Johnson City Board Okays PILOT for Sears Building at Mall
The word of another store closing at the Johnson City mall comes as work progresses to move some Broome County government operations, some Accession Health programs from Lourdes Hospital and a brew pub into the former Sears building at the mall.
October 1, Johnson City gave final approval to a proposed Payment in Lieu of Taxes (PILOT) agreement for the property totaling $5,220,754.17.
The PILOT stipulates the project must remain basically the same for the life of the agreement and there can be no request for a reassessment of the property value seeking a reduction during the life of the PILOT. The agreement is contingent on a 15-year or longer lease by Broome County and Accession Health.