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PORT CHESTER, N.Y. Port Chester's Industrial Development Agency has decided to waive about $110,000 in taxes on the Capitol Theatre's renovation project, the agency said Monday.
The IDA, which met Wednesday, entered an agreement with the theater's management company, Capitol Enterprises Inc. A statement released by the IDA said the company will be exempt from sales and usage taxes on leased equipment.
The historic landmark theater announced in December the undertaking of a $2 million renovation project that would ultimately restore live music to the iconic stage.
"As a natural destination facility within the village, the Capitol Theatre will serve as an anchor for downtown redevelopment and economic multiplier for our growing retail and entertainment businesses," said Port Chester Mayor Dennis Pilla, who also sits on the IDA.
Deputy Mayor and fellow IDA member Joseph Kenner spoke about the importance of the agreement.
"The main goals of the IDA are achieved through this project," Kenner said. "A limited amount of assistance will help to generate numerous construction jobs and a combined estimate of 58 full- and part-time jobs."
Kenner also believes that agreements and projects like these have the potential to serve as models for the future.
"This project can serve as a model for other job-creating development projects here, giving Port Chester an edge in attracting new businesses or helping existing," he said.
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