Student Housing: Developer Tax Break
Reporting from Fox 40
In an attempt to get a student housing project underway, Newman Development group has asked the City of Binghamton for help.
The group has requested a 20-year PILOT, or Payment In Lieu of Taxes, agreement, which it says is necessary to make the project possible.
Some landlords are unhappy because they have been catering to students for years and have received no breaks.
But, the city says it is willing to help anyone who comes up with a project that would help economic development.
“We certainly aren’t in the business of controlling who develops housing, that’s not our role. If they develop a viable property and a viable project that passes and we think it’s fair, based on comparing apples to apples, I’m sure we’ll support it,” Mayor Ryan said.
Newman would start off by paying 25 percent of the assessed value of the project, and that cost would increase by five percent a year after the first four years.
[wicz.com]
