What was the original financial agreement with Avalon Bay?

 As opposed to a conventional taxation, the Town and Avalon Bay agreed to the following:

10% of the gross revenues would be considered a “PILOT” (Payment in Lieu of Taxes). It was anticipated at the time of the agreement that the gross revenue would amount to $7.7 million and the Town would receive $770,000/year. This would be offset by a payment for taxes on just the land portion of the property. The County would receive 5% of this payment and the schools would not receive a share of the PILOT. As part of the agreement, the Town would receive a $300,000 contribution toward an improvement within the community. Municipal services such as snow removal and sanitation services would NOT be provided by the Town.

Show All Answers

1. What was the project approved for in 2013?
2. What was the original financial agreement with Avalon Bay?
3. What has transpired since the prior agreement?
4. What are the risks regarding the issuance of a $1.2 million bond?
5. What happens during the interim periods prior to the completion of this project?
6. What is the comparison between conventional taxes for the property, the 2013 agreement and the 2016 agreement?
7. What if there is a default on these bonds?