No Additional Tax Breaks For University Plaza

By WBNG News

July 22, 2010 Updated Aug 8, 2008 at 11:28 PM EDT

A student housing complex in Vestal will not get additional tax breaks.

Currently, University Plaza Apartments have a Payment in Lieu of Taxes or PILOT agreement with the Town of Vestal.

The owner of the complex, University Plaza LLC is scheduled to pay 55 percent of its taxes this year.

Next year it goes up to 75 percent and in 2016, 100 percent.

But the company was hoping to change that agreement.

It wants to pay 25 percent for the next two years and increase it's payments in the following years.

The Town of Vestal decided not to take action on the proposal.

At a meeting today, the Broome County Industrial Development Agency decided to take no action.

It says without the town's support it cannot vote on the issue.

The Town says it would just loose too much revenue.

"You're looking at town of Vestal, Vestal central schools and Broome County who collect taxes. So in total the taxes there would be a little more than a million dollars a year at full assessment." says Mark Minoia, the Vestal Town Assessor.

University Plaza LLC was established by the non-profit Binghamton University Foundation.

In a statement, the Foundation says it will continue to weigh out options.

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