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Tax Exemption and PILOT Agreement Approved for INHS Immaculate Conception Redevelopment

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Tax Exemption and PILOT Agreement Approved for INHS Immaculate Conception Redevelopment

Thursday, November 7, 2019

The Legislature, by unanimous vote, approved a real property tax exemption and payment-in-lieu-of-taxes (PILOT) agreement for the provision of affordable rental housing related to Ithaca Neighborhood Housing Services’ Immaculate Conception School redevelopment project, as authorized by Section 577 or New York State Private Housing Finance Law.  Affected are properties at 320-324 W. Buffalo Street, 330 W. Buffalo, and 309 S. Plain Street in the City of Ithaca.  The properties are granted a 30-year tax exemption from real property taxes levied by Tompkins County, the City of Ithaca, and other local taxing authorities; the owner shall make annual in-lieu-of-tax payments equaling 12% of net operating income (but in no event to be less than $41,514), increasing to 15% in year 16 of the agreement.

The resolution notes that “the continued provision of affordable rental housing to qualified persons or families of low income by INHS is beneficial to and in the long-term best interests of the public.”