Amherst isn’t interested in handing out another 30 years in tax exemptions for two senior apartment complexes, but negotiations with the owners aren’t over just yet.
M.J. Peterson and the Related Companies were looking for a 30-year renewal of their tax breaks for the Brewster Mews and Pepper Tree Heights apartments, but the Amherst Town Board took no action Monday and simply filed the request away.
At this point, it’s up to M.J. Peterson and Related to come back to the town with another proposal.
In the meantime, both sides are still talking, said Amherst Supervisor Barry A. Weinstein.
M.J. Peterson and Related are looking to spend several million dollars updating Brewster on Robin Road and Pepper Tree Heights on Pepper Tree Drive and want to finance with tax-exempt bonds through the Amherst Development Corp., Weinstein explained.
The town, meanwhile, wants taxes paid on the full value of the properties, although the values of Brewster and Pepper Tree are part of the discussion, Weinstein said.
“It will be three or four months of negotiation probably,” Weinstein said.
The town also wants to recoup from the owners an estimated $2.5 million in lost taxes to the town, county and schools.
It was through this request for tax breaks that the town realized M.J. Peterson and Related hadn’t qualified for the exemptions for the past 17 years but continued to accept them anyway.