Boscov’s Signs Lease Extension to Stay in Downtown Binghamton
The City of Binghamton and Boscov's Department Store remain partners in the downtown district for at least another year.
According to a statement from Binghamton Mayor Richard David's Office, the one-year extension of Boscov's Payment In Lieu of Taxes (PILOT) deal was approved last month by the Binghamton Local Development Corporation. The Broome County Industrial Development Agency, otherwise known as "The Agency" has also agreed to the deal that includes a $135,061 payment in place of property taxes and $25,000 parking payment. The extension in the Water Street Parking Garage agreement was approved at Binghamton City Council's May 22 Business Meeting.
The extension expires out on April 30, 2020.
Both the City and the business are continuing to work to address the seriously deteriorating condition of the downtown building which has been a concern standing in the way of a possible long-term lease.
The City and Boscov's have been meeting with New York State development officials to try to secure funding to make repairs to the 56,000 square foot building.
Mayor David says funding from New York State is needed to match local support in order to keep Binghamton's downtown anchor store a firm fixture at the east end of the Court Street Bridge.
Boscov's Chairman and CEO, Jim Boscov said they're pleased to extend the PILOT agreement to allow more time to put a long-term solution to the aging building in place.
The Binghamton store employs approximately 150 full-time and part-time workers.