IDA OKs Boscov’s Option to Purchase Binghamton Store Building
Boscov's is a step closer to acquiring the property where its downtown Binghamton store has been located for nearly four decades.
The Broome County Industrial Development Agency has approved a measure that would grant the Pennsylvania-based company a two-year option to purchase the building at 11 Court Street. Boscov's would pay one dollar a year for the option.
During an IDA board meeting Wednesday afternoon, executive director Stacey Duncan noted Boscov's had not been able to obtain state funding for needed improvements to the building.
Duncan said Boscov's officials now are in the process of considering upgrades at the site using the company's own money.
Binghamton Mayor Jared Kraham told IDA board members he believes the option to purchase will make it easier for Boscov's to obtain financing to eventually purchase the building.
Although Boscov's has operated the Binghamton store since August 1984, the building has continued to be owned by the IDA.
For years, Mayor Richard David had said obtaining state assistance would be crucial in keeping the downtown department store open.
David and Boscov's CEO Jim Boscov met in Albany with state economic development officials in Albany in early 2019 in what proved to be an unsuccessful bid to secure funds for renovations.
Last December, David said company officials had been having "conceptual discussions to have Boscov's acquire the building to address the much-needed improvements."
Boscov's has been operating the Binghamton store under a series of one-year leases, raising concern that the company might decide to pull out of downtown.
Boscov's representatives could not be reached immediately to discuss the IDA'S approval of the option to purchase the Court Street property.
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