Contact Us

A Tax Break is Granted for Vestal Student Housing Expansion

Bob Joseph/WNBF News

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.

 

Best of WNBF

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to http://wnbf.com using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for News-Breakers Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive News-Breakers Club contests, events, coupons, presales, and much more delivered to you for FREE.