The Canandaigua City Council holds a public hearing Thursday night on a resolution that would amend the 2015 Payment in Lieu of Taxes agreement Pinnacle North has with the City , County and School District. The revised PILOT agreement would allow for a fixed rate payment plan . This is happening after Pinnacle got a much higher than expected assessment this summer . Project spokesperson Jennifer Miglioratti told us last month going to a level payment arrangement offers more predictability for them and the three taxing authorities they are dealing with.
Several retail outlets have opened at Pinnacle North and as of last month better than 75% of the first 135 apartments are occupied. The public hearing is part of a special City Council meeting that will start at 7 at City Hall.
You can read the resolution below.
A RESOLUTION SUPPORTING AND CONSENTING TO THE PILOT INCREMENT FINANCING AMENDMENT FOR THE PINNACLE NORTH DEVELOPMENT
WHEREAS, the Pinnacle North Development received assistance from the Ontario County Industrial Development Agency (IDA) via a PILOT Increment Financing (PIF) Agreement dated May 1, 2015; and
WHEREAS, the PIF agreement allows for the debt service payment related to the development to be subtracted from the total property taxes due to the City, School and County; and
WHEREAS, the Developer has recently submitted an application to the IDA to amend the PIF Agreement to:
• Fix the assessment per residential unit for Phase I, II and III at the current assessment per unit ($93,689) grown at 1% per year for the remainder of the PIF Agreement,
• Fix the assessment for Phase V at $2.5 million in the year it is completed; and calculate the tax assessment for Phase II and III by using units occupied by March 1st of any tax year, and
• Calculate the assessment for Phase II and III by using units occupied by March 1st of any tax year except for once a Phase reaches 90% occupancy, 100% of that Phase’s units is subject to the assessment per residential unit for the respective tax year for the remainder of the PILOT.
WHEREAS, the PIF Agreement requires the consent of all three taxing jurisdictions (City, School and County) for any proposed amendments; and
WHEREAS, the City Council’s Committee of the Whole reviewed the proposal at a special meeting on November 6, 2017 and recommended granting consent for the proposed amendment;
NOW, THEREFORE, BE IT RESOLVED that the City of Canandaigua hereby establishes its support of, and consent to the PILOT Increment Financing Amendment Application as described above.
((((IMAGE FROM PINNACLE NORTH WEBSITE))))