RESOLUTION NO. 470
AUTHORIZING A PAYMENT IN LIEU OF TAXES AGREEMENT WITH KNOX II PV LLC REGARDING REAL PROPERTY LOCATED AT 1953 THOMPSONS LAKE ROAD (TAX MAP NO. 58.-1-5) IN THE TOWN OF KNOX
Introduced: 11/14/22
By Audit and Finance Committee:
WHEREAS, The County Executive has requested authorization to enter into a Payment in Lieu of Taxes (PILOT) agreement with Knox II PV, LLC regarding the development of a five megawatt solar system at 1953 Thompson’s Lake Road (Tax Map No. 58.-1-5) in the Town of Knox, and
WHEREAS, New York State law exempts the value of a solar panel system from local property taxes for a period of 15 years, but also permits taxing agencies to enter into PILOT agreements with solar panel system owners, and
WHEREAS, The proposed PILOT agreement would require an annual payment of $4,295.06, with a 2% annual escalator clause over a period of 15 years beginning on the first taxable status date following completion of construction, now, therefore, be it
RESOLVED, By the Albany County Legislature that the County Executive is authorized to enter into a PILOT agreement with Knox II PV, LLC regarding the development of a five megawatt solar system at 1953 Thompson’s Lake Road (Tax Map No. 58.-1-5) in the Town of Knox, with an initial payment of $4,295.06, with a 2% price escalator over a period of 15 years, beginning on the first taxable status date following completion of construction, and, be it further
RESOLVED, That the County Attorney is authorized to approve said agreement as to form and content, and, be it further
RESOLVED, That the Clerk of the County Legislature is directed to forward certified copies of this resolution to the appropriate County Officials.