Terranova Seeks Input On PILOT Program

The following was provided by Lynnfield Selectman Tom Terranova: 

Lynnfield Selectman, Tom Terranova, Jr, set up an informal poll on his Facebook page to gauge public opinion on the “PILOT” program currently being negotiated with LIFE, who will own and operate senior housing at Market Street, and the Town of Lynnfield.

The total value of the completed project at Market Street is estimated to be $17 million, generating approximately $262,000 in real estate tax revenues. However, as LIFE is a non‐profit organization, it is exempt from real estate taxes. Therefore, the other non‐LIFE residents of Lynnfield would bear the increased real estate taxes, unless an alternative agreement is reached. This alternative agreement is known as the “PILOT” Payment Agreement, also known as “Payment In Lieu of Real Estate Taxes”.

Lynnfield is currently in the process of negotiating this “PILOT” Program with LIFE. To better prepare for the negotiation process, Lynnfield Selectman Tom Terranova Jr, is seeking public opinion from Lynnfield residents; to that end, a poll has been set up on his Facebook page.

“I encourage all Lynnfield residents to make your voices heard. Detailed information on all three villages is available there, as well as the poll.”