The Watertown Board of Education at a meeting Tuesday unanimously approved a 15-year payment-in-lieu-of-taxes agreement for Georgica Green Ventures, LLC to redevelop the Woolworth building on Public Square.
The City of Watertown and Jefferson County still need to approve the PILOT.
If the project goes through, the building will become an apartment building with 35 one-bedroom units and 15 two-bedroom units. GGV President David Gallo said the proposal is to pay $9,000 in taxes for the first five years, then slowly work up to nearly $15,000.
Mr. Gallo told the board he sees singles and elderly residents renting apartments in the building.
It is a beautiful building with great bones, he said. It continues to deteriorate every day.