(BINGHAMTON, N.Y.) — The City of Binghamton and Boscov’s Department Store have agreed to a one-year lease extension for the Boscov’s location at 11 Court St. downtown.
A one-year extension of Boscov’s payment in lieu of taxes (PILOT) agreement was approved by the Binghamton Local Development Corporation (BLDC) on April 26. The extension agreement will be submitted to The Agency, Broome County IDA, for its approval and an extension of the Boscov’s parking agreement for the Water Street Garage will be sent to City Council’s next work session. The terms include a $135,061 PILOT payment and $25,000 parking payment. An existing five-year PILOT agreement from 2013 was set to expire on April 30, 2018.
Statement from Mayor Richard C. David:
“We thank Boscov’s for renewing its commitment to downtown Binghamton. This short extension provides more time for the City and Boscov’s to continue working together on a long-term agreement. I thank Jim Boscov specifically for his desire to keep Boscov’s in our community. The store supports a significant number of jobs, foot traffic and economic activity downtown. Since it opened in 1984, Boscov’s has been an anchor for our business district.
Moving forward, the physical condition of the Boscov’s building must be addressed for both Boscov’s and the customers. This remains the single largest challenge in securing a long-term deal for Boscov’s to stay in Binghamton.
We must also be realistic about the changing economics of America’s retail industry. In our own backyard, the Oakdale Mall has lost three department stores in 18 months. Binghamton is one of a few small cities across the nation that has a major department store in its downtown. We must be proactive and do everything possible to prevent what’s happened at the Oakdale Mall from happening to Boscov’s in downtown Binghamton.”
Statement from Jim Boscov, Chairman and CEO of Boscov’s:
“We’re delighted to be able to extend our agreement to stay in downtown Binghamton while we work towards a more long-term agreement. We’re grateful to our loyal customers and coworkers in Binghamton, and we appreciate Mayor David’s efforts to work with us on a plan to keep Boscov’s in Binghamton for years to come. The Binghamton store employs roughly 150 full-time and part-time employees and is a vital part of the downtown community.
Boscov’s is the largest family-owned retailer in the country and operates 46 stores in seven states. At a time when many retailers are struggling, Boscov’s has continued to thrive. We credit our extensive selection of products, sharp prices and a level of customer service hard to find today in other stores.”
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