The Clarkstown Town Board and the Board of Education voted unanimously at a meeting last night to refund 20 million dollars to the Palisades Center Mall. The settlement states that the school district will return 13 million dollars to the mall, the town will pay 5 million, and the county 2 million dollars. For the agreement the mall must generate 21 million dollars in taxes for the next four years. In recent years the mall has paid around 23.4 million a year in taxes. The agreement will last seven years and within that time the mall cannot request a change of the settlement. The shopping center originally asked for a refund of 30 million dollars in 2009. According to Supervisor Alex Gromack this settlement is the best for all parties, with the town and school boards agreeing that it was a fair compromise. The mall stated that they will give the majority of the money received to its tenants. Many taxpayers feel that the agreement is unfair to the town, stating that since the mall is doing major renovations it must have the money.
Clarkstown Approves Palisades Mall Settlement
July 30, 2013 By