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Mayor says Plaza demolition advancing; city pushing 9% LIHTC for Stadium Lofts as priority housing project
Summary
The mayor outlined next steps on the Binghamton Plaza demolition and said the city is prioritizing a 9% low-income housing tax credit application for the Stadium Lofts project (a rough $20 million estimate); staff described parallel investments in streetscape, parking-garage demolition and pipeline projects that strengthen the city's application.
During the BLDC meeting the mayor outlined a tentative timeline for Binghamton Plaza demolition dependent on environmental survey results and DEC review, and said the city is prioritizing a competitive application for the state'administered 9% low-income housing tax credit (LIHTC) to advance the Stadium Lofts project.
The mayor told the board the city expects additional environmental surveys back in mid-August and plans to submit the package to the New York State DEC for review. On financing, the mayor described the Stadium Lofts as a roughly $20,000,000 project in need of the LIHTC award to unlock further financing: "So it's all about the tax credits," he said. Staff said local CDBG/home funds and other local dollars will form part of the capital stack but that securing the 9% award is the critical hurdle for project financing. The mayor also highlighted complementary public investments, including planned streetscape work on Clinton Street, demolition of a deep parking structure and federal funds positioned for the stadium district.
Board members asked about Henry Street and other local projects; staff said bids for streetscape work had come in higher than expected and that phasing and re-scoping will be considered to fit available funding.
