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PILTPayment in Lieu of Taxes
PILTPleasure in Little Things (band)
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Gordon said reference to a payment in lieu of taxes is still included in the pending agreement.
McDonald said the school's gift represents a sum slightly more than a traditional payment in lieu of taxes based on the assessor's office calculation for fiscal 2008.
The payment in lieu of taxes (PILOT) agreement provides for an escalation in the payments that is tied to any increase in the national Consumer Price Index (CPI).
The outcome was a Payment in Lieu of Taxes (PILOT) agreement with RPS, under which Woodbridge will receive annual payments of 15 percent of the fair market value of the rent for the facility to be constructed.
It also has arranged a unique PILOT (Payment In Lieu Of Taxes) program to control the rate of growth in property taxes paid by tenants.
More financial benefits are found via a unique PILOT (Payment In Lieu Of Taxes) program, which permits the municipal tax rate to be set at competitive rates for highly-improved properties, such as labs.
That consists of that a payment in lieu of taxes for 16 years following the issuance of the building permit.
This includes a $5 million sales tax exemption for the purchase or lease of machinery and equipment; tax credits of as much as $522,105 in job-growth incentives; energy cost discounts of $725,000; and a Payment in Lieu of Taxes (PILOT) that will provide estimated real estate tax savings of $466,000.
The World Trade Center already has lower real estate taxes, as it makes a payment in lieu of taxes (PILOT), but is expected to have its tenants benefit from certain components of the plan, such as occupancy tax reductions.
There may be some small payment in lieu of taxes for the organizations.