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Why Should Taxpayers Underwrite Private Developers?

Here is the "Reasonableness Assessment for Financial Assistance" put together for the Ivy Holdings Development, 27-45 North Main Street.

Key points include that without a 20 year PILOT, Ivy Holdings would earn a 7.54% return on investment.

With a 20 year PILOT, they would earn 9.79%.

Why should taxpayers underwrite greater earnings for a private business? If a business is willing to take the risk of 7.54%, well and good. Why should the people ensure a greater rate of return?

203 apartments and 144 parking spaces

44% Tax Abatement = $19, 402, 258

Yes, a $19 million dollar tax abatement. If Port Chester is so broke and the developer would make a 7.54% rate of return WITHOUT a PILOT, what on earth are we doing?

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