Keuka Moorings: Closing in on agreement
The Village of Penn Yan and Yates County are prepared to sign the final agreement that will set the course for the development of Keuka Moorings on the former Penn Yan Marine Property.
At two meetings Monday afternoon, the village and county officials passed resolutions authorizing Mayor Leigh MacKerchar and Yates County Legislative Chairman Timothy Dennis to sign the revised amended and restated development agreement that will result in transferring ownership of over 14 acres of property from the county to the village and then to Keuka Outlet Development.
At the 3 p.m. special meeting of the village board Monday, MacKerchar took a call from Dennis informing him the county legislature had approved its resolution. Jerusalem legislator Elden Morrison (District I) cast the lone “no” vote. Potter Legislator Terry Button (District II) abstained, and Milo Legislator Leslie Church was absent.
The vote at the Penn Yan Village Board meeting was unanimously in favor with Trustee Willie Allison absent.
Yates County acquired most of the property on May 27, 1998 through a tax foreclosure process. Since then the property has been an environmental brownfield requiring clean up by the Environmental Protection Agency and then further clean up supervised by the New York State Department of Environmental Conservation.
This agreement was first approved by all three parties in 2014, but delays developed during the environmental clean-up and as questions about property boundaries and ownership came to light.
When all the final documents are signed at a meeting tentatively set for June 15, Keuka Outlet Development will have possession of the property and can begin construction of 42 condominiums, a community center, private docks and a public pathway.
KOD will begin paying the village the $1,064,000 sale price with a $75,000 payment and a $225,000 promissory note. 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.
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.