CATTARAUGUS COUNTY IDA

Involvement of the IDA in a project may also provide the project with certain abatements of real property taxes. The CCIDA will require that the benefited company to enter into a payment in lieu of tax agreement (a PILOT Agreement) that will reflect an abatement consistent with the CCIDA's Uniform Tax Exemption Policy. These payments will be directed to the affected taxing jurisdiction. We have attached a copy of the CCIDA'S PILOT Policy (CCIDA'S PILOT Policy (PDF)). This real estate tax abatement can be used with either a straight lease transaction or a revenue bond transaction... A straight lease transaction is one in which the IDA takes title to or a leasehold interest in real property (where applicable) from a qualified applicant, and leases such real property (together with the other components of the project) back to the applicant for a period of time (or sells it to the applicant on an installment sale basis). At the end of the term, the IDA re-conveys the property to the..