Saturday, May 25, 2019

Acquisition Accomplished

On Tuesday, the board of the Hudson Development Corporation met in executive session. The topic of the meeting was the purchase of the CSX property needed to provide Front Street access for the Kaz site. Today, Amanda Purcell's report on the outcome of the meeting appeared on HudsonValley360: "HDC purchases railroad site, chugs ahead to redevelop Kaz." 

One detail from the article will probably not help HDC, famously criticized for its tendency to go into executive session at the drop of a hat, become more transparent. Last year, Gossips reported that HDC was about to enter into a contract with CSX to buy the property, approximately half an acre, for $85,000, using a $90,000 loan from CEDC (Columbia Economic Development Corporation). On Thursday, Purcell reported: "The $175,000 purchase is financed by a $200,000 loan from the Columbia Economic Development Corporation. The remainder of the loan covers the closing costs for the property, surveying and an environmental review. The property cost more than double the original asking price because there were two other local bidders, who primarily wanted the space for parking." 

The last of the eight justifications for going into execution session given by the Department of State Committee on Open Government is this: "The proposed acquisition, sale or lease of real property or the proposed acquisition of securities, or sale or exchange of securities held by such public body, but only when publicity would substantially affect the value thereof."