Syracuse Redevelopment Moving Polywood Project Forward
July 22, 2020 at 10:59 p.m.
By Denise Federow-
Prior to addressing the resolutions, a public hearing was held and no one from the public was present. Clerk-Treasurer Paula Kehr Wicker said she hadn’t received anything and since the meeting was livestreamed, there also weren’t any comments via chat.
The first resolution was for additional appropriations to provide funds for the new athletic complex and road improvements via the issuance of Bond Anticipation Notes (BANS) and bonds. The resolution states the bonds should not exceed $2,850,000 and the BANS not to exceed $1 million.
Jim Layne said he and Town Manager Mike Noe had some questions. He asked if Polywood could limit how much the town could spend on the athletic complex. Dennis Otten, bond counsel from Bose, McKinney and Evans said Polywood has committed to a contribution of $500,000 and $1 million in BANS for a total of $1.5 million. If the town spends more than that, it would be at the town’s expense.
Layne also asked how much input Polywood would have over the design. Otten said they have the opportunity to review it and the reason that’s put in is to keep a cap on the cost of the project, but said legally they’re committed to $1.5 million and if the town goes over that it would need to come from separate funds.
The commission passed the resolution.
The second resolution concerned the sale of real estate. Otten explained part of the agreement with Polywood is that the existing baseball field will be provided to them at a nominal cost. But the town can’t just hand over property and the redevelopment committee is allowed to negotiate the sale of property. They need to secure two appraisals, prepare an offering packet and wait 30 days.
Councilman Larry Siegel asked if there were any barriers to closing. Otten said there were a couple of things going on and they could close on the new property at any time, it just depended on whether they wanted to use town funds and reimburse with the bonds and BANS or wait for the bonds.
On the Polywood property, they needed to go through the process he just explained so it would take about 60 to 90 days. Noe said they really want to hold football season on the athletic field so they don’t want to close before Nov. 1 unless they can make that a term of the agreement. They also need time to move the scoreboard and other items. Otten said they could make that part of the agreement if needed.
The commission passed that resolution as well.
Prior to addressing the resolutions, a public hearing was held and no one from the public was present. Clerk-Treasurer Paula Kehr Wicker said she hadn’t received anything and since the meeting was livestreamed, there also weren’t any comments via chat.
The first resolution was for additional appropriations to provide funds for the new athletic complex and road improvements via the issuance of Bond Anticipation Notes (BANS) and bonds. The resolution states the bonds should not exceed $2,850,000 and the BANS not to exceed $1 million.
Jim Layne said he and Town Manager Mike Noe had some questions. He asked if Polywood could limit how much the town could spend on the athletic complex. Dennis Otten, bond counsel from Bose, McKinney and Evans said Polywood has committed to a contribution of $500,000 and $1 million in BANS for a total of $1.5 million. If the town spends more than that, it would be at the town’s expense.
Layne also asked how much input Polywood would have over the design. Otten said they have the opportunity to review it and the reason that’s put in is to keep a cap on the cost of the project, but said legally they’re committed to $1.5 million and if the town goes over that it would need to come from separate funds.
The commission passed the resolution.
The second resolution concerned the sale of real estate. Otten explained part of the agreement with Polywood is that the existing baseball field will be provided to them at a nominal cost. But the town can’t just hand over property and the redevelopment committee is allowed to negotiate the sale of property. They need to secure two appraisals, prepare an offering packet and wait 30 days.
Councilman Larry Siegel asked if there were any barriers to closing. Otten said there were a couple of things going on and they could close on the new property at any time, it just depended on whether they wanted to use town funds and reimburse with the bonds and BANS or wait for the bonds.
On the Polywood property, they needed to go through the process he just explained so it would take about 60 to 90 days. Noe said they really want to hold football season on the athletic field so they don’t want to close before Nov. 1 unless they can make that a term of the agreement. They also need time to move the scoreboard and other items. Otten said they could make that part of the agreement if needed.
The commission passed that resolution as well.
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