{"id":20887,"date":"2017-01-24T09:14:10","date_gmt":"2017-01-24T14:14:10","guid":{"rendered":"http:\/\/www.wrfalp.com\/?p=20887"},"modified":"2017-01-24T09:40:21","modified_gmt":"2017-01-24T14:40:21","slug":"ida-to-act-on-covenant-manor-tax-abatement-extension-during-tuesdays-meeting","status":"publish","type":"post","link":"https:\/\/www.wrfalp.com\/ida-to-act-on-covenant-manor-tax-abatement-extension-during-tuesdays-meeting\/","title":{"rendered":"IDA to Act on Covenant Manor Tax Abatement Extension During Tuesday’s Meeting"},"content":{"rendered":"

\"\"JAMESTOWN – An extension on a tax abatement agreement with a downtown property owner will go before the Chautauqua County Industrial Development Agency\u2019s<\/strong> board of directors when it meets Tuesday morning in Jamestown.<\/p>\n

The IDA is considering a seven-year extension of a current 10-year Payment in Lieu of Tax (PILOT) agreement with the owners of Covenant Manor Apartments in downtown Jamestown, which has an assessed value of $3,065,000. The extension is being requested by Millennia Housing Development<\/strong> of Cleveland on behalf of Prairie Covenant NY, L.P.<\/strong>, which owns the 88-apartment, eight-story building at 23 W. Third St that provides housing for low to moderate income seniors. The group is asking for the extension because of financial challenges it\u2019s faced while delivering on its promise of making $3 million in renovations to the building.<\/p>\n

Last week the IDA held a public hearing on the extension and city development director Vince DeJoy<\/strong> was on hand to voice opposition to it<\/a>. He said the extension would lead to the city missing out on more than $300,000 in anticipated tax revenue. DeJoy also said that the existing 10-year PILOT agreement has already resulted in Millennia Housing Development saving over $1,132,000 in property tax payments between 2013 and 2023. Of that amount, more than $460,000 will be lost by the city during those 10 years.<\/p>\n

The PILOT that is currently in place was first approved in 2012 and provides an abatement schedule for the years 2013 through 2022. But if the latest extension request is approved by the IDA, the property tax abatement period would be extended to 2030. The average savings in property tax payments for Millennia Housing would amount to about $112,000 per year, over the full 17-year period of the PILOT.<\/p>\n

Tuesday’s meeting will take place 10 a.m. in the 2nd floor conference room of the BWB building in Jamestown, located at 201 W. 3rd St. It is open to the public.<\/p>\n","protected":false},"excerpt":{"rendered":"

JAMESTOWN – An extension on a tax abatement agreement with a downtown property owner will go before the Chautauqua County Industrial Development Agency\u2019s board of directors when it meets Tuesday morning in Jamestown. The IDA is considering a seven-year extension of a current 10-year Payment in Lieu of Tax (PILOT) agreement with the owners of […]<\/p>\n","protected":false},"author":22,"featured_media":20795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"IDA to Act on Covenant Manor Tax Abatement Extension During Tuesday's Meeting","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[4],"tags":[426,582,4016,4399,7298,2345],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.wrfalp.com\/wp-content\/uploads\/2017\/01\/Covenant-Manor.jpg?fit=375%2C231&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3YlJ4-5qT","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/posts\/20887"}],"collection":[{"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/comments?post=20887"}],"version-history":[{"count":1,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/posts\/20887\/revisions"}],"predecessor-version":[{"id":20888,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/posts\/20887\/revisions\/20888"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/media\/20795"}],"wp:attachment":[{"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/media?parent=20887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/categories?post=20887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wrfalp.com\/wp-json\/wp\/v2\/tags?post=20887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}