VESTAL, NY (WSKG) -- The City of Binghamton and Boscov's have extended a payment-in-lieu-of-taxes deal that will keep the department store downtown.
Mayor Rich David indicated he doesn’t want vacancies like those seen at the Oakdale Mall in Johnson City. Several businesses have left that facility in recent years.
"If the store were to leave, the City would be stuck with a 56,000 square-foot vacant building in need of millions of dollars in repairs and no tenant," David said. "Not to mention the devastating loss of 150 jobs and $800,000 in annual sales tax revenue.”
The Mayor added that Boscov's need both state and local support to stay downtown
Under the lease extension, Boscov's will pay $135,061 for the PILOT payment and another $25,000 to use an adjacent parking garage.
The extension runs until April 2020.