BINGHAMTON, NY (WBNG) – Ida, Bloom County, voted to approve pilots of a luxury apartment project at a former quality accommodation on Vestal Parkway.
IDA executive director Stacey Duncan said the $70 million housing project would provide around 200 units. Aptitude Acquisition LLC develops it.
“I think this is a strong project. Our work starts now,” Duncan said after Wednesday’s vote to approve the project. “To ensure that the project is successful, we ensure that the developers are building the project as stated and achieving those housing goals.”
Duncan believes rent for these units starts at around $1,800 a month. She wants to see professionals working on the parkway move into their apartments.
“This is probably aimed at your mid-level managers. We work with healthcare, higher education and manufacturing,” Duncan said. “These are the three sectors we interface with the most.”
However, the pilots have not received good reviews in the town of Vestal. Town Supervisor Maria Sexton said Tuesday that the pilot will freeze developer taxes for two years and will provide tax credits for the next 20 years.
She says the town approved the project without tax relief. Town Councillor Glenn Miller appeared during today’s public comment period to protect taxpayers in the town of Vestal.
“It’s going to be difficult to sell to taxpayers,” Miller said. “Developers are a group that generally has millions of dollars of cooperation and need pilots to make this happen.”
Miller said the town is not opposed to the project, but does not believe it is necessary for a pilot.
“It attracts people who are expensive and people are making good money,” Miller said. “I don’t know how Vestal’s tax base has to do anything to support its development. I think they can do it themselves.”
Duncan said at today’s meeting the pilot would increase the tax collection for the town of Vestal from $272,000 to $1.1 million.
Construction of the project will begin this summer and be completed by 2027.
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