High-Rise Owner Reaches Tax Deal With Binghamton

The city of Binghamton has come to an agreement with the owner of a downtown high-rise senior apartment complex.

The deal is designed to keep the residents of Woodburn Court I in their apartments.

Those who live in the 11-story complex at 21 Exchange Street have been concerned that they might have to look elsewhere for housing when a long-term tax-break deal expired next year.

But Mayor Richard David on Monday morning announced a 20-year payment in lieu of taxes agreement.

David said the deal also includes a plan to spend $1 million on capital improvements at the 148-unit complex over the next decade.

Speaking on WNBF Radio's Binghamton Now program, the mayor said the agreement calls for inspections and repairs to all apartment units and common areas. He said the inspections are already underway.

David said the city will be paid $3.58 million under the tax deal over the next 20 years. He said that's $630,000 more than would have been received under the terms of the previous agreement.

The mayor said the tax break arrangement is expected to be considered by the Broome County Industrial Development Agency next month.

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