On my way to the IDA meeting this afternoon, someone asked why I was going to that meeting. My answer was simple: I might learn something interesting. And I did.
Today was the IDA's annual meeting, and members of the IDA were reviewing the audit report with accountant Victor Churchill of Sickler, Torchia, Allen, and Churchill. One item in that report was the PILOT (payment in lieu of taxes) on the IDA's only PILOT agreement: Hudson Terrace Apartments, a PILOT initiated in 2010.
The report indicated that the full tax on Hudson Terrace Apartments in 2018 would have been $228,248. The PILOT, what was actually paid in 2018, was $167,404--about 73 percent of the property tax.
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