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Resident urges Jamestown to reopen PILOT terms as investor presses for 0% escalator
Summary
At Jamestown—s Feb. 23 council session a resident questioned a negotiated PILOT payment for a proposed $77 million, 10‑unit project, urging an escalator clause; an investor representative said lenders require the current 0% increase term to close financing.
A resident who identified their address as 225 Bowen Street told the Jamestown City Council on Feb. 23 that the negotiated payment under a proposed PILOT (payment in lieu of taxes) for a planned $77,000,000, 10‑unit construction project undervalues the city—s future revenue because it lacks an inflationary escalator.
The resident, speaking during the public comment period, said the negotiated tax payment is currently "0.00099" (described in the remarks as "nine tenths of one percent") and illustrated how a fixed dollar…
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