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Frankfort to consider 10-year PILOT for Capital Plaza Hotel redevelopment
Summary
City staff presented a Payment in Lieu of Taxes (PILOT) proposal for the Capital Plaza Hotel that would provide a 10-year tax abatement to support downtown redevelopment; Mayor Wilkerson asked that the item be placed on the January voting meeting agenda for formal consideration.
Gil Johnson presented a proposed Payment in Lieu of Taxes (PILOT) agreement with the Capital Plaza Hotel, describing a 10-year tax abatement intended to support redevelopment of a downtown hotel. Johnson said the agreement was made in conjunction with the Fiscal Court and the Independent School District and would allow the developer to reinvest funds into the project during the abatement period.
Johnson told the Board that after the 10-year period the property would return to the tax rolls and likely be assessed at a higher rate because of the redevelopment. He described the PILOT as allowable under Kentucky law and a commonly used economic development mechanism.
Mayor Layne Wilkerson requested the item be placed on the January voting meeting agenda for formal consideration by the Board. No vote or formal approval occurred at the work session; the Board later requested the PILOT be included on the January Regular Meeting agenda as well.
