Vestal Student Housing Developer Seeks Tax Deal
The Broome County Industrial Development Agency still needs to get on board with a $45 million payment in lieu of taxes request from a local developer who wants to build more student housing in Vestal.
The Vestal Town Board January 23 unanimously approved the PILOT request from Newman Development Group that would have the developer pay 45 million dollars instead of taxes over the next 22 years.
Newman wants to develop housing for 600 to 800 more students in what has been dubbed the Metroplex at UP.
A public hearing on the proposal has not yet been scheduled.