Most residents are aware that the Moutco Construction Company rehabilitated and assumed ownership of the two Maple Avenue Senior buildings. However. they may not be aware that the Carringon Arms project off Lincoln Avenue which Mountco also wants to rehabilitate and assume ownership, includes a 32 year PILOT :(payment in lieu of taxes) which includes school children and public school costs. Details of how much money from the PILOT the public schools will receive were not explained at either the IDA (Industrial Development Agency) or City Council meetings.
Both of these bodies approved this change of ownership from nonprofit to profit with the Mountco Company. The PILOT (payment in lieu of taxes0 will replace the old 32 year PILOT which dates back to 1972, but curiously, despite numerous phone calls to City Hall, no one seems to know exactly when the present PILOT expires or expired. This despite written notices saying the PILOT expires on May 1, 2012 and that this PILOT was estimated at $48,000 (per year). A new 32 year PILOT proposed for 36% higher at $122,000 (no breakdown for City and School taxes given) was listed as a 2.5% yearly increase.
An article by Robert Cox, editor, in New Rochelle Talk of the Sound on October 19, 2011, revealed that in 2011 this developer’s owner, Joel B. Monty, had given $1,000 to the Mayor for Bramson campaign. This donation was given in the weeks before the company acquired 35 Maple Avenue for which City Council gave a 30 year PILOT of $150,000 per year. Reports have been circulating that this year Monty gave two $5,000 campaign contributions to Mayor Noam Bramson.
Taxpayers need transparency in government. The tax exempt bonding for this Carrington Arms project will be subject to City Council public hearing in October.
This will be an opportunity for residents to express their concerns.
