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COR Development apartment project in Watertown may have PILOT

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The taxing jurisdictions negotiating a property tax break deal for two apartment projects in the town of Watertown have arrived at a tentative deal for one.

Representatives of Jefferson County, the town of Watertown and Watertown City School District arrived at a possible payment-in-lieu-of-taxes deal for COR Development Co.’s 305-unit Beaver Meadow Apartments around 2 p.m. Thursday.

“We have a tentative deal, a framework for a deal,” county Legislator Scott A. Gray, R-Watertown, said. “It needs to be reduced to writing and everyone needs to sign off on it.”

He said all of the taxing jurisdictions’ boards needed to see and approve it.

Terms were not disclosed.

COR’s project, off Route 3 behind Target, was awarded a $3 million loan through the Community Rental Housing Program.

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