continued The response letter touted the IDA’s accomplishments in economic development and blamed the state for stalling ongoing talks.
The agency has brought more than $65 million in new investment to the town and helped create over 530 new jobs and keep 160 jobs, according to officials. Several projects were cited including the Price Chopper Frozen Foods Distribution Center, Long Pond Village, FedEx Freight, Recovery Room restaurant and Berkshire Bank at the vacant Capitol Plaza and a new office building at the Rotterdam Corporate Park
Repairs to storm damage caused by Tropical Storms Irene and Lee at Long Pond’s 192-unit apartment complex have stalled following the state’s notice. Storm damage wasn’t covered by insurance and since the IDA holds has a leasehold interest the lender is requiring the IDA to approve the transaction.
Uncertainty over the agency is also stalling progress on the former Curry Road Plaza, which is a blighted 12-acre site in the center of Rotterdam. In December 2009, the town IDA acquired the site and has worked to complete environmental preparations to spur investment. Agency members have been working with a private developer to purchase the entire property, according to the letter.
If the town’s IDA were dissolved, Mallozzi said the Schenectady County IDA could take over its functions, but wouldn’t have a focus only on the town. He said he didn’t think long-term development for the town would be affected if the agency ended.
“I’ve always felt that having a Rotterdam IDA run by residents of Rotterdam, whose main priority would be Rotterdam … was always beneficial.”
Mallozzi said the agency would respect whatever decision is made by the state.
A reversal doesn’t appear forthcoming from the state. Kidera said the state is looking into “taking some additional steps” in the process.
“What is clear is that they have not provided us with any documentation that they have a bond or a note outstanding that would override that provision of law,” Kidera said. “It would be our position they are already terminated as a matter of law.”