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PILTPayment in Lieu of Taxes
PILTPleasure in Little Things (band)
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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.
That consists of that a payment in lieu of taxes for 16 years following the issuance of the building permit.
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.