I-D-A Revises Tax Breaks For Two Cortland Companies Not Meeting Job Creation Figures
The Cortland County Industrial Development Agency says a couple local companies are not living up to the terms of their payment in lieu of tax abatements and will be charged more property taxes as a result of their failure to comply.
Among the local companies is Cayuga Press, the PILOT agreement calls for the company to create 52 jobs, but at this point they only have 31 employees. By not meeting the terms of the agreement in 2013 the company will pay over $30 thousand dollars in property taxes instead of just over $20 thousand under the tax abatement.
The owner of the Clock tower building John Scanlon continues to fall short of his payment in lieu of tax agreement as well, Under the terms of his agreement Scanlon is to have 12 full time jobs, 12 part time, and 7 seasonal employees, he has 8 full time 13 part time, and 5 seasonal.
As a result of not meeting the job creation goals Scanlon will pay just under $12 thousand dollars in property taxes, instead of the nearly $7 thousand he was scheduled to pay.
This is the second time since Scanlon received a tax break on the rebuilt Clock tower building that he has failed to meet the job creation requirements. Half of the ground floor commercial space remains vacant in the building. The clock tower building was rebuilt in 2009 after being lost to a fire in 2005; Scanlon received 2 million dollars in State assistance to restore the landmark. The upper floors are rented out to SUNY Cortland students.
The I-D-A will notify local taxing authorities of the changes and the higher tax amounts will be assessed in the next tax bills.