At the last meeting of the Finger Lakes Economic Development Center (FLEDC – Yates County’s industrial/economic development agency), the board of directors unanimously approved the Payment In Lieu of Taxes (PILOT) agreement with Pete Mitchell to open a restaurant on Main Street in Penn Yan.
At the public hearing Nov. 5, FLEDC CEO Steve Griffin said Mitchell has recently signed a purchase agreement to acquire 11 Main St. in Penn Yan to open a seventh restaurant.
Mitchell, owner of Parker’s Grille Inc. currently operates six restaurants in Geneva, Seneca Falls, Newark, and Auburn. His restaurant portfolio is made up of the four Parker’s Grille locations, plus Halsey’s, an upscale steak house in Geneva, and 84 Fall an upscale dine-in restaurant in Seneca Falls.
The PILOT will provide $118,598 in total tax abatement over the 10 years; comprised of $40,000 in sales tax for the building renovations, $3,500 in mortgage tax, and $75,000 in property tax increase deferrals which will be reduced 10 percent each year until full valuation is reached.