CLERK OF THE BOARD - Port Chester IDA, PILOT Agreement - 229 Willett Ave., Town of Rye, Village of Port Chester

This item concerns a Payment In Lieu Of Tax (PILOT) Agreement between the Village of Port Chester Industrial Development Agency (IDA) and 80 Main Street Members LLC for a project at 229 Willett Avenue. The project involves the planning, design, and construction of a new six-story, multi-tenanted building with approximately 100 residential apartment units and 100 parking spaces. The total cost of the project is approximately $30,435,000. The PILOT Agreement provides a partial real property tax abatement for the new improvements, with a graduated abatement factor starting at 100% in Year 1 and decreasing by 5% annually. The agreement spans from the 2028 Town and County tax years through the 2047 Town and County tax years, and the 2027-2028 Village and School tax years through the 2046-2047 Village and School tax years, expiring on December 31, 2047. The Base Valuation for the land is frozen at a Fair Market Value of $1,027,800. The company will continue to pay full taxes based on this base valuation throughout the agreement term. The agreement also outlines provisions for special district charges, assessment challenges, events of default, and assignment.