The owners of the Pinnacle North project on Lakeshore Drive want a revised payment in lieu of taxes plan in order for the rest of the five-phase development to continue.
During its meeting Thursday night, the City Council’s finance/budget committee is expected to set a public hearing for council’s Nov. 2 meeting on the amended PILOT, which would establish a fixed amount of tax revenue, if approved.
In addition to obtaining city approval, amending the PILOT also would need the Canandaigua City School District and Ontario County to sign off on the change.
By amending the PILOT and creating a fixed payment schedule, each of the three tax entities would benefit and the continued development of the project is ensured, said Jennifer Miglioratti, a spokeswoman for Pinnacle North, in a prepared statement.
“This proposed PILOT amendment with Ontario County IDA would provide fixed tax revenue certainty, and help in securing traditional permanent financing for the remaining project phases which, over the course of the continued development, would further grow the local tax base,” Miglioratti said in the statement.
A PILOT approved in 2015 cleared the way for work to begin on the first phase of development, according to the city.