At a special meeting held Wednesday, Sept. 26, The Town of Irondequoit shot down developer Mike Nolan’s initial request for a 25-year PILOT, or payment in lieu of taxes, for the I-Square development, “a town center,” at the intersection of Cooper Road and Titus Avenue.
The Town Board did, however, agree on an alternative to Nolan’s request. In a unanimous decision, the board adopted a resolution allowing for a 10-year PILOT with a 2.5 percent escalator, or annual increase.
The proposed 25-year PILOT would have locked Nolan’s county and town taxes in at the current $104,000 per year, with a .5 percent escalator. The West Irondequoit School District approved a 25-year PILOT for the project in July, but with a 2.5 percent escalator to compensate for the fact that the district does not receive revenue from sales tax.
Nolan said he is “shocked” by the board’s decision because his plan would ultimately benefit the town and its residents financially.
“This plan would bring 40 jobs to Irondequoit, it would not add one penny to any resident’s tax bill and it would create more sales tax revenue for the town,” he said during the meeting. “I have the comparisons and all of the math (on hand) to prove this.”
Town Supervisor Mary Joyce D’Aurizio said the town’s figures are “so completely different” from Nolan’s and the I-Square development lacks an adequate business plan.
“He (Nolan) could always seek modification of the 10-year PILOT. We need to know about financing and income projections for each of those buildings within I-Square,” she said.
Nolan said his business plan is comprehensive.
“They have all of the elements of my plan, from expenses to revenue, and from schedules to investments,” he said. “They just don’t understand the documentation I have provided.”
The board would not allow Nolan to present any additional information at the public meeting, as the I-Square plans were discussed in detail at a board meeting Sept. 18.
The town attorney suggested Nolan schedule a meeting with town officials and his attorney to discuss any further details regarding the plan.
Councilman Peter Kelderhouse added, “We’ve listened, we’ve taken notes and we’ve asked you for a summary. To rehash everything that has already gone on -- it’s not going to happen. This resolution is feasible and it will work.”
Nolan said he came to the meeting prepared to make compromises, but the duration of the PILOT, in particular, is one area in which he can not concede.
“Without a 25-year PILOT, this project is unaffordable,” Nolan said, adding that he has already poured about $3.5 million into the project. “Our (his and his wife Wendy’s) taxes would sky rocket in 10 years.”
Nolan added that he doesn’t know how he will proceed with the I-Square development, yet.
At a special meeting held Wednesday, Sept. 26, The Town of Irondequoit shot down developer Mike Nolan’s initial request for a 25-year PILOT, or payment in lieu of taxes, for the I-Square development, “a town center,” at the intersection of Cooper Road and Titus Avenue.
The Town Board did, however, agree on an alternative to Nolan’s request. In a unanimous decision, the board adopted a resolution allowing for a 10-year PILOT with a 2.5 percent escalator, or annual increase.
The proposed 25-year PILOT would have locked Nolan’s county and town taxes in at the current $104,000 per year, with a .5 percent escalator. The West Irondequoit School District approved a 25-year PILOT for the project in July, but with a 2.5 percent escalator to compensate for the fact that the district does not receive revenue from sales tax.
Nolan said he is “shocked” by the board’s decision because his plan would ultimately benefit the town and its residents financially.
“This plan would bring 40 jobs to Irondequoit, it would not add one penny to any resident’s tax bill and it would create more sales tax revenue for the town,” he said during the meeting. “I have the comparisons and all of the math (on hand) to prove this.”
Town Supervisor Mary Joyce D’Aurizio said the town’s figures are “so completely different” from Nolan’s and the I-Square development lacks an adequate business plan.
“He (Nolan) could always seek modification of the 10-year PILOT. We need to know about financing and income projections for each of those buildings within I-Square,” she said.
Nolan said his business plan is comprehensive.
“They have all of the elements of my plan, from expenses to revenue, and from schedules to investments,” he said. “They just don’t understand the documentation I have provided.”
The board would not allow Nolan to present any additional information at the public meeting, as the I-Square plans were discussed in detail at a board meeting Sept. 18.
The town attorney suggested Nolan schedule a meeting with town officials and his attorney to discuss any further details regarding the plan.
Councilman Peter Kelderhouse added, “We’ve listened, we’ve taken notes and we’ve asked you for a summary. To rehash everything that has already gone on -- it’s not going to happen. This resolution is feasible and it will work.”
Nolan said he came to the meeting prepared to make compromises, but the duration of the PILOT, in particular, is one area in which he can not concede.
“Without a 25-year PILOT, this project is unaffordable,” Nolan said, adding that he has already poured about $3.5 million into the project. “Our (his and his wife Wendy’s) taxes would sky rocket in 10 years.”
Nolan added that he doesn’t know how he will proceed with the I-Square development, yet.
