Boscov’s Department Store has extended its commitment to staying in downtown Binghamton for another year.
Mayor Rich David announced today an extension of the Pennsylvania-based retailer Payment In Lieu Of Taxes agreement, or PILOT, through next April while the city continues to seek state aid to make major improvements to the historic building.
Boscov’s will pay over $135,000 on the PILOT plus $25,000 for its customers to use the adjoining Water Street parking ramp.
David says the store is a key facet of the downtown scene, attracting shoppers from across the region, employing roughly 150 year-round workers and generating $800,000 in sales tax revenue each year.
“If Boscov’s were to leave, we’d be left with a massive empty building with which the only way that it would be redeveloped for any other purpose is with massive state incentives anyway. Much more than I’m seeking just to address some of the structural issues that are in place now. So, this is really just an issue of common sense and math.”
David says his goal is to get the state to agree to fund not only repairs to the department store structure but also the neighboring parking garage which is in serious disrepair.
He says Boscov’s would contribute money toward the building it occupies and the city would help to fund the ramp improvements.