There are a multitude of benefits the Kingstonian project will bring to the community at a very opportune time, all at no cost to the taxpayers. When the benefits are fully understood, we are confident that you will come to the same conclusion as the Common Council and IDA Board and see why turning down the PILOT does not protect or help the taxpayers, but only takes away the many needed community benefits it can provide.
The most important takeaway that each stakeholder needs to remind everyone about the PILOT is that:
If the PILOT Passes and the project is constructed, NO taxpayer in the City of Kingston or the Kingston Consolidated School District will pay anything additional. In-fact, the project actually provides tax relief and public benefit.
- The reason a PILOT is needed is to offset the cost associated with building, maintaining, and operating the new parking garage.
- The developers have worked with City officials and the IDA Board to ensure that the dollar value of the public benefits of the Kingstonian outweigh the PILOT. Again, at zero cost to the taxpayer.
- Benefits include: twice the public parking, 129 market rate apartments, 14 affordable apartments, 30 hotel rooms, an outdoor public pedestrian plaza/gathering space, long-desired public restrooms, 300 + new consumers to the marketplace offering immediate relief to the business district and generating much needed sales, occupancy, and property tax revenue, and an estimated 153 new jobs.
- This project comes at an opportune time when our local economy is in need of job creation, both affordable and market rate housing, and sales tax revenue. The project also creates an immediate economic boost from the construction phase and revenue from the new taxes that will be generated. The timing could not be better, the project will uplift our economy without impacting the taxpayers.
- The Developers have agreed to an immediate 35% increase in the taxes currently being paid on the properties (and a 4% increase year-over-year for the life of the PILOT)
- The Developers have agreed that if the project outperforms the proforma, they will share 5% of the additional profits with the taxing jurisdictions.
- The project would provide the School District with approximately $42 million in taxes over the next 50 years. Without the project built, that number will be approximately $1.5 million.
- This is the City’s third attempt to rebuild the parking garage. The Kingstonian represents the best (and possibly last) opportunity to do it in a way that does not increase taxes and delivers significant benefits to the community.
- Without the partnership this PILOT delivers, the project can not move forward and the taxpayers lose the multitude of community benefits and added revenues it brings.
- The project DOES NOT have a negative effect on the District finances or our taxpayers but it DOES deliver significant benefit to our community.