CLERK OF THE BOARD - Village of Port Chester PILOT Agreement - 70 Abendroth Avenue Project

This item concerns a Payment-In-Lieu-Of-Tax (PILOT) Agreement between the Village of Port Chester Industrial Development Agency (IDA) and Abendroth Green LLC for the 70 Abendroth Avenue Project. The agreement, dated December 17, 2025, outlines tax exemptions and payments for a redevelopment project that includes approximately 203 residential apartment units and 15,500 square feet of commercial/retail space, along with 144 parking spaces. The project is a lease-leaseback transaction where the IDA holds a leasehold interest. The PILOT agreement provides tax benefits for the land and improvements for a specified period, with a graduated abatement factor applied to the "Added Value" of the improvements. The agreement is set to expire on December 31, 2047, after which the facility will be subject to full taxation. The Company is responsible for paying special district charges separately. The agreement also details provisions for events of default, assignment, and potential recapture of financial assistance by the Agency.