IDA to Look into Renegotiating Leases on Alstom Properties

March 24, 2017

HORNELL, NY – The IDA agreed Thursday afternoon to look into renegotiating all the leases on properties that Alstom currently occupies. Although Alstoms current leases do not expire for another three years, the board felt that with the upcoming new contract and influx of work that it would be a good idea to start the process now.

According to IDA Director Jim Griffin, only the basics will be looked into such as the length of the terms of the lease, the amount of the lease, and the taxes paid. Alstom is currently operating on reduced rents given to them by the IDA on a previous resolution. That resolution expires at the end of May which would return them to full lease payments and taxes.

Griffin anticipates that there are numerous other matters that will involve them down the road such as the possible purchase of the old Sunset property by Alstom for expansion, and building and financing new structures to accommodate the additional workload. “The next 30 to 60 days a lot of stuff is going to come before this board regarding the new project,” said Griffin, “and we need to be prepared.”