On
Friday,
January
31,
Bersin
Properties
submitted
a
proposal
for
a
comprehensive
solution
that
will
enable
the
project
to
move
forward.
The
solution
provides
for
finalizing
an
Amended
and
Restated
PILOT
Agreement
that
is
essential
to
our
being
able
to
obtain
financing
and
begin
construction.
The
Amended
and
Restated
PILOT,
which
has
been
negotiated
with
COMIDA
representatives,
focuses
on
modifying
dates
to
recognize
the
time
we
have
been
prevented
from
obtaining
financing
as
a
result
of
our
prior
lenders
decision
to
stop
funding
during
the
Great
Recession
and
in
violation
of
their
loan
agreement.
The
Amended
and
Restated
PILOT
is
being
required
to
obtain
financing
for
the
Project,
said
Jim
Giuliano
a
partner
in
the
project.
The
proposed
solution
provided
for
payment
of
$3,678,000
in
satisfaction
of
claims
regarding
the
1st
and
2nd
supplemental
milestone
payments,
payment
of
the
2014
Base
PILOT
Payment
of
$392,000,
and
payment
of
other
fees
owed.
To
protect
all
taxing
jurisdictions,
the
Amended
and
Restated
PILOT
would
not
become
effective
until
Bersin
pays
all
the
aforementioned
amounts.
The
proposal
also
provided
that
the
payments
would
be
due
no
later
then
six
months
from
the
time
we
get
a
conditional
Amended
and
Restated
PILOT.
"We
continue
to
hope
we
can
all
work
together
to
find
a
solution
and
begin
creating
jobs
"
"However,
the
EICSDs
intransigence
with
respect
to
the
amount
and
demands
of
upfront
payment
of
monies
without
an
Amended
and
Restated
PILOT
is
a
classic
catch
22
that
is
holding
up
the
project.
"
"Further,
the
demand
of
the
EICSD
and
Town
of
Irondequoit
for
an
additional
$2.4
million
in
supplemental
payments
is
a
claim
not
shared
by
COMIDA
or
the
County.
"
Over
the
life
of
the
PILOT,
it
is
estimated
that
the
taxing
jurisdictions
will
be
receiving
fees
and
other
payments
exceeding
$30
million.
"The
proposed
solution
aligns
all
parties
towards
completing
financing
and
beginning
the
project
this
year.
"
"We
have
to
remember
that
the
primary
goal
is
to
get
this
project
started.
Our
proposal
does
that
while
protecting
the
rights
of
the
parties.
The
unfortunate
issues
simply
evolve
around
timing
of
payment
and
amount,
both
of
which
are
simple
to
solve
if
the
parties
are
sincere
in
wanting
to
find
a
solution.
"
Enclosure:
Letter
of
January
31
to
COMIDA,
EICSD,
and
Town
of
Irondequoit