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Tuesday, June 27, 2017

This one might hurt...

According to today's legal notices, Special Metals is looking for a Payment in Lieu of Taxes (PILOT)
"...which the Agency will assist in office renovations and upgrades within a complex of industrial buildings totaling 351,700± square feet in the aggregate (The "Improvements"), all situated on a 124.5± acre parcel of land located at 2317 Middle Settlement Road, Town of New Hartford, Oneida County, New York (the "Land"), and acquisition and installation of equipment in the Improvements..."
The legal notice continues:
"The Agency contemplates it will provide financial assistance to the Company in the form of abatement of real property taxes for a period of ten years during which time the Company will pay fixed PILOT Payments, exemptions from mortgage recording taxes and exemptions from sales tax on materials and equipment acquired and installed in connection with the Project, which financial assistance represents a deviation from the Agency's Uniform Tax Exemption Policy to be more particularly described in a Final Authorizing Resolution to be adopted by the Agency prior to the closing of the transactions described herein."
In true Oneida County Industrial Development tradition, their meeting minutes have not been updated on their website since October 2016 so there is no further information available other than what is in the legal notice.

According to the Town of New Hartford assessment database, Special Metals is currently assessed for $11,276,200 and at the moment it is fully taxable. Depending on the terms of the PILOT, it would not only affect the property taxes, but it will have an impact on sales tax for the Town of New Hartford because exempt properties are not included in the total assessed value when figuring sales tax distribution.

One other thing, the town's database lists the Special Metals property as 4317 Middlesettlement not 2317 Middle Settlement as listed in the legal notice.

For anyone who might be interested or who might be planning to attend the Public Hearing which is being held on July 11 at 9:00 a.m. in Butler Hall, here is the complete legal notice.


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