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Consultant Keith Powell urges strict terms, audits in Pleasantville PILOT negotiations
Summary
At a Pleasantville public session, consultant Keith Powell advised municipal leaders to require clear PILOT definitions, annual audits and minimum payment thresholds to protect town revenue, school funding and infrastructure from developer workarounds.
Keith Powell, a partner at accounting firm PKF O'Connor Davies, told a Pleasantville public information session that municipalities must negotiate precise Payment in Lieu of Taxes (PILOT) agreements to avoid long-term revenue loss and unexpected infrastructure costs.
Powell said a PILOT is "a payment in lieu of tax" negotiated between a municipality and a developer and stressed that the precise formula — phased-in payments, a percentage of construction cost, or a share of gross revenue — must be chosen and structured project by project. He described past cases in Jersey City and Newark where ambiguous contract language and affiliate leasing arrangements reduced municipal receipts.
Why it matters: PILOT terms can affect the Pleasantville Public School District, municipal services and taxpayer bills. Powell warned that developers commonly…
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