The Finger Lakes Economic Development Center (FLEDC), Yates County’s sole industrial and economic development agency, approved the expansion of the Payment in Lieu of Taxes (PILOT) for the eight units of the Keuka Shores rental townhouse project being built on South Avenue in the Village of Penn Yan at its Nov. 20 meeting. According to FLEDC CEO Steve Griffin, FLEDC’s attorney says the approval of the expansion must also be approved by the Yates County Legislature because it involves more housing units covered by the tax incentive program.
The board previously approved the PILOT agreement for the 76 units that are on the Town of Milo portion of the property at their meeting in January. The legislators finalized it with their approval in February.
Legislature Chairman Douglas Paddock was at the FLEDC meeting and reminded the board the PILOT should go to the legislature’s Finance Committee first for their discussion and approval to set before the full legislature
FLEDC CEO Steve Griffin reports that the incentives of sales and mortgage tax abatements and the 10-year ramped property tax increases ultimately have a much higher return on investment for the county.