The Irondequoit Town Board and the developers for I-Square finally struck a deal Tuesday night. The town board voted on I-Square's 25-year Payment in Lieu of Taxes Agreement, or PILOT program.
After going back and forth for months, I-Square developer Mike Nolan and the board finally came up with an agreement that both parties agreed with.
"Happy with the outcome, finally. We're very anxious to get to work. I think that's what everybody has been looking for from us," Nolan said. "Enough talk about it, enough battling over it; let's get to work."
There was applause after the town board, in a unanimous vote, passed the PILOT payment for I-Square developers, which will require them to pay a tax increase of 2.5 percent each year for 15 years. The project will be reassessed every five years after that to determine if there will be any additional increases.
The plan is to redevelop parts of Titus Avenue, Union Park, and Stranahan Park.
In January, Nolan and the board disagreed on a benchmark in the resolution that would require the town supervisor to be present during I-Square's future negotiations with COMIDA, the county industrial development agency. In this resolution, both parties agree that will not happen, but I-Square will still be responsible to the town if they don't meet deadlines.
"We came to the agreement that, yes, the benchmarks would be in there, that COMIDA would establish those benchmarks," said Mary Joyce D'Aurizio, town supervisor. "If COMIDA had diverted from what we had, it would have to go back to the town board. But we're going to make sure that COMIDA fulfils the responsibility of the PILOT because we do not want it to come back to us."
The PILOT agreement will now go to COMIDA for a final vote on March 19. Nolan said he hopes to have shovels in the ground the next day - March 20.