HomeMy WebLinkAboutI - 21 Pyrotek Pilot Correspondenced® HANCOCK
E S TAB ROOK.
JOHx P. SIDD, PARTNER
(315) 565-4559
isidd0hancocklaw. com
December 20, 2022
Robert J. Edwards, Superintendent ✓Thomas Williams, Supervisor
Cortland Enlarged City School District Town of Cortlandville
One Valley View Drive 3577 Terrace Road
Cortland, New York 13045 Cortland, New York 13045
Kevin Fitch, Chairperson
Cortland County Legislature
County Office Building
60 Central Avenue
P.O. Box 5590
Cortland, New York 13045-5590
Re: Cortland County IDA / Pyrotek Incorporated Project
Property: 641 State Route 13, Town of Cortlandville, New York
Dear Sirs:
On behalf of the Cortland County Industrial Development Agency, please accept this.
correspondence as notice that the above -referenced Project has fallen below its required minimum
number of employees. For the year ended October 31, 2022, Pyrotek Incorporated is between 60%
and 80% of the minimum required number of employees under the Payment in Lieu of Tax
Agreement ("PILOT") and, as such, the payment amount due should be adjusted accordingly
pursuant to Section 2.02(c)(3) of the Amended PILOT (see attached). As such, the PILOT amount
due should be 62.5% of what the real property taxes would otherwise be.
Thank you and if you should have any questions, please do not hesitate to contact me.
Very truly yours,
HANCOCK ESTABROOK LLP
John P. Sidd
Enclosure
cc: Garry VanGorder, Executive Director
Cortland County Real Property Tax Services
{ H4969191.1 }
1100 AXA Tower 1,100 Madison Street, Syracuse, New York 13202 1 315.565.45000 315.565.46000 1 hancocklaw.com
required employees being One Hundred and Ten (110). In each tax year during the
term of this Payment in Lieu of Tax Agreement, commencing on the first tax year
following the date on which the Project Facility shall be assessed as exempt on the
assessment roll of any Taxing Entity, the amount payable by the Company to the
Receivers of Taxes on behalf of each Taxing Entity as a payment in lieu of property tax
pursuant to this Payment in Lieu of Tax Agreement shall be an amount equal to the
applicable percentage of the Normal Tax due each Taxing Entity for such calendar year
that relates to the number of jobs In existence at the Project Facility during the
preceding calendar year (as determined pursuant to the preceding twu sentences), all
as shown In the following table:
If less than If less than
80% but
60% but
If less than
If 80% or
more than
more than
40% but
If less than
more of
60% of
40% of
more than
20% of
minimum
minimum
minimum
20% of
minimum
Year of
required
required
required
minimum
required
Exemption
Jobs
Jobs
Jobs
Jobs
Jobs
1-6
100%
100%
100%
100%
100%
7-9
0%
25%
50%
75%
100%
10-11
25%
43.75%
62.5%
81.25%
100%
12-14
50%
62.5%
75%
82.5%
100%
15-16
75%
81.25%
87.5%
93.75%
100%
17 and 100% 100% 100% 100% 100%
thereafter during
the term of the
PILOT
Agreement
(D) Additional Amounts in Lieu of Taxes. Commencing on the first tax year
following the date on which any structural addition shall be made to the Facility
Premises or any portion thereof or any additional building or other structure shall be
constructed on the Facility Parcel (such structural additions and additional buildings and
other structures being hereinafter referred to as "Additional Facilities") the Company
agrees to make additional annual payments in lieu of property taxes (such additional
payments being hereinafter collectively referred to as "Additional Payments") to the
Receivers of Taxes with respect to such Additional Facilities, such Additional Payments
to be computed separately for each Taxing Entity as follows:
10