Ridge MOU calls for $30M tax valuation within 4 years of finishing infrastructure

ROCHESTER- The City of Rochester has executed two agreements related to ongoing development within the Granite Ridge Tax Increment Financing (TIF) District, officials announced on Thursday.

Farmington Associates Properties, LLC, and Farmington Associates Properties Ground Tenant, LLC have signed the Fourth Amended and Restated Development Agreement for Phase II of The Ridge project. The agreement updates and restates prior development agreements and outlines responsibilities related to public infrastructure improvements, financing, and project phasing associated with development along Route 11.

As part of the Phase II agreement, Farmington will be held to an assessed value guarantee of $30,000,000. This benchmark needs to be met within four years of completion of all of the public infrastructure. In the event the $30,000,000 threshold is not met, Farmington will be subject to financial penalties equal to the loss of tax revenues that the $30,000,000 in assessed value would have generated.

In addition, city officials signed a Memorandum of Understanding (MOU) with Farmington Road Development LLC related to the proposed NorthRIDGE development, which is also located within the Granite Ridge TIF District. The MOU outlines general development concepts, anticipated phasing, public infrastructure responsibilities, and the City's intent to cooperate with the developer as regulatory review and due diligence continue. The MOU does not replace required permitting or approvals and is intended to be superseded by a future development agreement.

Phase II of The Ridge development includes a mixed-use project featuring approximately 222 multi-family housing units, along with new retail shops and restaurants. The development also plans to include an entertainment venue, a fitness center or gym, and a free-standing hospital emergency department, creating a walkable area that combines residential, commercial, health care, and entertainment uses.

According to Josh Levy, Principal, Waterstone Properties, the aim going forward is to build upon the success of The RIDGE Phase 1.

"We truly look forward to continuing to collaborate with the Rochester community in making this an exciting destination that continues to grow and helps meet and serve the needs of area residents and beyond," said Levy. "Please continue to keep the suggestions coming. We look forward to working together for many years to come."