Decision Expected Tomorrow on Downtown Rochester Project

The Rochester City Council is scheduled to act tomorrow on a preliminary development agreement involving the proposed Broadway at Center project.  City staff has been negotiating for months with local developer Gus Chafoulias and is recommending approval of the agreement

for the large downtown proposal.  This would allow Chafoulias to finalize his financing and other details.

The City Council has already established a tax increment financing district for the project, which would be constructed along Broadway at East Center Street.  Much of the money from the district will be used to help pay for a new city parking ramp that will be part of the project.   The proposed development agreement requires the city to provide Chafoulias with $6.5 million in assistance, which would consist of tax increment financing and land write down.

In a memo to the City Council, Development Administrator Terry Spaeth describes the proposal as “ a complex project, with a proposed parking ramp facility to be constructed on a relatively narrow site. “

It also calls for a skyway across Broadway connecting to University Square.   A final design has not yet been worked out.