Reprinted from WJTN 7/13/11
Lakewood Village Board approves PILOT payment agreement between Village Center developer and county IDA… New development at the Lakewood Village Center is on the fast-track to being in place… starting in mid-August. That from Village Mayor David Wordlemann… after the village board approved a Payment in Lieu of Tax agreement between the owner of the center… and, the county’s Industrial Development Agency. Wordlemann says the agreement freezes the plaza’s assessment at $3.5-million a year for 15 years. He says the PILOT is a great deal for everyone involved because it opens up a plaza that could have “gone the other way” and, lost all of it’s stores… then sit empty for several years. Wordlemann says the plaza’s assessment will be about $5.2-million once T-J Maxx… Richards… and, all the other stores open in the center. However… the difference — about $50,000 a year in taxes — will be returned to the owner — the Widewaters Group. He says the move won’t affect local tax collections. Wordlemann adds that once T-J Maxx… and, the other stores open… sales tax proceeds from the plaza are expected to increase by $500,000 each year. Most of the plaza has been empty since Top’s closed the former Quality Markets store last year.