Newman Development Group, a private company based in Vestal, has built other student complexes, including Twin River Commons in Binghamton.
Miller said the Newman Development will be “very beneficial’’ to the city and its taxpayers, and that if the project isn’t completed, SUNY Oneonta will build a complex to meet demand.
SUNY Oneonta, which last year withdrew plans to build a townhouse complex, has has remained neutral about the current proposal by Newman Development.
On Tuesday night, the council also approved a policy that the IDA only enter into PILOT agreements for housing projects with construction costs greater than $3 million or which comprise 40 or more dwelling units, among other guidelines. Lynch was the sole opponent of the measure.