Town of Nichols, NY (WBNG Binghamton) Nearly $7 million in tax breaks are coming to Tioga Downs, bringing years of talks and planning for a hotel and conference center expansion closer to reality.
The Tioga County Industrial Development Agency unanimously approved the PILOT agreement Wednesday, saving the racino $5.2 million in property taxes over a 19 year period. This comes along with a $1.6 million savings in sales tax.
PILOT stands for payment in lieu of taxes.
According to IDA documents, construction on the 135-room facility could begin as early as next month and be complete by May 31, 2014.
As many as 40 jobs are expected to be created immediately, and 30 more could be added if Tioga Downs is awarded a table gaming license.