Link to City News article.
In the article, it says "Last year, Congel pushed off the $90 million investment milestone using two six-month extensions."
I don't remember anyone mentioning that Congel utilized the extensions at any Town Board meeting - do you?
It would have been nice if the Board informed the residents of that deferment at the time....unless he just decided to use the extension recently.
I don't remember any articles from last year mentioning he used the extensions....just that he failed to meet the 1st milestone contained in the PILOT agreement.
Matter of fact (or opinion, depending on who you're asking I guess) - this same wonderful reporter (one of my favorites) wrote last year in June about Congel missing the milestone and said: "Congel could have requested one of the two six-month extensions he's entitled to via the agreement, but he didn't and local officials say they don't know why. "
So - according to the latest article, he has until April 7th of this year to invest $90 million in the property before being charged that penalty payment.
Anyone think he'll invest $90 million into Medley before April?
I know, I know....at least you're getting SOMEthing for that property instead of nothing. How inspiring.
5 comments:
Did this news come from the Library or just an internet publication?
lol I love it.
No, it wasn't from the Library, and even though it wasn't written on a blog - but on a news site with a genuinely good reporter's name attached - you should still call the library and ask if it's fact.
(I was going to put this at the end of the blog, but thought that maybe people were getting sick of me doing that...glad you aren't!)
Oh man, you beat me to asking if this came from the library. Good one Anonymous! Haha
So Congel has 2 months to invest 90 million. OMG!
Well the stars are aligning so it may happen...
Don't hold your breath..
ps-I'm kind of bugged that the TB has made NO mention of this. I guess Irondequoit has to go to the City Newspaper to find out what's going on. Priceless!
Fuzzy Math:
I think he'll make it. Think of Affordable Senior Housing Projects that cost up to $250,000 per unit. That's only 360 units in 60 days. Only 6 per day all finished. Isn't it easy to build 6 complete units in one day.
how bout new 40,000 sf libraries. They're $12,000,000 each. That's only 7.5 brand new libraries in two months. bet the IPL would like to see how the Mall could build 7.5 in 60 days after they have been trying since 2002 to get only 1.
Or a new Manufactured Home for $25,000 (not on the site). That's only 3600 homes in 60 days or just 60 new homes every day.
Nice way of putting it into perspective.
I wanna play fuzzy math too!
If I wanted to invest $90 million in...say...frozen lemonade at Applebee's (the mixed berry kind. yum.) - I would have to buy about 375,000 per day for 60 days.
Do-able. I love those things.
Frozen mixed berry lemonade from Applebee's is one of my fa-vor-ite things.
Making me laugh is a fa-vor-ite thing of mine too - and I was reading I-Square's FB page for updates and in one of the comments someone mentioned 'the mall' and called it "I-Sore". I really did lol. Funny.
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