funding and considers it a “priority” project, ESD said.
Formed in 2012, Central New York Raceway Park, Inc. aims to develop a 145-acre site in Hastings into the Central New York Raceway Park.
The completed project will result in a multi-use facility for motor sports, trade shows, concerts, and other events that are expected to attract between 5,000 and 7,000 spectators per event, according to ESD.
Contact Reinhardt at ereinhardt@cnybj.com
