Red Gold was approved for a phase-in tax applications for a 10-year super tax abatement by the town of Geneva, following a special meeting of the town council Tuesday evening to score the application submitted by the company.
The firm submitted two applications for the abatement — one for real property and the other for personal property. According to Clerk/Treasurer Bill Warren, Red Gold plans a “green” structure with energy-saving attributes.
In addition, Red Gold will construct a storm water detention pond with a check valve near the north edge of the property to minimize sewer overflows. The sanitary sewer which currently runs through the property will be reworked as well, Warren reported.
Warren stated the warehouse building itself is estimated to cost approximately $10.5 million, with an additional $5.7 million in personal property appointing the structure. Red Gold purchased the former 12-acre Field’s Memorial Park from the county earlier this year for $49,585.
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