Monroe County's Industrial Development Agency has approved a PILOT program for the new owner of the Sibley Building in downtown Rochester.
The city requested the plan in lieu of taxes agreement for Winn Development.
COMIDA's approval will help Winn re-develop the twelve story building into a mixed-use urban center with retail, residential, and office space.
"They've hung here for a number of years on this project, and the more we got to know them, the more confident we were in them being able to really take Sibley and make something of it," said Carlos Carballada, city commissioner.
"Rochester itself has a lot of intellectual capital and for us that's important and really the whole Midtown development with what's happening there is key to making this happen as well," said Joseph Eddy, vice president of Winn Development.
Carballada says the city still hopes to persuade MCC to keep its downtown campus at the Sibley Building. The college currently has a five-year lease at the building.