No Tax Exemption for The Hearth at Mount Kisco: Cindrich
The Hearth at Mount Kisco will be responsible for tax payments to the village even if the developer enters into a Payment in Lieu of Taxes agreement, Mayor Michael Cindrich insisted last week.
At the Sept. 3 village board meeting, Cindrich said he wanted to counter comments made in published reports last week and relayed to him by village residents that the proposed 129-unit senior housing complex off of Kisco Avenue would have tax exempt status. Cindrich said since The Hearth would be a for-profit venture it would not qualify for a tax exemption.
Cindrich said the developer would make annual payments to the village and the Bedford School District, making the project an asset for the community.
“The project is going to pay real estate taxes and employ a great number of people,” he said.
Cindrich said Hearth Management, the developer of The Hearth at Mount Kisco, is seeking tax breaks from the Westchester County Industrial Development Agency, but would provide revenues to the village should planning board approval be granted and the project gets built.
Following last week’s meeting, Cindrich said if a PILOT is agreed to, the board of trustees will require annual payments that would be equal or greater to what the developer would have paid without a PILOT.
The consideration of a PILOT drew serious concerns among several planning board members at their Aug. 27 meeting. Village Attorney Whitney Singleton announced the potential PILOT and several board members objected. It was the first time they had heard of the possibility.
Cindrich said he did not know how much the developer would pay in annual property taxes to the village without a PILOT.
The Hearth would be constructed on five of the 17.7-acres off of Kisco Avenue near the Holiday Inn. The remainder of the acreage would be preserved.
