The Chautauqua County Industrial Development Agency Board has approved a change to Wicked Warren’s tax payments agreement in order to free up money for capital projects.
IDA Chief Financial Officer Shelby Bilskie said Wicked Jimmy’s LLC, which is the corporation that runs Wicked Warren’s in downtown Jamestown, asked for a change to its payment-in-lieu-of-taxes (PILOT) agreement, “He’s (owner) already paid the first year. So, for the second year, a 75% reduction in his PILOT, for the third year a 50%, and for the fourth year a 25% reduction. All of that will be made up in year’s eight, nine and 10, where you’ll see a 25% increase in year eight, 50% increase in year nine and 75% in year 10. His original pilot was a fixed amount for the 10 years, so that’s why the math is makes sense.”
The total PILOT amount is $446,820
IDA CEO Mark Geise said that the altered payment schedule will help free up funding to do additional marketing as well as make additional improvements to the third floor of the building that houses banquet space.
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