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Canandaigua committee gives OK to Pinnacle North deal

Heading into a public hearing scheduled for Nov. 16, the majority of City Council is in favor of amending a payment-in-lieu of taxes agreement for work to continue at the Pinnacle North project.

At a finance/budget committee meeting earlier in the week, Councilmember James Terwilliger voted in favor of the PILOT amendment, the major piece of which fixes the tax assessment for each residential unit for phases one — which is substantially complete — two and three based on the current assessment, which is a figure reached by settlement between the developer and city.

The certainty the developer is seeking is the 1 percent growth each year over the 25-year PILOT agreement, based on occupancy, which principals in project owner Canandaigua Lakefront LLC say is necessary for financing of the remaining phases of development.

The issue in not acting is a potentially stalled development on Lakeshore Drive, Terwilliger said.

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