Wednesday, January 27, 2021

Selling Four Acres of Hudson

The Hudson Development Corporation (HDC) continues pursuing its goal of selling its Montgomery Street property to a developer. At the monthly meeting of the HDC board yesterday, board president Bob Rasner reported that they had received an offer of $2 million for the property. The offer, however, came with the condition that the parcel of land CSX is still using, the one on which its crew house is located, be included in the deal. Since HDC doesn't own that parcel, and CSX has no intention of selling it, the offer had to be declined.  

Rasner told the board that there were two other "prospective investors" who would have proposals to present to the board at its February meeting. 

In late December, HDC published an information packet about the Montgomery Street property. The board is now receiving expressions of interest in response to that document. Rasner told Gossips this morning that seven parties have expressed an interest in the property. He classified them in this way:
  • One has bid, the bid we rejected. I expect a resubmission from this party.
  • Two have verbally committed to having proposals before us in February.
  • Two are considering their options but have not indicated to us they plan to submit proposals.
  • Two have spoken with us but I do no believe they will propose.
The identities of the potential investors has not been revealed, but, responding to the question at yesterday's meeting from Register-Star reporter Aliya Schneider, Rasner indicated that one--the one who made the offer that was rejected--was local, two were based in New York State, and two were international. 

At yesterday's meeting, Rasner also gave indication of what the public can expect going forward. He explained, "Real estate transactions are confidential things until they are done." He also advised, "How [investors] plan to use the property will be held as confidential," adding, "The public must have confidence in the HDC board to do the right thing." Regarding the "right thing," Rasner earlier in the meeting identified three criteria for selecting a buyer for the property:
  • Getting the highest possible price 
  • The investor's plans meet the stated purposes of HDC
  • The proposed project will deliver the highest possible use for Hudson and its citizens
Rasner indicated that once an investor is identified and the parcel sold, the project would have to go through Planning Board review and said, "The Planning Board is the perfect venue for the public to weigh in."

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