Dear fellow residents:
We would first like to thank all of you who have supported the I-Square development. Wendy and I started this project solely for our love of Irondequoit.
Over the past few months, we have seen and heard many misconceptions about our project and our PILOT proposal. I would like to take this opportunity to dispel some of them:
We do have a comprehensive business plan for the development of I-Square and the ongoing operations. Our plan includes: timelines, tenants and rents, revenue and expense projections, debt service, cash flow projections, risk tolerance, and employment calculations. Except for our personal financials this was all submitted to the Town Board back in JUNE.
We have had our financial projections and tax estimates verified by several professionals as well as a group of 11 interested residents.
We are not asking for any reduction in our current property taxes, therefore not adding any cost to the residents or the town.
We met with the town, county and the West Irondequoit school district in October and November of 2011, provided more details in April 2012, and have had ongoing discussions since. This was not just “sprung” on anyone.
A Town Board member told the news that we were asking the town for a $14 million tax break. Although they have not shown me how they calculated this, it is totally impossible and is simply NOT TRUE.
Please feel free to see our tax projections and PILOT facts on our website at www.i-square.us under News.
MIKE NOLAN
Irondequoit
Dear fellow residents:
We would first like to thank all of you who have supported the I-Square development. Wendy and I started this project solely for our love of Irondequoit.
Over the past few months, we have seen and heard many misconceptions about our project and our PILOT proposal. I would like to take this opportunity to dispel some of them:
We do have a comprehensive business plan for the development of I-Square and the ongoing operations. Our plan includes: timelines, tenants and rents, revenue and expense projections, debt service, cash flow projections, risk tolerance, and employment calculations. Except for our personal financials this was all submitted to the Town Board back in JUNE.
We have had our financial projections and tax estimates verified by several professionals as well as a group of 11 interested residents.
We are not asking for any reduction in our current property taxes, therefore not adding any cost to the residents or the town.
We met with the town, county and the West Irondequoit school district in October and November of 2011, provided more details in April 2012, and have had ongoing discussions since. This was not just “sprung” on anyone.
A Town Board member told the news that we were asking the town for a $14 million tax break. Although they have not shown me how they calculated this, it is totally impossible and is simply NOT TRUE.
Please feel free to see our tax projections and PILOT facts on our website at www.i-square.us under News.
MIKE NOLAN
Irondequoit
