The Boscov's department store in downtown Binghamton will remain open for now but there continue to be concerns about the long-term prospects for the business.

According to a statement from Mayor Richard David, the city and Boscov's have agreed to a one-year lease extension for the Court Street store.

The terms of the deal include a $135,000 payment in lieu of taxes and a $25,000 parking payment. The existing five-year agreement was to expire Monday.

The new deal was approved Thursday by the Binghamton Local Development Corporation. It will be submitted to the Broome County Industrial Development Agency, which owns the Court Street property occupied by the store.

Following the recent closing of stores at the Oakdale Mall, there had been speculation Boscov's would move from downtown to the Johnson City shopping center.

In the City Hall news release, the mayor said the short extension will provide more time to come up with a long-term agreement.

David said the physical condition of the building "remains the largest challenge" in keeping Boscov's downtown.

In the statement released by the city, company chairman Jim Boscov said the store has about 150 full-time and part-time employees.

The Binghamton store opened in the former Fowler's department store building on August 13, 1984.

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