Syracuse, N.Y. — Bankers Healthcare Group has applied to the Syracuse Industrial Development Agency for tax breaks for its new, $40 million financial headquarters near the Inner Harbor.
The company is requesting benefits consisting of a sales tax exemption, valued at $800,000, on construction materials, a state mortgage recording tax exemption worth $210,000 and a payment-in-lieu-of-tax agreement.
Under the PILOT agreement, the project’s site at 300 Spencer St. would be exempted from any increase in its tax assessment attributable to the project for 10 years. The exemption would be phased out at a rate of 20 percentage points each year for the next four years. The company would begin paying full property taxes on the building in year 15.
Bankers Healthcare did not estimate the value of the property tax exemptions in its application. The development agency will provide its own estimate before voting on the application.
BHG announced plans for its new financial headquarters last week. The company makes loans to healthcare professionals and also has a loan collection business, Capital Collection Management. It employs 256 people in three offices in Franklin Square and one in Armory Square.
The company has said it needs a larger headquarters to accommodate its workforce, which it expects to grow by more than 300 people in the next few years.
The five-story, 100,000-square-foot building will be built on a six-acre site off Solar Street, between Spencer and West Kirkpatrick streets. Company officials said they expect to have the building completed by the end of 2021.