550 East Main, LLC (550), a real estate holding company, will purchase and renovate 550 East Main St. in the City of Rochester for Envative, a custom software developer. Envative, founded 20 years ago, has outgrown their 3,000 sq. ft. space on University Ave. The new 13,226 sq. ft. location will allow the company to create 24 additional jobs over the next 3 years. 550 East Main St. is located in a HUB Zone as designated by the US Small Business Administration. The company intends to apply for HUB Zone certification, which requires 35% of the workforce to be hired from within the HUB Zone. Additionally, the property will go back on the tax rolls as it has been off the tax rolls for 20 years. The project is expected to cost $970,000. The applicant seeks the JobsPlus property tax abatement, sales tax and mortgage recording tax exemptions. The job creation requirement is 2. The benefit to incentive ratio is 12.8 : 1.

550 East Main, LLC
50 University Ave.
Rochester, NY 14605
Project Address
50 University Ave.
Rochester, NY 14605
Project Amount
$970,000 - Lease/Leaseback with Abatement
Existing: 19 FTEs
New: 14 FTEs
Requirement: 2 FTEs

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