Vestal. NY (WBNG Binghamton) National Pipe and Plastics withdraws its application for a second Payment in Lieu of Taxes agreement.
National Pipe and Plastics had applied for a 10-year PILOT with the Broome County Industrial Development Agency for its building on 17 Mills Ave. in west Endicott.
The building was in the process of being assessed when the Vestal-based company withdrew its application.
Broome County IDA Executive Director Dick D'Attilio said it's possible the assessment of the property's value was not enough to make entering a new PILOT program profitable.
"It appears the actual assessment to have not increased high enough that the PILOT would benefit them," Attilio said.
The company already had a PILOT on the property with the town of Union from 2002-2012.
Union Supervisor Rose Sotak said National Pipe and Plastics first approached the town about freezing the first PILOT for another 10 years.
"We felt that they had their 10 years," Sotak said, "We couldn't support it."
The assessed value of the Endicott property is $267,691.
It's annual property tax bill would be $77,081.
National Pipe and Plastics did not respond to calls for comment.