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Committee discusses seeking voluntary PILOT from the Gables after review of tax-exempt properties
Summary
Staff identified existing pilot agreements that generate revenue and estimated a voluntary pilot with the Gables could yield roughly $168,000 a year depending on reassessment and negotiation; village attorney said any pilot would be voluntary and post-hoc negotiations may be necessary.
Committee members discussed tax-exempt properties and possibilities for payments in lieu of taxes (PILOTs). Matthew said the village currently has two pilot agreements: Fairway Knoll (about $226,000 annually) and Life Church (capped at $10,000). Using the Gables' last known assessed value (2018) and the average assessed-value increases since then, staff estimated a potential PILOT could generate roughly $168,000 per…
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