Nolan left the meeting shocked saying that he expected a vote in his favor. He does not accept the 10-year PILOT because he says the project would not be affordable anymore.
“It’s not even remotely affordable to me to build I-Square under [those terms],” Nolan says. “It makes it completely unaffordable.”
Nolan reiterated to the board that the 25-year PILOT would increase revenue for the town however; the board didn’t see it that way.
“I want to remind people that yes, the current tenants that will be [at I-Square] will pay sales tax, but the apartments won’t bring sales tax in and the professional offices do not bring sales tax in,” says D’Aruizio. “Essentially, [the 25-year PILOT] is asking the taxpayer to fund this project and to bring in sales tax. Based on what’s going to be in those buildings so far, other than the restaurants. There is no additional sales tax.”
Nolan says that he isn’t giving up though. He believes he has a solid business plan and that it will work.
For now, he says there will be no work on I-Square the rest of the year. He is looking into the possibility of operating some of his buildings as a non-profit. He’s also looking at other options.
“I’m not a quitter,” he says. “I don’t know what to do. I guess I would have to go back to the drawing board and start over. Maybe even wait a year when there is a new board.”
Right now the site where Nolan planned to build I-Square is cleared and for the most part, ready for construction. There is also a “Coming Soon” sign facing Titus Avenue.
