LOCKPORT – The 18 companies receiving tax benefits through the Town of Lockport Industrial Development Agency paid $196,381 in lieu of taxes last year, according to the agency’s annual audit, released Thursday.
That figure was a 57 percent increase from the $124,774 in payments in lieu of taxes, or PILOTs, realized in 2012. School districts received 82 percent of the money in 2013, and the remainder went to Niagara County, since Lockport has no general town property tax.
IDA executive director David R. Kinyon said three of the 18 PILOT deals expired last year, meaning 15 such agreements are still in force. Most are on sliding scales, although Yahoo, by far the largest, is entering the fourth year of a 10-year, 100 percent tax exemption.
The 18 projects represent a total of $240 million in investment and employ 601 full-time equivalent workers, the agency reported. Most were new construction on vacant land, meaning taxing entities received what Kinyon called “very minimal” revenue before the PILOTs. The report offered no figures on what the companies would be paying if all had been fully taxable.