A 219-unit development approved for the former Center Circle site on Main Street would pay at least $500,000 in the first year of a proposed 30-year Payment In Lieu Of Taxes (PILOT) arrangement, with payments in the final year approaching $1 million.
Continue reading 30-year PILOT for Center Circle development
The Redevelopment Agency approved a redevelopment agreement with developers of the Center Circle site on Main Street that would pay a fee of $1,750 per unit, contingent on a 30-year Payment In Lieu Of Taxes (PILOT) agreement to be voted upon by City Council tomorrow night.
Continue reading Redevelopment agreement OK’d, 30-year PILOT sought
Payments In Lieu Of Taxes (PILOTs) more than doubled in last year’s municipal budget, eclipsing $2 million after three new projects were added to the tax rolls. The spending plan for 2017 anticipates $1.3 million after the expiration of one five-year PILOT.
Redevelopment officials and developers have agreed in principle on the use of Redevelopment Area Bonds (RABs) but are still working out details on the financing tool that would be part of 208-unit downtown project that includes extending Monroe Street.
Without comment from the public or its members, City Council on Monday night unanimously adopted a 20-year Payment In Lieu Of Taxes (PILOT) for The Gramercy.
Continue reading City Council approves Gramercy 20-year PILOT
A proposed PILOT for The Gramercy would stipulate an annual fee of $78,000, about twice as much as the properties currently generate in taxes but about $100,000 less than what the completed project might pay.
Continue reading Gramercy PILOT would shave $100k off tax bill
Three new Payments In Lieu Of Taxes (PILOT) to the city and higher foreclosure registry fees should boost city revenues by some $652,000 in the 2016 budget.
Meridia Water’s Edge, a 108-unit rental building that began leasing two years ago, has sold for$29.328 million, or about $271,556 per unit.
Continue reading Meridia Water’s Edge sells for $29.3 million