Watertown, N.Y., business incentives vary for neighboring developments.

Publication: Watertown Daily Times (Watertown, NY) (via Knight-Ridder/Tribune News Service)

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COPYRIGHT 2004 Watertown Daily Times

Byline: Brian Kelly

Nov. 20--Route 3 in the town of Watertown appears to be a flat stretch of road, but in the development game, it may slope favorably toward Interstate 81.

That is because one developer near the highway can offer potential tenants a property tax incentive that another developer with property a quarter-mile away cannot.

Pyramid Company of Watertown Inc. has all of its property at the Salmon Run Mall included in the Watertown Empire Zone, an economic development program that provides property tax reimbursements for new or expanding businesses, as well as some potential savings on utility costs and sales tax.

Cor Development Companies LLC, Fayetteville, which has submitted plans to the Watertown Planning Board calling for a 426,000-square-foot retail complex on Route 3 next to Lowe's Home Improvement -- a short distance from the mall -- is outside the zone and thus ineligible for its benefits.

"Certainly, when you can pass through this type of benefit to a tenant, it's going to expedite leasing and development,"...

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