The Water Street PILOT (Payment In Lieu Of Taxes) agreement between the U.B. Family L.L.C. and the city of Binghamton was unanimously rejected by the Binghamton City School Board. 

Today, the Broome County Industrial Development Agency met to discuss what could be next for the PILOT. The group couldn't authorize the resolution because it must have the support of all affected taxing jurisdictions. 

That doesn't mean the PILOT is completely ruled out; it could come back up for consideration in a different format. 

Members of the board emphasized the positive economic impact this project could have on the area, including $2 million in new tax revenue for the BCSD and close to $2 million for the city.

Overall, Executive Director Stacey Duncan says the economic impact of the PILOT is projected to be between $36 and 38 million. 

She also addressed concerns the project would not create affordable housing, saying it was never intended to be.  

"I know a number of affordable housing projects in the pipeline right now in the city of Binghamton that are dynamic and stellar developers like Ken Carney," Duncan says. "I noted our work on supporting both affordable housing projects as well as market-rate projects." 

Duncan says she's meeting with Mayor Kraham's office and the United development team to discuss potential next steps.