YORKTOWN, N.Y. - Town Supervisor Michael Grace said excavation has begun for the 12-unit, three-story affordable housing project at 322 Kear St. Additionally, a Payment In Lieu of Taxes (PILOT) agreement has been reached.
A PILOT agreement is a payment made to compensate a local government for some or all of the property tax revenue lost to tax-exempt affordable housing developments.
During a special meeting held the afternoon of Friday, Jan. 6, the town board passed a resolution 5-0 that requires Marathon Development Group to pay the town $15,000 annually, based off the property’s projected income. The town board worked with Kim Penner, the town’s assessor, to determine that baseline amount. Grace said that amount is marginally lower than what the property’s taxes would otherwise be.
The 13,000 square-foot building will include 12 residential units (six one-bedroom units and six two-bedroom units), a 2,673 square-foot commercial component and on-site parking. It will be constructed on less than a half-acre (0.41) plot of currently vacant land at 322 Kear St. Marathon’s apartments will be marketed at or below 50 and 60 percent of the Westchester County Average Median Income (AMI).
Grace said he anticipates the project will be near completion this summer.