GOSHEN – The payment-in-lieu-of-taxes (PILOT) agreement approved for Royal Wines to build a more than 620,000 square foot manufacturing and distribution facility in the Village of Goshen will result in some $25 million in PILOT payments by the time its term approved by the Orange County Industrial Development Agency has concluded.
IDA Executive Director Bill Fioravanti said it is a good deal for the local taxpayers.
“It is on land that is generating about $50,000 a year in property tax revenue, and when this PILOT is done, it will be over $4 million a year. And over the term of the PILOT, the 15-year phase-in of their property taxes, Royal Wine will be paying over $25 million in property taxes,” he said.
The project will also receive exemptions on sales tax for the purchase of materials and supplies, and from mortgage filing fees.
