PAYMENT IN LIEU OF TAXES (PILOT) AGREEMENT BETWEENPayment in Lieu of Taxes (Pilot) Agreement • June 30th, 2020 • New Hampshire
This Agreement for Payment in Lieu of Taxes (PILOT) (hereafter “Agreement”) is made this 14th day of July, 2020, under New Hampshire Revised Statutes Annotated (NHRSA) § 72:74, between the Town of Northfield, New Hampshire (hereafter “Town”) and Christopher Knight (hereafter “Developer”), a New Hampshire resident with an address at 7 Merrimack Street, Concord, NH 03301.
June 17, 2014. Somerset Payment-In-Lieu-of-Taxes (PILOT) Agreement. The Holmdel Township Committee approved an ordinance, entering into a 30-year Payment-In- Lieu-of-Taxes (PILOT) agreement with Somerset Development for the Alcatel- Lucent Building....Payment-in-Lieu-of-Taxes (Pilot) Agreement • March 13th, 2021
Somerset presumably made their development of the property conditional on this agreement and the tax benefit they expect to realize. The township committee is claiming a benefit of $70M based on the township retaining the full $103M of PILOT payments (over 30 years) rather than the $32M (estimated) that it would receive from conventional taxes. This is apparently because the PILOT will not be automatically divided between the municipality and the school system as are conventional taxes. But since the school system and the municipality are effectively two pockets in the same pair of pants (the same set of property owners pay both the school and municipal taxes), whether the PILOT goes to the municipality or the schools or both, the overall tax impact on property owners is the same.
BACKGROUNDPayment in Lieu of Taxes (Pilot) Agreement • April 19th, 2023
Payment in Lieu of Taxes (PILOT) agreements are a mechanism used by local governments and developers to encourage specific types of developments or projects (such as affordable housing). Use of a PILOT agreement is meant to allow projects to go ahead when they otherwise might not be able to based on considerations such as cost of the project. These agreements provide the developer with financial relief in the form of waived local property taxes (and sometimes other local taxes) for a specified period. Developers are usually required to pay a minimum PILOT amount along with State taxes and any local taxes not waived. In addition, PILOT agreements require additional amounts due dependent on the financial conditions of the project.
NEGOTIATED PAYMENT IN LIEU OF TAXES (PILOT) AGREEMENT BETWEENPayment in Lieu of Taxes (Pilot) Agreement • September 18th, 2015
WOODLAND TOWNHOMES LLLP, a limited liability limited partnership organized under the laws of the State of Maryland (the “Owner”) and PRINCE GEORGE’S COUNTY, MARYLAND, a body corporate and politic (the “County”).
PAYMENT IN LIEU OF TAXES (PILOT) AGREEMENT BETWEENPayment in Lieu of Taxes (Pilot) Agreement • September 18th, 2015
BLADENSBURG COMMONS LLLP, a limited liability limited partnership organized under the laws of the State of Maryland (the “Owner”) and PRINCE GEORGE’S COUNTY, MARYLAND, a political subdivision of the State of Maryland (the “County”).
CITY OF SALEM, MASSACHUSETTSPayment in Lieu of Taxes (Pilot) Agreement • September 9th, 2021
This agreement is the culmination of several months of negotiations with Footprint and represents, I believe, a balance that respects and achieves, to a large degree, the objectives of each party. It grows our tax base, substantially protecting our residential taxpayers, while also not encumbering the project with costs beyond what could be supported by anticipated plant revenues. These were competing goals that, in the end, I feel were adequately achieved.
