The Erie County Legislature unanimously granted approval for Erie County to enter a payments-in-lieu-of-taxes (PILOT) agreement with the City of Buffalo and a limited partnership to develop the True Bethel Townhouses in Buffalo at its June 21 session.
The Legislature’s vote grants County Executive Mark C. Poloncarz permission to enter a 15-year PILOT agreement with True Bethel Townhouses L.P. for a family residence and community building development at 858 East Ferry Street.
“The development of four multi-family residential buildings and a community building is a welcome project for the East Side of Buffalo neighborhood,” Legislature Chairperson Betty Jean Grant (D-Buffalo) said. “This rental project entails 30 residential units, of which 14 will be three-bedroom units, 10 will be two-bedroom units and six will be four-bedroom units. This will be able to accommodate people with small, large and growing families, and the housing will be affordable for households with incomes at or below 60 percent of the area median income.”
The PILOT agreement will start with a payment by True Bethel Townhouses L.P. of $6,570.27, to be distributed by 75 percent to the City of Buffalo and 25 percent to Erie County, and increase by 3 percent each year for 15 years, and payments made to Erie County will increase from $1,642.56 in year one to $2,484.53 in year 15. The City of Buffalo supports the project and the Common Council approved the PILOT agreement in May.
“I am glad that the developers reached a PILOT agreement to make payments to Erie County and the City of Buffalo,” Chairperson Grant said. “This means that revenue will flow to the county and the city from the start of work on this residential development.”