The city’s 60 acres of lakefront property is a point of pride to residents, who note how rare it is for a community to have such a large swath of waterfront land at a time when so much of it has been gobbled up by private interests.
However, a group of local business boosters, pointing to Geneva’s “egregiously high” property tax rate fueled in part by its limited taxable property, is suggesting it’s time the city consider allowing a chunk of that lakefront land to be parceled off for private development as a way to add revenue, lower taxes and generate more economic activity in the city and region.
The pro-business group Geneva Growth Inc. commissioned a study with Center for Government Research in Rochester to examine the effects of a theoretical 250-unit development on 25 of the city’s roughly 60 acres of parkland. The units are estimated to have an average market value of about $350,000 each.
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