OTHERAPPROVED

Jamestown City Council Agenda February 23 2026

Jamestown Approves 15-Year PILOT Agreement with STEL

$70,116.48 per year (15 years)City of JamestownSOUTHERN TIER ENVIRONMENTS FOR LIVING INCFebruary 23, 2026

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Description

The City approved a 15-year PILOT agreement with Southern Tier Environments for Living, Inc., locking in annual payments of $70,116.48 for new affordable housing at Water Street, in lieu of property taxes. The agreement will support municipal revenues and clarify tax treatment during the project's affordability period.

Contract Details

Contract Amount

$70,116.48 per year (15 years)

Vendor

SOUTHERN TIER ENVIRONMENTS FOR LIVING INC

Agency

City of Jamestown, NY

Contract Type

OTHER

Document Date

February 23, 2026

Contract Term

Not to exceed 15 years, commencing after project completion and Certificate of Occupancy issuance; annual PILOT payment schedule for 15 years concurrent with affordable housing use and outstanding qualified mortgage.

Renewal Date

2041-12-31

Renewal Info

Agreement cannot exceed 15 years; subject to project’s affordable housing status and mortgage term; at end, standard property taxes resume unless renegotiated.

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