The Otsego County Industrial Development Agency has approved a measure with Brooks’ BBQ Realty LLC to take Brooks properties off the tax rolls as an abatement plan is worked out, officials said.
The IDA board met Thursday and approved an interim lease agreement, Elizabeth Horvath, chief operating officer with the agency, said Friday.
Attorneys for the IDA and Brooks’ will work on the proposed payment-in-lieu-of-taxes agreement, which may be ready for the IDA board’s next meeting March 26, she said.
Horvath said there is enormous support among board members for a PILOT agreement with Brooks.
The proposed PILOT agreement would save Brooks’ BBQ Realty an estimated $435,677 over 20 years.
The goal of the PILOT agreement is to help Brooks’ lower operating costs as the company incurred high expenses during the past two years, a project summary said.
The projects and expenses were $1.8 million for an expansion of the bottling plant and about $1 million spent on a wastewater treatment plant required by the state to keep the company compliant and operating, officials said.
Horvath said she doesn’t expect the PILOT figures to change, but attorneys will be reviewing terms and parcels included in the proposed PILOT plan.
After an agreement is approved, PILOT payments will be made to the taxing entities, Horvath said.
Brooks’ employs 105 at the restaurant, Brooks’ House of Bar-B-Q, plus about 10 seasonal workers training for the busy season between April and November, and 10 employees at the bottling plant.