Hornell IDA Finalizes Purchase and Sale Contracts with Riedman Corporation

August 24th, 2017

HORNELL, NY – The Hornell IDA passed a resolution Thursday afternoon authorizing them to officially start signing closing paperwork on the new apartment complex on Fairlawn Ave. According to IDA Director Jim Griffin, there is a 90 day waiting period required by the state before purchase and sale contracts can be finalized.

Griffin also said that there are current discussions going on with Riedman about the purchase of additional property at the Fairlawn site. The stipulation to purchase this additionally property relies on the fact that phase one has to be completed. That phase consists of 60 units with two townhouses per unit. There will be a total of 10 buildings with 6 apartments per building.

The IDA overall is very pleased with the progress being made at both apartment complexes currently under construction. Griffin concluded, “Both housing projects are well under way with the footers poured at the 60 high end apartments at the Airport. Hopefully they can get the buildings up during the winter with occupancy expected sometime around February 1st of next year.”

Also according to Griffin, the acquisition of the Sunset and 18 North Main Street (Old Marion Rohr) has caused problems because they are unoccupied buildings. “Liability insurance on the structures is not a problem,” explained Griffin, “but fire insurance is concern and we are currently shopping around for that now. “ Griffin went on to say that they are looking to reduce the current insurance costs of around $9,000 a year.