Development company seeks $8 million in tax breaks

By Perry Russom

Development company seeks $8 million in tax breaks

January 23, 2014 Updated Jan 23, 2014 at 8:20 PM EDT

(WBNG Binghamton) A development company set on building more student housing in Vestal is seeking an $8 million tax break.

The Newman Development Group, LLC has filed for the request with the Industrial Development Agency.

The Development group is planning to build hundreds of rooms for students in a new project called The Metroplex at UP.

The rooms will have private bedrooms, bathrooms, designer kitchens and will include washers and dryers, among other amenities.

The $8 million tax break would come over the span of 22 years and would come in the form of a PILOT, or payments in lieu of taxes.

The Vestal Town Board approved of the measure unanimously.

It will now go to a public hearing before an official ruling is made.