Endicott PILOT Deal Derailed by Broome County Industrial Development Agency
A Broome County developer has had plans for a new headquarters and office and retail buildings yanked out from under him.
A week after Endicott trustees narrowly approved a Payment in Lieu of Taxes (PILOT) deal for Marchuska Brothers Construction to develop a lot on East Main Street near Union Endicott High School, the Broome County Industrial Development Agency has rejected the PILOT deal.
Marchuska purchased the property at 1405 East Main Street and cleared the lot in anticipation of building four buildings to house not only the construction business headquarters but other offices and possible retail or restaurant tenants. The developer was looking for a 22-year PILOT deal instead of the more traditional 15-year tax break which, as the name implies, involves the developer making payments to a municipality at a negotiated rate lower than the property taxes would be.
In the Marchuska proposal, the developer would see the starting abatement at 82%, decreasing to a 69% break at the final year of the deal.
The PILOT was passed by trustees in a three-to-two vote May 7 after lengthy debate. 'The Agency' rejected the plan May 15 with executive Kevin McLaughlin saying he could not recommend the proposal to the board with such deep discounts over such a long period of time.
It’s not clear what will become of the plans to develop the site with Justin Marchuska telling the Binghamton Press & Sun Bulletin the project will be withdrawn.