Hornell IDA Holds Special meeting to Approve 2nd Mortgage for the Riedman Corporation

                             Hornell IDA

October 30th, 2019

HORNELL, NY – The Hornell IDA held a special meeting Wednesday afternoon to approve an additional tax exempt mortgage of up to $800,000 for the Riedman Corporation. Riedman, who already has a mortgage through 5 Star Bank for $8,200,000 from November of 2017, requested the additional mortgage to help refinance the 60 unit apartment complex on Fairlawn Ave. The original mortgage had a tax exemption of $102,500, while this one will have $10,000. There is a total of 10 buildings with 6 apartments per building currently at the Fairlawn location.