Wednesday, February 20, 2013

Irondequoit board backs tax incentives for I-Square

Posted By on Wed, Feb 20, 2013 at 8:29 AM

For I-Square, the third time was the charm.

Last night, the Irondequoit Town Board voted to support a PILOT - payment in lieu of taxes - for the proposed mixed-use project. Although the Monroe County Industrial Development Agency would provide the PILOT, the Irondequoit Town Board has to approve it. Last night wasn't the first time the board had done so. Last year it approved a 10-year PILOT, though developers Mike and Wendy Nolan were seeking a 25-year deal. And earlier this year the board tabled a resolution for a 15-year agreement with two 5-year extensions.

Last night's vote, however, marked the first time that the board members and the Nolans were happy with the outcome. The board unanimously approved a resolution resolution backing a 15-year PILOT agreement with two 5-year extensions. The resolution also supports a PILOT agreement that contains construction and job creation benchmarks.

Under the terms the town approved, the I-Square property would have a base assessed value of $2.1 million, and the first payment would be derived from that figure. The payment would increase by 2.5 percent every year.

Prior to the vote, Town Board member Deborah Essley said that the resolution was basically the same as the one the town tabled in January. But there was one difference. Mike Nolan was unhappy with the previous resolution because it required Town Board approval of any agreement negotiated with COMIDA. But the resolution approved last night requires Town Board approval of the COMIDA deal only if it "materially differs" from the terms it signed off on, said Supervisor Mary Joyce D'Aurizio.

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