The Peekskill City School District announced today a tentative settlement agreement with the Hendrick Hudson School District, along with the city of Peekskill and the Peekskill Industrial Development Agency on boundaries between the two school districts. Read below for more information from the Peekskill school district on the resolution:
The Peekskill City School District has reached a tentative settlement with the Hendrick Hudson School District, the City of Peekskill and the Peekskill Industrial Development Agency that resolves several issues surrounding the boundary between the two school districts; in particular, in the area of what is known as the RESCO property.
The settlement clearly defines the boundaries between the two school districts, reallocates the distribution of RESCO PILOT (Payment in Lieu of Taxes) payments between the two districts, and moves several City parcels, formerly in Hendrick Hudson, to Peekskill.
The agreement benefits both school districts. The Hendrick Hudson School district will receive a larger proportion of the PILOT revenue over the course of the remaining 23 years of the program and, in return, the Peekskill school district will benefit by gaining additional properties with future development potential. The revenues to the City will remain virtually unchanged.
Peekskill City School District Superintendent James Willis stated: “This is a win-win for both districts. Hendrick Hudson gains additional revenue during the life of the PILOT, and Peekskill gains important parcels of land for future development and tax revenue. This agreement benefits all parties and, most importantly, the children of both communities.”