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Town authorizes signature on M&T Bank side agreement related to RUPCO PILOT
Summary
Councilman Ernest Reale moved to authorize signature on a letter to M&T Bank concerning a side agreement for a RUPCO PILOT; Supervisor Mahoney said the side agreement would guarantee funding if RUPCO dissolved and that the PILOT has a 40-year term. Motion passed 5–0.
Councilman Ernest Reale moved May 20 to authorize signature on a letter to M&T Bank regarding a side agreement tied to an existing PILOT for a RUPCO project. Supervisor Sean Mahoney explained the side agreement is a safeguard: if RUPCO were to go defunct, M&T Bank would provide a guarantee of funding for future growth of the project. He also noted the PILOT has a 40-year term and that the Town of Hunter is the assessing unit for both villages.
The motion was seconded by Councilman Dolph Semenza and carried unanimously. The minutes identify this as a side agreement to an already executed PILOT and do not record the letter's full text.
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