Rushton Place, LLC
St. Lawrence County Industrial Development AgencyRushton Place LLC”s purchase (from “Grasse River Heritage Area Development”) of the former Gray Lanes building in the Village of Canton provided an opportunity to renovate and rehabilitate the long-vacant, historic building.
Rushton Place LLC requested financial assistance from local and State agencies to make improvements to the former bowling alley (and a neighboring, abandoned laundromat) to create commercial, living and parking facilities. The project is expected to create at least 7 new jobs and generate 18 construction jobs.
The purchase and rehabilitation of this previously vacant, historic building will ultimately and directly assist to expand the tax base from $212,000 to $1,500,000.
The St. Lawrence County Industrial Development Agency provided financial assistance in the form of sales and use tax exemption, mortgage recording tax exemption and real property tax exemption. In addition, a negotiated PILOT agreement with the Village, Town and School is scheduled to take effect on or about June 2010.
Besides the assistance from the St. Lawrence County IDA, Rushton Place, LLC also utilized a $1,200,000 “Restore New York” grant awarded to the Town of Canton, along with an owner equity contribution of $1,500,000 to finance this project.
More information on this project can be obtained through www.slcida.com.