A Tax Break is Granted for Vestal Student Housing Expansion
A planned student housing project in Vestal will be getting a break on taxes.
The Broome County Industrial Development Agency has unanimously given the okay for a payment in lieu of taxes, or ‘PILOT’ agreement worth over $17 million for Metroplex at UP.
Vestal Park LLC, part of the Newman Development Group, had asked for the reduction in county, town and school property taxes spread over 22 years to be able to add 800 more beds and renovate student housing units at University Plaza. There are already 710 beds at that complex.
For its part of the deal, Vestal Park will make 46 million dollars in payments in lieu of property taxes to the town, school district and county and has agreed not to sell the development to a tax-exempt entity.
The plans call for the vacated Nationwide Credit Incorporated and 21st Century auto insurance facilities in the plaza to be torn down to make way for the 350,000 square foot housing complex and townhouses.
The development is estimated to cost about $54 million.