4th Quarter 1998

In addition to being a full-time appraiser, I own, manage and renovate small rental properties in the Rochester area. The valuation of small rental property and the factors which effect the management and sale of these properties is not fully understood by many market participants.

Small rental properties include multiple family homes, small apartment buildings and mixed-use buildings which are most often non-owner occupied. This article will concentrate on two to four family dwellings.

There are essentially two distinct markets in Rochester, the City market and the Suburban market. The City market is characterized by an over-supply of multiple family dwellings for sale & lease, many want-to-be sellers, few buyers except for real bargain hunters and a declining base of quality tenants. Except for the Park Avenue sub-market which is presently quite active, most investors are avoiding City rental properties all together.

The Suburban market is characterized by an under-supply of dwellings available for sale, a surprising limited number of buyers and few bargains. The recent volatility in the stock market may encourage more investment in small rental properties which tend to be a more stable investment with good returns.

When a 2-4 family is appraised by the bank appraiser, the primary valuation approach is the Sales Comparison Approach. The only problem with this is that most investors don't care what someone else paid for the property down the street. Most investors want to know, "How much money am I going to make and how much is it going to cost me?"

There are two ways to value a small rental property, a quick way and a more time consuming way. The quick way is the use of a Gross Income Multiplier (GIM). The gross annual income multiplied by the GIM equals value. GIMs in the suburban markets range from 6 to 8 depending upon location. I use 7 for most properties and come pretty close to the right value. The GIM range above assumes separate utilities. If some or all utilities are included in the rentals simply deduct the utility expense (i.e. gas & electric) from the income before you apply the GIM.

The more time consuming way is also more accurate. It involves analyzing the rents but more importantly analyzing all the operating expenses (i.e. insurance, taxes, utilities, refuse, snow plowing, lawn care, advertising and water). I usually figure general unit maintenance at $250/unit and no management since most small rental properties are owner managed. Take the rents, deduct the expenses and capitalize the resulting net income by 9.0%-10.0%. Finally, always check the assessed value to make sure that the property is not over-assessed.

If you are going to sell a property increase the rents before you sell to what they should be (I don't know how many times I've heard a seller or broker say "the rents could be higher"), make any cost effective repairs and have a complete and accurate summary of operating expenses.

The more information you can give a buyer the better. Although purchase mortgage money is now readily available for small rental properties, a seller might want to consider offering private financing. There are many advantages with some obvious disadvantages but with due diligence the disadvantages can be minimized. I never mortgage my properties for more than 15 years. The key is to pay-down the mortgage as quickly as possible. Current mortgage interest rates are in the 8.0-8.5% range.

Finally, before you invest be aware of these points. If you don't have the time or if you're not handy at repairs don't buy a rental property. Be willing to make capital improvements to the property to increase rents and/or increase tenant quality. Last, but not least, treat your tenants as you would want to be treated. Tenant retention, maintaining rents at market rates and controlling expenses are the financial keys to successful rental property investment and management.

For any questions or a consultation, please feel free to contact us.

Xerox Corporation-- Xerox earnings for the third quarter ending September 30th were up 19%, to $381 million, from the same quarter a year ago. Diluted earnings per share were $1.05, compared with 89 cents a year ago. Revenues grew 5.4%, from $4.37 billion to $4.61 billion. Chief Financial Officer, Barry Romeril, said revenue was clearly affected by weakness in international markets but lower overhead costs helped counter the less-than-expected revenues. Approximately 1,700 workers left the company in the third quarter, both through retirement and layoffs. To date, about 3,400 jobs have been eliminated in Rochester. (10/23)

Bausch & Lomb Inc.-- Bausch & Lomb analysts predict that the financial picture for the company over the next three years will include growth at each of B&L's core businesses nearing 10% by 2000, while earnings-per-share were estimated for 15% growth. In vision care, the company's largest division, executives forecast a 21% improvement in operating margins. Rochester based B&L has seen flat sales and declining profits since 1995. (11/22)

Eastman Kodak Co.-- Eastman Kodak Co. expects to cut an undisclosed number of jobs from its copier assembly division at the Elmgrove plant, where it makes copiers for Danka Business Systems PLC. Kodak sold most of its copier division to Danka two years ago for $680 million. Kodak spokesman Charles Smith, stated that any job cuts in copier products would be in addition to the 19,900 layoffs tied to Kodak's year-old, $1.5 billion reorganization. (11/10)

RF Communications-- The RF Communications division of Harris Corp. will cut nearly 100 jobs in the Rochester area as a result of a downturn in the defense industry and the world economy in general. In July, Harris announced it would cut 2,300 jobs worldwide, mainly in its semiconductor chip business, as part of a restructuring. The division employs 1,200 to 1,300 people. Employees who lose their jobs will get outplacement counseling and severance pay based on years of service. (10/30)

Banking Acquisition-- M&T Bank Corp. agreed to purchase FNB Rochester Corp., parent of First National Bank of Rochester, for $120 million. The $33-a-share deal, divided equally between stock and cash, is more than a 50% premium over the stock's price before the deal was announced. This will be the third takeover of a locally owned bank in a little more than two years. M&T is No. 1 in deposits in the Buffalo and Syracuse area. Currently it has ~ 15% of Rochester-area deposits and First National 4%. M&T is the Rochester-area leader in loans to small-and-medium-sized businesses and First National Bank is third. Combined, they have ~ 25% of a $39 million portfolio. M&T has reported assets of $19.5 billion and FNB $568 million. Executives expect that most, is not all of the 140 jobs at FNB's 14 Rochester-area branches will be absorbed, even though about a half dozen branches will be eliminated. M&T has 31 branches in the Rochester area. (12/10)

Restaurant Closings-- Boston Chicken Inc. announced it was reorganizing under Chapter 11 protection from creditors and closing 178 of the 1,143 restaurants in its Boston Market chain, including locations at 1525 Lake Ave. in Rochester and 1900 Empire Boulevard in Penfield. The chain's restaurants on Jefferson Road in Henrietta, Pittsford-Palmyra Road in Perinton and West Ridge Road in Greece will remain open. The Boston Chicken Inc. bankruptcy filing followed three months of restructuring discussions with a committee representing debt of about $625 million. All five Boston Market restaurants in Monroe County are company owned. In addition, Kenny Rogers restaurants on Winton Road in Henrietta and at 671 Maiden Lane in Greece are scheduled to close in October. Also going out of business is the Kenny Rogers Roasters concession stand in the Frontier Field concourse. Malaysian-owned Roasters Inc. filed Chapter 11 bankruptcy last spring. (10/6)

Home Sales-- According to data released by the GRAR, Realtors in the 11-county Genesee region closed on 9,487 home sales during the first 10 months of the year, up 12% from 8,468 closings in the comparable 1997 period. Realtors reported sales on 1,106 single-family homes in October, an increase of 10% from 1,007 closings reported for October 1997. Existing single-family home sales total $889.7 million for 1998 through September, up 16.9% from last year. The total paid for existing single-family homes during the first 10 months of 1997 was $862 million. Statistics complied by the GRAR stated that 1,979 homes were listed for sale in October vs. 1,938 in September and 1,924 in October 1997. The median sale price in October was $88,000, down from $92,900 in September but higher than the $86,000 median in October the year before. (10/7,11/12)

Property Values-- County property values will drop $300 million in 1999, according to estimates by County Executive Jack Doyle's administration. The biggest decline: $742 million in lost property value in the city. In 1988, property owned by the 10 largest taxpayers, big companies like Kodak and Wegmans, amounted to 14.4% of the county tax base. That percentage has dropped to 9.4% in 1997. One of the leading factors for the 12.7% drop in property values forecast for Rochester in 1999 is urban sprawl. Another factor affecting Rochester's tax base: the drive by businesses to negotiate reduced property tax assessments. The result: over the past five years, homeowners' share of the county property tax burden has risen from 58% to 65%. (10/13)

Unemployment-- According to the state Labor Department report, the six-county area had a 3.4% unemployment rate in October, down from 3.9% in September. The jobless rate was 3.9% in October 1997. The Rochester-area jobless rate was below the New York average of 5.1% and the U.S. average of 4.6%. The rate tied October 1990's, the lowest here since 1976. The state pegged the total labor force for the six-county area at 567,300 this October, a decrease of 7,000 since last year. The net gain in jobs this October over last year was 600. The community has lost 5,900 jobs since October 1997 in the category that includes Rochester's biggest employers, Kodak and Xerox. (11/21)

Automobile Sales-- According to figures released by the Rochester Automobile Dealers Association, dealers reported selling 3,171 new vehicles in August, down 11% from the 3,549 sold in August 1997. Used car sales totaled 1,989 in August, down from 2,079. Car sales for the first eight months of 1998 are about the same as for the 1997 period - 28,638 new vehicles sold vs. 28,587. (9/29)

Automotive Consolidation-- The merger of nine Rochester-area Ford dealerships into at least two Ford-owned superstores, a consolidation that is among the first of its kind in the nation, will take place in January 1999. Ford Motor Co. and Republic Industries Inc., the nation's biggest auto dealer announced they would consolidate and turn the vacated sites of several Rochester dealerships into service centers. The consolidation is part of Ford's push to cut costs. The new company will be called the Rochester Auto Collection. Rochester-area dealerships participating include Koerner Ford in Brighton; Bob Hastings Ford in Perinton; Empire Ford in Webster; Churchville Ford; Fox Ford in Victor; Vanderstyne Ford in Greece and Avon; Cristo Ford in Irondequoit; and Baytowne Lincoln-Mercury in Webster. (11/21, 12/4)

Exports-- According to the U.S. Commerce Department's International Trade Administration, companies in the six-county metro area exported a total of $4.69 billion in goods in 1997. That's 8.8% more than the $4.31 billion exported the previous year and a 52% increase since 1993. Rochester is the 29th largest exporting center among 253 U.S. metro area, and the 26th biggest gainer in export shipments since 1993. Rochester exports exceed the total exports of 24 U.S. states. (11/11)

Agricultural-- From 1982 to 1992 the number of small and part-time farms fell from 628 to 363 in Monroe County. Farming occupies 25% of the total land in the county. The total farmland in acres fell from 150,258 in 1982 to 110,150 in 1992. Labor shortages, government regulations and school and property taxes are a few reasons cited for the decline. (10/2)

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Brighton-- Anthony J. Costello, chief executive officer of USAirports and the developer of several medical buildings in the Westfall Road area, has purchased the last acres of the old Gonsenhauser family farm on Westfall Road. Construction projects on the 122 acres of farmland will most likely include at least two new 100,000 sq. ft. office buildings, as well as single and multi-family homes. Costello, who declined to disclose the purchase price, has already developed ~ 200,000 sq. ft. of medical office space at Westfall and South Clinton Avenue on Senator Keating Boulevard. (10/17, 10/21)

Canandaigua-- Messenger-Wolfe Publications has received City Planning Board approval to expand and upgrade their facility. The construction will not require any variance approvals since the Buffalo Street property is currently zoned for commercial use. The plans call for a two-story, L-shaped expansion to wrap around the north and west sides of the building on Buffalo Street, adding 20,400 square feet to the existing 16,000. The move will involve relocating ~ 55 Monroe County production workers. No cost estimate was disclosed for the project. The existing building is assessed by the city at $680,000. (10/14)

Rochester-- Choice One Communications Inc. signed a 10-year lease for 30,000 sq. ft. of space in the Marine Midland building on Chestnut and Court Streets. Choice One, formed in June by former ACC Corp. executives, has been renting 9,000 sq.ft. of space temporarily in the Piano Works mall located in the town of East Rochester. Choice One recently secured $60 million in financing to double its working capital to $120 million. The full-service telecommunication provider employs approximately 50 people; with plans to hire 50 additional workers by the end of 1999. (10/29)

Rochester-- The Girl Scouts of Genesee Valley have moved into their new Metro S*T*A*R Center at 755 Culver Road. Along with their main office in Henrietta and another satellite in Batavia, Metro is here to provide support, training and resources to the 14,000 girls and 4,000 adults involved in Girl Scouting here in the Genesee Valley. The new location houses a library, a program room, staff offices, and a store. (Fall 1998)

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RETAIL

Brighton-- Developer, Fred Rainaldi has obtained Planning Board approval on the preliminary site plan for a new Rite Aid drugstore at the corner of Elmwood Avenue and Winton Road South. The site plan, which calls for the demolition of the vacant Princess Restaurant and the building currently occupied by Mail Boxes Etc. and the old Bagel Bin, requires approval by the town Zoning Board. Both buildings would be replaced with a 15,230 square-foot multi-use building that would house a new 11,350 sq. ft. pharmacy, a 1,400 sq. ft. Mail Boxes, Etc. and a 90-seat restaurant. (11/25) The town Zoning Board has approved two of Developer, Fred Rainaldi's five requests for variances on the new Rite Aid proposed project. The two variances would allow a 15,230 sq. ft. building to be constructed on land that is partially zoned residential and allow two Rite Aid signs on the building. (12/9)

Canandaigua-- Construction at HEP Sales and Iversen Lumber Co. joint venture on Route 332 is nearly complete. Renovations and a building expansion at the current HEP location north of the city include construction of a 10,000 square-foot addition, the installation of a 3,000 square-foot showroom and separate entrances for the two businesses. (9/21)

Canandaigua-- The Ontario County Historical Society has declined the gift of the Colonial Inn, a 159-year-old, three-story landmark. The historical society determined it would cost in excess of $250,000 to bring the building back up to code. The building's owner, Dr. John A. Garnish of Rochester, offered to give the building to the not-for-profit historical group. Garnish continues to pay ~ $49,000 a year in taxes, insurance and mortgage on the building that is assessed at $315,000. (10/13)

Greece-- Wilmorite Inc., the owners of the Mall at Greece Ridge Center are asking the town to rezone 4.26 acres of land adjacent to the mall for construction of a 122,250 square-foot Target store. Wilmorite wants the town to rezone the rear 375' portions of the property it owns at 376, 392 and 418 Homes Road from single-family residential to general business. There is a house on each site, which Wilmorite rents out. The proposal leaves enough property for the houses to remain. (10/10, 10/22)

Greece-- The Planning Board has approved Benderson Development Co.'s proposal to build an Eckerd Drugs at 4419-4433 Dewey Ave. The Eckerd Drugs in Parkway Commons will close and be replaced by a new, drive through store in Dewey Latta Plaza. Two boarded-up buildings will be demolished to make room for it. In addition, A.D. Simonetti Properties has received Planning Board approval to construct a CVS pharmacy at 4370-4450 Dewey Ave. The new CVS will be located at Parkway Commons in the portion that houses Eckerd Drugs. The existing building will be razed, and the pharmacy will be built in its place. (9/23)

Henrietta-- Coppell, Texas based MJDesigns, a chain of art materials and craft shops, will close its Jay Scutti Boulevard location. A closing date has not been determined. The MJDesigns store in Pittsford Plaza will remain open. (11/10)

Penfield-- A new Rite Aid pharmacy will replace a gas station built less than three years ago at routes 441 and 250. Developer Fred Rainaldi is planning to demolish the Sunoco at the northwest corner and replace it with an 11,000 square-foot drug store. The town Planning Board approved the proposal and construction will begin once a permit to demolish the gas station is issued. Work could begin by the end of the year. (11/3)

Pittsford-- Developer, Fred Rainaldi, has submitted a proposal to construct a 15,000 square-foot store, called PETCO, on Monroe Avenue, directly across the street from Wegmans superstore. If approved, the project would take four months to complete, creating 40 construction jobs and 25 jobs in the store. (10/16)

Rochester-- Syracuse-based, Empire Brewing Co., has applied to the Town Board for permission to tear down the former Empire Trailways Bus terminal at 1636 East Henrietta Road and build a 250-seat brewery and restaurant. The new brewery, which will be similar in size to the downtown location, will feature a full-service restaurant and offer at least seven custom-crafted beers daily. Empire stated that the site would be privately financed. (11/19)

Rochester-- The CVS Pharmacy at 241 East Main Street will close on December 27th. CVS's corporate office decided not to renew the East Main lease because sales were too slow. The store's 10 employees will be placed at one of the other CVS locations. (11/12)

Rochester-- Jeffrey Kaiser, owner of the Metro Station and Vertex dance clubs on Liberty Pole Way, has leased the ground floor in the former Spaghetti Warehouse building on Central Avenue. He plans to open a 6,000 square-foot nightclub and restaurant called Zoot Suits. The Central Avenue night spot will feature swing dancing to a mix of live bands and 1940s big band recordings until 11p.m. nightly. The Spaghetti Warehouse space has been vacant since the Texas-based chain shut down its Rochester restaurant in 1996. (10/9)

Rochester-- In the past four years, at least $11.3 million has been invested along a two-mile stretch of Lake Avenue. One of the largest projects has been the $6 million renovation of the former Bill Gordon Chevrolet, 214 Lake Ave., into a new headquarters, out-reach center and child-care center for Volunteers of America. McDonald's and Wendy's recently invested $1 million each to open new restaurants on the avenue. Tops Markets Inc. will spend $10 million to rebuild it Lake Avenue store. In addition, ABC Supply Co., a wholesale roofing and window company moved into the former B&B Oldsmobile dealership at 340 Lake Ave., and the National Center for Missing and Exploited Children/New York, will move into a two-story brick building at 275 Lake Avenue. The retailers all cite one reason for coming to Lake Avenue: visibility. With 30,000 cars driving by every day, there is little need to advertise. (11/30)

Victor-- Target opened the doors of its new store in EastView Commons just north of the mall. The Minneapolis-based Target, the largest division of the Dayton Hudson Corp., operates 851 stores in 41 states across the country. The Victor store and a new location in Henrietta are the first in the Rochester area. The 123,000 square-foot Target will be joined at the site by a 120,000 square-foot Home Depot and another store that has yet to be named by the developer, Wilmorite Inc. Target is expected to hire ~ 200 employees. (10/14)

Victor-- Ann Lolis, owner of Lolis Family Restaurant, located at 34 E. Main St. has sold the diner to Carl and Brenda Eldredge of Canandaigua. The new owners stated one of the only changes the customers will see would be the name change to Brenda's Family Restaurant. The Lolis diner has been in business for 21 years. (10/29)

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Avon-- Construction has begun on Avon Crossroads Industrial Park at Interstate 390 and Routes 5 and 20. Three businesses will move to the 20-acre plot; 10 acres of which are still vacant. Accessibility to (routes) 5 and 20, 15 and (Interstate) 390 was the main reason Lakeland Equipment Corp., Champagne Specialties, and Monroe Industries all chose the park. At least one of the new buildings is expected to be completed by the end of 1998. (11/2)

Brockport-- Petsmart Inc. plans to build a 100,000 square-foot addition to its existing 180,000 square-foot facility on Transit Way at an estimated cost of $4.5 million. The Arizona-based Petsmart was offered $2.5 million in local, county and state incentives to stay. The Empire State Development Corp. gave Petsmart a $1 million capital grant, a $750,000 job creation grant and $250,000 training grant. The company will also receive local property and sales tax abatements worth ~ $500,000. The pet supply distribution facility, which currently employs ~ 650 full and part-time workers, plans to add 500 jobs over the next five years. (9/30)

Canandaigua-- Canandaigua Brands Inc. plans to acquire Matthew Clark, a London operation that produces, distributes and sells alcoholic and non-alcoholic beverages for $360 million. Matthew Clark reported $927 million in total sales and $60 million in profits before taxes. According to Canandaigua Brands, net assets are listed as $160 million. Canandaigua Brands plans to use bank financing for the acquisition, which is expected to be completed by the end of the year. The acquisition will have no impact on Canandaigua Wine operations. (11/3)

Chili-- The Cornerstone Group has acquired the balance of acreage that is available at Jetview Business Park. Jetview is located off of Paul Road across from Rochester International Commerce Center (RICC) adjacent to the airport. The 70 acres of industrial zoned land is expected to complement RICC. The zoning provides for warehouse, distribution, and light assembly uses. (9/29)

Gates-- Rochester based, Gallina Development Corp. has obtained preliminary subdivision approval for a 23-lot industrial park on Elmgrove Road. Elmgrove Crossings would be on 91 acres of a 140-acre site across from Eastman Kodak Co.'s Elmgrove facility. The industrial park would house small to medium size companies involved in light manufacturing, office warehousing, or distribution. The development is a three phased project, with completion anticipated over a five-year period. (Fall 1998, 10/1)

Henrietta-- Rochester Institute of Technology has applied for a zoning change from residential to industrial on 181 acres of land at the corner of John Street and Bailey Road. RIT wants to attract a microchip manufacturing or fabrication factory to the site, which would create about 5,000 jobs for Monroe County. Upon obtaining Town Board approval to change the lot's zoning, RIT would then need two special-use permits to proceed with the project. The state is offering $50,000 in matching funds for preparing environmental impact statements and paying legal costs. (10/14, 10/21)

Honeoye Falls-- Rochester Lumber Co. announced it will close its retail store and focus its business on professional home builders and contractors. Approximately 80% of the company's business is with contractors. The affected employees will be offered jobs at stores in the Rochester area. (10/30)

Manchester-- Great Lakes Kraut Co. has received approval to proceed with the proposed 65,000 square foot expansion project at their Clark Street Plant. They have agreed to construct a two-way access road connecting its facility to Walters Lane or County Road 13. In addition, they will construct a 6-foot high stockade fence to serve as a buffer for neighboring homes. Ontario County Industrial Development Agency has agreed to help finance the $2.8 million expansion project. Great Lakes Kraut employs 114 people, with 45 additional full-time and seasonal jobs projected over the next three years. (10/3)

Medina-- Genesee Corp. is negotiating to purchase the former Fisher-Price Inc. / Mattel Inc. factory. Genesee plans to reopen the 340,000 square foot factory as a manufacturing and distribution center for its Ontario Foods Inc. division. Ontario Foods currently is using a 250,000 square-foot facility in Albion; its lease is due to expire in April 2000. Ontario Foods employs 140 full-time hourly workers with plans to hire 35 to 40 additional staff after the relocation. Genesee is expected to receive assistance from the Empire State Development Corp., Orleans County Industrial Development Agency and New York Power Authority. (10/2)

Ogden-- Transmation Inc., a maker and distributor of electronic measurement and calibration equipment, will consolidate manufacturing operations now in Rochester and Henrietta at a new 27,000 square-foot, single story masonry building. The company expects to move into the new facility, located at 35 Vantage Point Drive by April 1, 1999. The new facility will be leased on a long-term basis from Gallina Development Corp. of Rochester. Transmation will employ approximately 100 people in the new facility (10/15)

Perry-- Samuel Gullo, a local business owner, has purchased the 220,000 sq. ft. Champion Products Inc. plant from Champion parent Sara Lee Corp. Gullo pursued the purchase with the avid assistance of Wyoming County officials, who helped arrange a low-interest loan through the Wyoming County Industrial Development Agency. The company's 110 jobs will stay indefinitely, with Champion leasing roughly 65,000 square feet from Gullo to house the operation. (10/2)

Rochester-- Monroe Litho Inc. was awarded $2.6 million by the federal government to help build a new 100,000 square foot plant in the Erie Canal Industrial Park near Frontier Field. The money, coming in the form of grants and loan guarantees, will be used to finance the purchase of new equipment for an $8.7 million plant that the commercial printing company would build on seven acres along Oak Street. Monroe Litho would be the first company to build a new plant in the Industrial Park. The company currently employs 105 people at its Delevan Street plant and plans to create 150 jobs at the new facility. (11/25)

Webster-- Gallina Development has broken ground on the new 6,450 square foot distribution center for the Democrat and Chronicle on Phillips Road. The new center will provide a more modern, convenient facility for the growing circulation needs in the areas of Penfield, Webster, and vicinity. Completion for the new facility is expected for December 1, 1998. (Fall 1998)

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Brighton-- Manor Care Health Services Inc. of Gaithersburg, Md. is asking the Town Board to issue a conditional use permit under the incentive-zoning law for a residential apartment complex on Blossom Road, west of Interstate 590. The area in question is currently zoned for office use. The health care company is seeking to build a 60-bed housing complex for senior citizens that suffer from Alzheimer's Disease. The incentive-zoning law allows developers to offer the town certain amenities in exchange for approving projects. If the Brighton home is approved, it will be the sixth incentive-zoning project since the town's law was established in 1994. (12/2)

East Rochester-- Arc of Monroe County is proposing a new group home for four adults with developmental disabilities at 1105 Main Street. Under the state Mental Hygiene Law, the local government has three options: approve the home, suggest an alternative site, object to the facility on the grounds of "saturation". The town has a 160-bed home for adults that is licensed by the department of Social Services. It is located less than a half-mile from the proposed site of the new group home. (10/28)

Greece-- Unity Health Systems, the parent company of Park Ridge and St. Mary's hospitals, will build a $20 million apartment complex for the elderly. Plans call for 122 apartments on 21 acres south of Straub Road and east of Round Creek Drive, adjacent to the hospital's campus. The Town Board unanimously agreed to rezone the 21 acres from single-family residential to central health care so the project could proceed. The complex will have three styles of apartments: one bedroom, one bedroom with a den, and two bedrooms. Rents will range from $1,600 to $2,800 a month. Unity is working with Living Communities, a Rochester-based developer, on the project. Construction is schedules to begin in the spring of 1999, with the apartments ready for occupancy in January 2000. (10/3)

Greece-- Giuliano Development Corp. is seeking Town Board approval to rezone approximately 15 acres of land at the corner of Fetzner Road and Maiden Lane from single-family homes to multi-family housing. The "Fetzner Square" plan calls for 80 apartment units and 80 townhouses, which would rent for ~ $850 a month. In addition, the company wants to "move" an area of commercial zoning from one area of the open land to another spot, where a private office building and a retail outlet would be built. SRF & Associates of Rochester have completed a traffic study in response to neighborhood opposition regarding an increase in traffic flow. (9/24)

Greece-- Housing Opportunities, a nonprofit housing agency, has presented a conceptual plan to the Planning Board for a housing complex on 6.2 acres east of Long Pond Road, between Greece-Gates Town Line Road and the Erie Canal. Preliminary plans call for 11-four unit townhouses with garages. Housing Opportunities would own the town houses and rent them to families who earn between $18,000 and $30,000 annually. The site was chosen for its proximity to public transportation and an abundance of entry-level jobs. (10/2, 10/15)

Greece-- Crescent Park, an adult-care facility, to be built by Trademark Development Co., is being proposed for 13 acres of open land located at 3330 Mt. Read Blvd. Trademark is proposing 330 beds, divided among rooms and suites for assisted-living and a "memory care" facility. The land is zoned for single-family residential use. In order to operate an adult-care and health-related facility there, Trademark must first be granted a special permit from the Town Board. (12/3)

Henrietta-- DePaul, a not-for-profit organization based in Gates, is currently overseeing the construction of a 43,000 square-foot building at 4455 W. Henrietta Road. The town approved the project, named Woodcrest Commons, earlier this year. DePaul anticipates the one-story, 120 bed building will be open by the end of the summer 1999. The goal of the home is to provide care to people who are unable to live independently but do not need around-the-clock care. (11/25)

Macedon-- Waterford Custom Homes Inc., in Victor, has withdrawn its proposal to construct 17 buildings consisting of 204 apartments on Wayneport Road. The 26-acre parcel is now zoned R-30, for single-family homes and duplexes, so rezoning was necessary from the Town Board. The Town Board decided the project would pose a significant environmental impact. (11/14)

Palmyra-- James Sorenson, owner of the Palmyra Airport, has announced he will turn his 36-acre plot into a housing development. The airstrip is located on the west side of Division Street, about a half a mile outside the village limits. Sorenson said 36 to 46 homes would go up on the property, which already lies in a residential zoning district. The property, much of which is open space, is currently assessed at $150,000. The homes would cost approximately $125,000 each, which would drastically increase the assessment. Construction is scheduled to start in the summer of 1999. (9/28)

Perinton-- Home Properties of New York, Inc., the Rochester-based real estate investment trust, is buying the Pines of Perinton. The subsidized housing complex consists of 500 apartments built ~ 20 years ago near Whitney and Nine Mile Point roads. Home Properties will pay $8.2 million, $1.4 million in stock and operating partnership units and almost $7 million for the assumed mortgage. About a fifth of the Pines apartments receive rental assistance payments from the U.S. Department of Housing and Urban Development. The Pines also receives a discount on its mortgage loan payments. (10/2)

Perinton-- Residents sued the town for approving an application for a senior citizen complex to be built on the corner of Route 31 and Ayrault Road. The State Supreme Court reserved judgement and sent the plan back to the Town Board so it could be reviewed again to determine whether it would affect property values. Holiday Retirement Corp., based in Salem, Oregon, wants to build the 100,000 square-foot complex on 11.5 acres at the northeast corner of the intersection. The two-story facility would house 124 suites. The Town Board approved a special-use permit for the project in July. All such homes for the aged require a special-use permit when being built in residential areas. (11/2)

Perinton-- The Planning Board has unanimously approved a proposed apartment complex for seniors. Jefferson Park Apartments is a joint effort between the Perinton Churches Housing Board, representing 13 churches in the Perinton-Fairport area, Fairport Baptist Homes, and Home Properties of Rochester. The apartment complex, which will be built at 120 Jefferson Ave., will include 69 units serving low-income senior citizens that are at least 62 years old. The cost to rent a one-bedroom apartment including heat and hot water will be $549. Residents will pay their own utilities. The estimated cost of the project is $5,108,403, with financing coming from three sources. The New York State Housing Finance Agency is contributing more than $2.5 million, and the New York State Housing Trust fund is contributing more than $1 million, as is Tax Credit Equity. Construction will start at the site by next spring. (11/4)

Perinton-- Hillside Children's Center, 1183 Monroe Ave., Rochester, has been chosen by the New York State Developmental Disabilities Services Office to run a six-bed home at 18 Hogan Road. Area residents and community leaders expressed no objections to the project at a publicly held information meeting. The house on Hogan Road will serve adolescent boys between the ages of 14 and 18 who have developmental disabilities and are unable to care for themselves or require supervision. (12/9)

Pittsford-- Jeffrey Smith, chief executive officer of Woodstone Custom Homes, has asked the Town Board to alter its zoning laws so he can build a new subdivision on a 135-acre parcel. The local developer is asking the Town Board to let him build 135 single-family homes on 60% of the Schoen and Manno land off Mendon Center Road. In exchange for the incentive zoning approval, the town would receive more than 80 acres of wetlands, wooded area, and open space. The incentive-zoning law, adopted in 1996, allows developers flexibility when adhering to standard zoning laws. If the proposal is approved, the development would include 2,000-to-3,000 square-foot homes costing $240,000 to $280,000 and larger , higher priced homes in the $400,000 range. (9/27)

Rochester-- St. Bernards, the Victorian Gothic seminary that closed in 1981, has reopened as a 147-unit apartment complex for the elderly and disabled. The completion of the $14.7 million apartment renovation project, built with public and private investments, marks the start of a third life for the city landmark nestled along the west bank of the Genesee River. The seminary, commissioned by Rochester's first bishop, Bernard John McQuaid, opened in 1893. (9/28)

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Bristol-- Construction has begun on a new clubhouse at Bristol Harbour Golf & Resort. Co-owner, David Flaum of Rochester, one of the investors who bought the property last year under a reorganization plan in U.S. Bankruptcy court, said the 11,500 square-foot building would be complete in the spring. (11/4)

Canandaigua-- The proposed $10 million Roseland Water Park to be built north of Routes 5 and 20 and West Muar Lake has been stalled. Ontario County Developers are seeking a separate entity to obtain the funding for the project. A "public-private venture" has been proposed to the city and county and if rejected, the project may have to be postponed indefinitely. Rochester businessman Cortland Brovitz is the principle owner of the two properties that make up the 133-acre Park project, which is assessed at $858,000. (10/27, 10/29)

Canandaigua-- Developer Chris Iversen's proposal for the Steamboat Landing conference center and restaurant has received Planning Board approval. The project will be completed under the auspices of Royal Lines Limited, the company that owns and operates the Canandaigua Lady tour boat. Plans for Steamboat Landing include a 12,600 square-foot restaurant and 1,300 square-foot outdoor deck space. The restaurant will seat 135 people. Iversen is waiting on the $2.1 million loan approved by the Department of Housing and Urban Development for the project. (10/7)

Churchville-- Plans to build a municipal building that would house town and village offices is moving ahead. The proposed Churchville-Riga project must be voted on by town and village residents. Initial plans call for an 8,400 square-foot, two-story building on a 3-acre site owned by the village. The parcel stretches from the village parking lot on South Main Street north to East Buffalo Street (Route 33) near the Black Creek bridge. The joint venture of Christa Construction and MRB Group, a Penfield-based design, engineering, and surveying firm, is among those under consideration. (9/30)

Darien Lake-- Darien Lake Amusement Park and Resort is undergoing a $20 million expansion along with a new name, Six Flags Darien Lake. Planned improvements include a new $12 million "Superman-Ride of Steel" roller coaster, a new 1,000-seat theater for a live "Batman/Robin Thrill Show", the "Looney Tunes Movie Shop" store and an expanded children's area called "Looney Tunes Seaport". Darien's owner, Oklahoma based Premier Parks Inc., acquired the Six Flags amusement parks in April for $1.86 billion. Premier, is the world's second-largest theme park operator behind Walt Disney Co. Attendance at Darien Lake has risen 38% to an estimated 1.4 million, since it was acquired by Premier Parks in 1995. (10/29)

Farmington-- The Cobblestone Arts Center is planning to build a 30,000 square-foot facility on Route 332. Cobblestone officials have already secured a mortgage for the $4 million arts facility, which will be built on 5 acres purchased 13 years ago by Lorene Flora-Benson, the executive director of the center. Center officials have also secured credit for the lot and house next door, which will cost $270,000. They plan to lease the house for the time being. Cobblestone was awarded a $50,000 grant through the state Community Enhancement Facilities Assistance Program. (11/17)

Greece-- C & A Playmates has requested a special-use permit to operate a juice bar with nude dancers, a lingerie shop, coffee shop, and cigar lounge at 1485 Mt. Read Blvd. A portion of the property lies within the city of Rochester and part lies within Greece borders. The application has been submitted to the city. Greece code requires that adult-entertainment businesses locate in areas zoned for industrial uses. The proposed site is located in an Industrial zone, where a retail operation would not be allowed. Adult-entertainment businesses include bookstores, cabarets, and entertainment. (10/29)

Henrietta-- The new post office, located at 25 Goodburlet Road, at the corner of East Henrietta Road is scheduled to open by the end of January 1999. The new 8,700 square-foot facility will offer a lobby that is open 24 hours a day, a postal store, vending machines, and improved parking. The new building will replace an outdated facility at the corner of Lehigh Station and East Henrietta roads. (12/2)

Henrietta-- Rochester Institute of Technology proposes to build a campus apartment complex for 500 students at an estimated cost of $17 million. The apartments are part of an extensive building campaign underway at RIT to deal with increasing student enrollment and the physical problems of the 30-year-old campus. In addition to the apartment complex, these other projects at the college are underway: renovations and expansion of the Gleason College of Engineering at an estimated cost of $12.7 million, rehabilitation of the soccer field and running track at an estimated cost of $900,000, and construction of a high-tech visitor center in the ground floor of the Bausch and Lomb Building at an estimated cost of $750,000. (11/8)

Henrietta-- The Monroe County Fair and Recreation Association rejected a county proposal to make changes in the way the Dome Arena and Monroe County Fairgrounds are run. The County of Monroe Industrial Development Agency, created by the state, is a county agency formed to enhance economic development by offering low-interest loans and an array of tax breaks to local businesses. COMIDA officials had recommended that MCFRA accept loans to renovate and modernize existing buildings; reconfigure, expand, pave and light parking areas; outsource management and operations to the facility to a professional management firm; sell or lease about half of MCFRA's 80 acres of land to help finance the costs of renovations and improvements; and allow COMIDA to develop a specific business and financing plan and oversee the implementation of the project. There were two plans to make improvements to the MCFRA's property, costing $2.6 million and $6.5 million, respectively. (10/7)

Irondequoit-- The Congregation of the Christian Brothers is negotiating to sell Bishop Kearney High School to its board of directors. Officials couldn't specify the purchase price but said that one option to finance such a transaction would be through bonds. Bishop Kearney will follow McQuaid Jesuit High School and Aquinas Institute in changing ownership from an order to laypeople. (11/4)

Perinton-- U.S. Postal Service officials announced plans for a new post office. The two preferred sites for a new postal store are in town, at the intersection of Routes 250 and 31, or in the village of Fairport, also somewhere along Route 250. Postal authorities plan a limited, 6,000 square-foot expansion at its operation at Ayrault and Moseley roads, converting it to a carrier route sorting station. The new, 5,000 square-foot store, which would be built on ~ 2 acres, would offer services such as the sale of stamps and envelopes. It would include 50 parking spaces. The new office would also offer a 24-hour lobby with lock boxes and drive-through-style post office boxes. (10/22)

Perinton-- Work is progressing on the new PeopleSoft Animal Care and Education Center at Lollypop Farm. PeopleSoft, a California-based company, gave a large donation to get the building off the ground. The Humane Society recently reached the $3.9 million mark of its capital campaign drive, just short of its $4.2 million goal needed to finance construction of the 42,000 square-foot building. PaeTec Communication Inc. of Fairport, contributed $500,000 for construction of a year-round barn, to be located next to the new building. The barn is scheduled for completion in March 1999. (12/2)

Pittsford-- The board of trustees of St. John Fisher College approved a resolution for a $12 million building project. This is the first part of a larger master facilities plan that will take place on campus through the year 2001. The approved funds will be used to enhance both the academic and athletic facilities of the college. The first phase of the renovation and expansion of the campus will be completed by September 1999. (10/28)

Rochester-- The Rochester-Genesee Regional Transportation Authority and government officials are negotiating with the owners of Midtown Plaza as a possible location for a transit center. The proposed bus terminal will serve as a hub for RGRTA buses and for private long-haul bus lines such as Greyhound and Bluebird. The agency has obtained $25 million in federal transportation funds and is attempting to secure $5 million in state money for construction of a 24-bay bus terminal. (10/14)

Rochester-- Visual Studies Workshop launched a $350,000 campaign to turn its 1915 auditorium into a 300-seat hall. VSW wants to raise the money and renovate the space at 31 Prince St. by next summer. The hall would serve up to 20 small-to-medium size art and school groups. Possible uses include musical and theatrical performances, programs for film-makers and photographer and town meetings. (10/13)

Victor-- The Zoning Board is scheduled to hear a proposal presented by Bruce Boncke, of the Fairport based consulting firm of Boncke, Mueller, Edwards Associates, for a public golf course on 186 acres between the state Thruway and Lynaugh Road. The proposed 18-hole course would include a small clubhouse and open shelter to accommodate up to 200 persons for tournaments and social events. Boncke is representing an unknown golf course developer, whose company is known as R.K.H. Golf. (11/7)

Victor-- Pelusio, Spoeleta and Caruso, a partnership of three men from the Rochester area, have applied for a variance to convert a house located at 250 and 260 W. Main St. into an office and show 40 to 50 cars on a now-vacant lot outside. A variance is needed before the men can proceed with the project because the land is zoned business commercial, which prohibits used car lots. The group said it plans to make $30,000 in improvements at the site, which include remodeling the house. The house will be replaced by a 7,000 square-foot showroom and office building in about two years, allowing some of the vehicles to be brought inside. A three-car garage on the property will be used to service vehicles that are to be sold. Because the property is located along a state highway, the issue must also be brought before the Ontario County Planning Board. (9/23)

Webster-- Webster's new ice-skating facility is currently under construction and is scheduled to open in February 1999. The 46,000 square-foot facility will cost about $2.2 million to build. It is being funded by private donations. It will include a regulation ice rink, two meeting rooms, an exercise room, locker rooms, a concession stand, and pro shop. The facility will be open for youth hockey, public skating, and local groups. It will serve as home ice for the Webster and Penfield high school hockey teams. The project will also include construction of two soccer fields, one lighted. The Webster Community Arena Association, a nonprofit organization made up of parents and other residents and local business owner Bill Boulter of Boulter Rigging, developed the idea into a plan. Boulter is arranging financing and providing the land, across from Thomas Middle School. (9/30)

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Chili-- Plans for an Airport Development District in parts of Chili and Gates are nearing the final approach. The Monroe County Department of Planning and Development has been acting as consultant and providing staffing for the project. The land-use regulations in the proposed district range from landscaping to uniform signage. Tax incentives are also proposed to encourage participation. Officials hope the district would enhance the area around the Greater Rochester International Airport and attract commercial and industrial development. (10/28)

Fairport-- The Planning Board granted approval for the Thomas Creek wetlands project. The Thomas Creek wetlands are located east of Liftbridge Lane and west of Turk Hill Road. The IDA is contributing $120,000 toward the project. The village also received $110,000 from the New York State Environmental Protection Bond Act to fund the 13.2-acre project. The plan for the wetlands includes building observation platforms, an elevated boardwalk in excess of 450 feet long, and 1,450 feet of trails. The plan aims to improve the habitat and diversity of both plant and animal life there, develop open water areas, and add passive-recreation areas. (12/2)

Gorham-- The town has been awarded a $1,300 matching grant from the National Trust for Historic Preservation's grant program. The funds will be used to prepare plans for structural repairs and improvements to make the building, which houses the Free Library and Historical Society, handicapped-accessible. (9/23)

Henrietta-- The state Department of Transportation has scheduled Jefferson Road to be widened in 2001. The $24 million project will add turning lanes along a 5.5-mile stretch as it cuts across the town, and will also widen the Ballantyne Bridge that spans the Genesee River. Phase One of the project will begin in the summer of 2001. Phase Two will begin a year or two later. If the project remains on schedule, construction will be completed in late 2004. (11/11)

Perinton-- The $18.4 million reconstruction project planned for Route 31 from the Route 490 entrance ramp near the Pittsford-Perinton border all the way east to Route 250 is scheduled to begin next year and be completed by 2001. The new five-mile plan would include two driving lanes in each direction, plus a two-way turning lane in the middle. (10/28)

Pittsford-- An incentive-zoning plan that proposes to expand Isaac Gordon Nature Park has come before the town Planning Board. The Schoen-Manno incentive-zoning plan would increase the size of the park by 30 acres, bringing it to 132 acres. It also proposes a 53-acre open space, accessible to the public, in a development of 135 single-family homes on 135 acres. The 30-acre parcel on North Wilmarth Road is valued at $120,000. (10/21)

Pittsford-- The Local Waterfront Revitalization Program proposal calls for improving the link between Schoen Place and Northfield Common, creating more public parking, building a marina and an outdoor ice rink, and constructing more restaurants and bed-and-breakfasts. Funding for the plan will come from the state Canal Corp., Housing and Urban Development's Canal Corridor Initiative and local sources. The plan recommends using land east and west of Clover Street near Lock 32 for "recreational and planned waterfront commercial development." Both the town and village boards have to approve their respective parts of the plan for the changes to take effect. (10/14)

Pittsford-- The Manno family sold development rights for its 185-acre farm, between Willard and Mendon Center roads, to the town for $1,296,267. The deal means homes cannot be built on the property along Willard and Mendon Center roads, although the Manno family retains the right to farm there, or permits others to. The town's purchase is part of the $9.9 million Greenprint plan to purchase the development rights for seven farms and ensure that those 1,200 acres of land remain agricultural. They are paying about 60% of the development value of the property, or an average of about $9,000 per acre. Appraisers judged the land to be worth between $4,000 and $20,000 per acre. The Town Board adopted Greenprint in July of 1996 as part of an overall open space preservation plan. 9/24, 9/30)

Sodus-- State officials announced $2.4 million in grants for environmental and parks projects in Monroe, Wayne, Orleans and Wyoming counties. The funding includes $600,000 for the acquisition of Camp Beechwood, the former Girl Scouts camp that closed two years ago. The 142-acre site, just west of the village of Sodus Point, has about 3,500 feet of shoreline, marshes, and forests. According to the regional director of Finger Lakes State Parks, the land won't be open to the public until some time next year. (10/17)

Victor-- The village has purchased 35 acres of vacant land located behind Brace Road near the sewer treatment plant, for $65,000. The land is expected to be developed into a park. The village has a commitment from the State Historic Preservation Office to pay for the land through a grant. (11/3)