Questions for Conifer Project by Alderperson Feiszli

These are questions I asked regarding the project when I was alderperson. Mayor Susan Feiszli. 

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Prior to taking action on the project I would like to have answers to the following questions:

1. Of the proposed $21,000 in PILOT payments precisely how much will be paid yearly to :

a. Cortland County

b. City of Cortlamd

c. Cortland City School District

d. Any other entity

2. Of the $24,000 estimated as taxes without a PILOT please provide the same as above

3. How was the 24,000 estimate calculated? My understanding of 581- a is that it is based on an income approach for properties with at least 20% of the units rented to people who are in a municipal income guideline program. The income approach stipulates capitalized value of a series of yearly net incomes over a set period. What is the:

a. Yearly gross income

b. Yearly estimated expenses

c. Yearly or total Capital reserve

d. Period or term over which the project value is being capitalized and rate being used in the calculation

4. How many permanent full time jobs will be created? How many Equivalent full time or part time if any?

5. You indicate an “issuance “ fee is being charged by the IDA. Are bonds being issued for financing the project? Will IDA own or have a leasehold agreement at the site? Who actually receives the “issuance” fee? It has been stated this is a payment that is going to “local” governments. However, it is assumed that such fees are charged in order to cover actual costs ( bond attorneys, title searches, sales, appraisals, etc.) associated with the project financing. Will this fee be going for the above uses or be distributed to the local governments (county, city, and school)

6. How long a period of time will the project be subject to rent controls to allow lower income renters? And what happens at the end of that period?

7. What percentage of the project units or bed will be set aside for lower income residents and what are the current proposed income guidelines?

8. What is the exact amount that Fritz Brown is paying? What is the exact amount he will be paying in late fees and penalties? Is there any break to this number?