An article in Friday’s edition of The Record incorrectly stated that Dinosaur Bar-B-Que would not pay any property taxes for its first five years in the city under a Payment In-Lieu of Taxes agreement.

After receiving further information from the city and lawyer for the city’s Industrial Development Authority, it was revealed that the deferred tax percentage plan included in the restaurant’s application would apply only the improved value of the property, once renovations are completed, beyond its original tax assessment of $168,000.

As under most PILOT agreements, Dinosaur Bar-B-Que would still be required to pay a minimum base amount each year to reflect that assessed value throughout the 20-year agreement.

According to Economic Development Coordinator Jeff Buell, the building's assesment was lowered from more than $260,000 after it was challenged in court in recent months.

Further exemptions, such as the $60,000 in state sales tax on materials purchased for improvements to the building and $53,000 in real property tax , which will both be waived, will be allowed because the restaurant is working with the Troy Industrial Development Authority.

The article has been updated to reflect these corrections on The Record's Web site and the matter will likely be further addressed in an article in tomorrow’s paper.