HomeMy WebLinkAboutI - 22 Forkey Pilot CorrespondenceJOHN P. SIDD, PARTNER
(315) 565-4559
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Q�HANCOCK
E S TAEIROOK...
December 20, 2022
Robert J. Edwards, Superintendent Thomas M. Turck, Superintendent
Cortland Enlarged City School District Homer Central School District
One Valley View Drive 80 South West Road
Cortland, New York 13045 Homer, New York 13077
Kevin Fitch, Chairperson
Cortland County Legislature
County Office Building
60 Central Avenue
P.O. Box 5590
✓Thomas Williams, Supervisor
Town of Cortlandville
3577 Terrace Road
Cortland, New York 13045
Cortland, New York 13045-5590
Re: Cortland County IDA / Forkey Construction & Fabricating Project
Property: 3690 Luker Road, 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, Forkey Construction & Fabricating,
Inc. 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 PILOT (see attached). As such, the PILOT
amount due should be 81.25% 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
1800 AXA Tower 1,100 Madison Street, Syracuse, New York 13202 1 315.565.4500 0 315.565.4600 0 1 hancocklaw.com
exempt on the assessment roil 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 applicabte 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
two sentences), all as shown In the following table:
If lass Bran If less than
80% but 80% but If less than
if 80% or more than more than 40% but If less than
more of 60% of - 40% of more than 2q% of
minimum minimum minimum 20% of minimum
Year of required required required minimum required
Exemption Jobs Jobs Jobs Jos Jobs
1-3 26% 43.75% 62.6% 81.25% 100%
4-6 50°% 62.5% 75% 82.5% 100%
7-9 75% 81.25% 87.5% 03.76% 100%
( } 10 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:
(1) Determine the amount of general taxes and general assessments
(hereinafter referred to as the "Normal Tax") which would be payable to each Taxing
Entity if such Additional Facilities were owned by the Company and not the Agency as
follows: (a) multiply the Additional Assessed Value (as hereinafter defined) of such
Additional Facilities determined pursuant to subsection (E) of this Section 2.02 by (b)
the tax rate or rates of such Taxing Entity that would be applicable to such Additional
Facilities if such Additional Facilities were owned by the Company and not the Agency,
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