WPCNR THE DEVELOPER NEWS. Statement from City Hall. June 22, 2007: Paul Wood, City Executive Officer, has issued a statement declaring as false the Robert Stackpole analysis of an $11 Million tax shortfall accorded one developer. Mr. Wood issued this statement Friday afternoon.

Paul Wood Says Stackpole Analysis is Wrong.

Once again, Mr. Stackpole makes misleading and incorrect comments that
you failed to verify and then compound by insinuating that PILOT
payments are somehow less than full tax payments. Mr. Stackpole claims
that developments by Louis Cappelli should be paying taxes of $12
million annually.  How he arrives at this figure is anyone's guess since
he doesn't explain except to say that he has invested $1 billion in the
developments. 

The number is clearly inflated and 221 Main Street is
still under construction.  Even if the combined development of Mr.
Cappelli had a market value of $1 billion, property taxes for properties
other than 1 to3 family homes are based on the income and expenses of
the property, not the market value.

Mr. Stackpole should read
“Everything you wanted to know about Assessments but were afraid to
ask” which was prepared by the City’s Acting Assessor Mr. Lloyd
Tasch, and has been posted on the City’s website for weeks. This
presentation in simple and clear terms explains how assessments are
done. It clearly explains that properties like those developed by Mr.
Cappelli are not assessed as Mr. Stackpole described.

The reality is that developments originated by Louis Cappelli will
contribute approximately  $5,800,703 in taxes and PILOT payments in 07 -
08.  This would make him the third highest taxpayer in the City behind
The Westchester mall and Con Ed.  The school district will receive
$3,882,395 next year, the County will receive $757,951 and the City will
receive $1,160,357 in taxes and PILOT Payments from the Cappelli
generated developments.

There is no PILOT on the property at 221 Main Street as Mr. Stackpole
erroneously stated.  The property is assessed at the land value and the
partial construction that has been completed. Would you want to pay full
taxes during the construction of your house, before you were even
allowed to move in?

You are absolutely wrong about PILOTs as well.  All but a small number
of existing PILOTS (including some that were negotiated prior to Mayor
Delfino's administration) are based on FULL PROPERTY TAX EVALUATIONS
meaning that the School District, the City, and the County all receive
the same amount of revenue that they would if they were not PILOTS.  Why
can't you get this?