The papers have been signed in triplicate, and the first of many checks — this one for $75,000 — has been passed to Penn Yan village authorities for the Keuka Moorings project planned for the former Penn Yan Marine property.
Keuka Outlet Development principal Chris Iversen says there are still a number of steps to complete before construction of 42 condominiums, a community center, private docks and a public pathway can commence. Among those steps are securing all the necessary permits to begin construction, he says.
But Yates County officials no longer own the 14.7 - acre property which had been seized for unpaid property taxes from Camille Properties, owners of Penn Yan Marine Manufacturing in May 1998.
Douglas Paddock, Vice Chair of the Yates County Legislature, attended the closing session, which lasted about 45 minutes June 29, and called the event “somewhat anti-climactic.” Paddock was joined by Legislators Jim Smith of Torrey (District 2) and Taylor Fitch of Jerusalem (District 1), and County Attorney Scott Falvey. Legislative Chairman Timothy Dennis, who was out of town, had signed the documents for the county prior to leaving for his trip. County Administrator Robert Lawton was also present.
Penn Yan Mayor Leigh MacKerchar, Village Clerk/Treasurer Gary Meeks and Attorney Ed Brockman represented the village.
“We wish Keuka Outlet Development success with the project,” said Paddock after the session.
Getting to this point in the development stretches back nearly five years, when Penn Yan, Yates County, and KOD officials first started discussions about the project, which involved an extensive brownfield clean-up procedure, and several legal steps to clarify parcel boundaries and review and approve plans.
With the $75,000 check and a $225,000 promissory note, KOD has begun paying the village the $1,064,000 sale price. KOD will also provide the village with a mortgage of $764,000 which will be paid as the condominiums are sold. KOD will pay the village $19,000 for each of the first 20 units sold. The village will receive $24,000 for each of the following 16 condominiums.
Additionally, on the first three anniversaries of the closing date, KOD will pay the village $75,000.
Finger Lakes Economic Development Center (Yates County Industrial Development Agency) has updated a 12-year PILOT (Payment in Lieu of Taxes) agreement that includes property tax incentives that will decrease over the life of the PILOT.
While KOD has completed the environmental clean-up of the site, the village has made infrastructure improvements including new storm sewers for Hicks Street, Waddell Avenue, and Charles Hermann Way, new water main for Charles Hermann Way and a box culvert bridge across Kimball’s Gully. The county financed engineering costs for the clean up, and will pay KOD $30,000 upon closing for the company’s assumption of the clean up of the brownfield. The county will pay KOD an additional $30,000 at $1,000 per unit as the condominiums are sold. The county will also provide in-kind services for the village infrastructure improvements, and will partner with the village on the installation of the Kimball Gully bridge and road connections.