PILOT Deal Worked Out for EJ Building Development

“The Agency”, which sets economic development policy in the area, is giving the okay to a payment in lieu of taxes or PILOT” agreement for plans to redevelop former Endicott Johnson buildings in Johnson City.  Century Sunrise Redevelopment Corporation plans to develop 135-139 Baldwin Street into 104 residential units and a restaurant.

The PILOT agreement is a 30 year deal.

The plans call for the residential portion of the development to be made up of one to three bedroom apartments.

The business plans are four a 3,500 square foot multi-level restaurant with a garden space.

Larry Regan of Regan Development Corporation is financing the $29 million project with federal and state housing tax credits, Historic Tax Credits and Community Development Block Grant Disaster Relief Funds.  Regan was also awarded $1.3 million from the Southern Tier Regional Economic Development Council.