The Ontario County IDA has given final approval of an amended Payment in Lieu of Taxes agreement for the Pinnacle North development on the Canandaigua Lakefront. The vote paves the way for construction of phase two to begin in the spring.
The vote came after a public hearing during which a spokesperson for the developer and Mayor Ellen Polimeni spoke in favor of the PILOT agreement and two city residents spoke against it. Under the agreement, the assessed value of the completed first phase will be frozen at 12 million dollars, with annual growth capped at one percent over 25 years.
The City Council previously approved the amendment 5-4. The Canandaigua School Board approved it 5-3 with one abstention and Ontario County Supervisors approved it unanimously.