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IRA approves lease changes to let property owner apply for PILOT that could reduce nonprofit theater’s tax bill
Summary
The Ithaca Redevelopment Agency agreed to minor lease amendments that enable the property owner to apply to the county IDA for a payment-in-lieu-of-taxes (PILOT) that, if approved, would pass a reduced tax obligation to nonprofit theater Cinepolis for the pilot’s duration.
The Ithaca Redevelopment Agency on Jan. 14 approved amendments to existing leases so the property owner can apply for a payment‑in‑lieu‑of‑taxes (PILOT) through the Tompkins County Industrial Development Agency and, if that PILOT is granted, pass the tax benefit down to Cinepolis.
The change reverses how property taxes flow under the current lease chain: rather than Cinepolis (currently responsible under a triple‑net lease) paying full property taxes directly, the owner would be the PILOT applicant and the reduced tax obligation would be structured to benefit Cinepolis during the PILOT term.
Why it matters: Cinepolis said property taxes have been an unpredictable expense since it opened and that the PILOT would…
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