IDA Agrees to Hand Over More Land to Basset Group Early

June 27th, 2019

HORNELL, NY – The Basset Housing project still under construction at the airport has requested early purchase of phase 2 and phase 3 lands to continue their housing development. The IDA originally was going to sell the parcels individually, but since both parcels were needed to continue phase 2 the IDA agreed to let them both go together.

The Basset group has already built 63 new apartments at that location, and phase 2 and 3 calls for an additional 84 units that will include a community center and pool. According to IDA head Jim Griffin, they have already invested $12 million on the initial building phase and will put up $15.5 million to complete the project.

Griffin still has the stipulation in the deal that if the developer does not meet certain building criteria after 5 years portions of the land will be returning to the IDA. The next steps will include a cost benefit analysis conducted by the IDA.

Sam Nasca announced that New York legislation currently passed new laws pertaining to IDA’s and they are awaiting the Governor’s signature to take effect. Highlights of the new rules mandates that the IDA live stream all meetings and post them on their website for the community to view. Also power was given to the State Comptroller to audit IDA’s at his discretion. Whether Governor Como signs these changes remain to be seen.

The IDA plans to change insurance companies on their properties after seeking lower bids from what they currently pay. They were paying $45,000 a year from an insurance company out of Buffalo NY, but have gotten a lower rate from a company right here in Hornell. The Ryan Agency has agreed to take their policy for $42,000 a year. Griffin stated, “Were saving some money, and were also investing in a local business, It’s a win win situation for both of us.”

Finally, the IDA is in the final stages of working with the city on the Downtown Revitalization Initiative (DRI) that will be submitted July 8th. This will be the 4th time the city has applied for the $10 million grant, finishing in the top 3 three times. Hornell Mayor John Buckley said that this year’s heavy competition will be from Endicott and Ithaca.