Kohl's came to Greenport without PILOT
Jul 25, 2010 11:38 pm
Mike McCagg in ccScoop reports Greenport "Town Building Inspector John Florio and Planning Board Secretary Beth MacGiffert both told ccSCOOP this week that the lease contract has been signed and that Kohl’s will locate in the town." Kohl's officials had previously said they would not come to Greenport without the county Industrial Development Agency giving them a PILOT (payment in lieu of taxes) break. From McCagg's story:
Initially, a twenty-year PILOT had been requested, which limited property taxes on the store to $22,500 annually. When that was rejected, a fifteen-year PILOT was proposed which increased the property tax by 1.5 percent. That proposal was also rejected by the IDA, despite support of the Board of Supervisors. The yearly property tax on the store, without a PILOT, is estimated at $81,600. Read the entire story in ccScoop.