Broome’s Development Agency Okays Mall Re-do & Boscov’s Lease
Plans to re-tool what had been a big shopping destination in the Southern Tier since the mid-1970s is moving forward with the approval of a multi-million dollar tax deal.
The Agency, Broome’s industrial development agency, has approved the over $9-million ‘payment in lieu of taxes’ agreement for mixed-use development at the Oakdale Mall. The PILOT was approved earlier by the Village of Johnson City and finalized in a Tuesday, August 17 vote in the village before being sent on to the IDA where it got unanimous approval.
The plan for Oakdale Commons is for residential, office, manufacturing and, yes, some retail space at the mall.
Spark JC LLC had wanted a 28-year tax deferral but is settling for a 25-year PILOT deal where adjusted payments will be made instead of full taxes for the municipal and school district fees. The full investment cost of the project is being put at just shy of $117-million. The development would include the purchase of most of the 573,900-square-foot Oakdale Mall but would not include JC Penney.
In another high-profile piece of business on the Agency’s agenda: Boscov’s in downtown Binghamton is getting another extension on its lease with the City.
In spite of huge repairs that are needed to the building and years of rumors that the retailer would move out of the City, the Industrial Development Agency has approved a lease extension through April 30, 2022.
Boscov’s will pay $135,000 in rent to the City of Binghamton which owns the department store building at Court and Water Streets.