The resolution gives the background of a dispute that arose over payments in lieu of taxes that the UCIA agreed to pay the city for the Park-Madison Office Project and says a settlement has been reached, but no dollar amounts are given on what is owed to the city. The dispute over the amount and timing of PILOT payments arose after the city and an "Urban Renewal Entity" formed by the UCIA entered into a financial agreement in June 2001.
The notion that the UCIA owed payments in lieu of taxes surfaced in comments to an April news article on UCIA Chairman Charlotte DeFilippo. See Plaintalker's post here.
In a blog post on the PMUA renting new offices in the Park-Madison building, Plaintalker noted recent PILOT amounts:
Other occupants of the UCIA Park-Madison building include state and county offices that formerly leased spaces throughout the city. According to an audit on the UCIA web site, 2011 rental income on the building was $3.4 million, up from $2.9 million in 2010. The UCIA has a payment in lieu of taxes (PILOT) agreement with the city and according to the 2013 Municipal Data Sheet, $62,852.10 was paid in 2012 and $35,000 is anticipated for 2013.
You can bet some bloggers will be filing OPRA requests to look at the settlement agreement on Monday.
--Bernice
How about a switch-a-rue where the county finally takes over Route 28 instead? That will save some tax payer money, plus get it swept more often.
ReplyDeleteUCIA owes alot more annually than is being quoted. The office building together with the retail was projected to generate more than $200,000 in Pilot payments each year when the redevelopment agreement was negotiated. The office building/garage Pilot was based on a percentage of the construction cost and the retail Pilot on a percentage of rents. I wonder if we are just seeing the retail Pilot here.
ReplyDelete