Irondequoit Town Board Approves I-Square PILOT Agreement
By: Vanessa Herring
Updated: February 20, 2013
The Irondequoit Town Board didn't want to end up with another empty space like the Medley Center because of a failed Payment In Lieu of Taxes, or PILOT agreement. That led to the board's hesitation in reaching the deal with I-Square developer Mike Nolan.
The board and Nolan both had to compromise to come up with the terms of the agreement.
The town's biggest concession was the length of the PILOT agreement, approving a 25 year deal.
The board also agreed that if COMIDA approves the deal construction can start immediately, "basically what it said was that after we went to COMIDA previously we would have had to go back to the town and back through this process again for another board meeting and have them vote again before we could have proceeded," explained Nolan, "it just added another element we didn't feel necessary."
In exchange, Nolan agreed to meet construction benchmarks and to have the property re assessed at 15 and 20 years. If the value increases Nolan's PILOT payments will be raised, "we got what we wanted in that paragraph two that there had to be benchmarks and that's what was holding us up, he didn't want that, we got it," said Irondequoit Town Supervisor Mary Joyce D'Aurizio, "so in that paragraph two that if COMIDA does not follow on those benchmarks it does come back to the town board and we re work the PILOT."
COMIDA is expected to consider Nolan's application on March 19th.
The board and Nolan both had to compromise to come up with the terms of the agreement.
The town's biggest concession was the length of the PILOT agreement, approving a 25 year deal.
The board also agreed that if COMIDA approves the deal construction can start immediately, "basically what it said was that after we went to COMIDA previously we would have had to go back to the town and back through this process again for another board meeting and have them vote again before we could have proceeded," explained Nolan, "it just added another element we didn't feel necessary."
In exchange, Nolan agreed to meet construction benchmarks and to have the property re assessed at 15 and 20 years. If the value increases Nolan's PILOT payments will be raised, "we got what we wanted in that paragraph two that there had to be benchmarks and that's what was holding us up, he didn't want that, we got it," said Irondequoit Town Supervisor Mary Joyce D'Aurizio, "so in that paragraph two that if COMIDA does not follow on those benchmarks it does come back to the town board and we re work the PILOT."
COMIDA is expected to consider Nolan's application on March 19th.
