Eaton Center buyer in negotiations
NORWICH – The prospective buyer of the Eaton Center in Norwich could be offered a payment in lieu of taxes agreement from the Chenango County Area Corporation, the current owners of the complex.
A public hearing to discuss the scope of the project will be held at 3:15 p.m., Dec. 20 at the Chamber’s second floor offices. The former site of Procter and Gamble Pharmaceuticals headquarters is on Eaton Avenue.
Pennsylvania businessman Randal Hadeed secured an option to purchase the 200,000 square foot office building earlier this month. Hadeed is the founder and president of eAuction Solutions, an online auction management company that liquidates stock for large clothing stores. His plans are to relocate his business in Norwich and create 75 clerical and sales jobs with a combined annual payroll of roughly $624,000.
Such an agreement could be structured in any number of ways. Members of the Chenango County Industrial Development Agency discussed Monday scenarios whereby Hadeed could pay 50 percent of the property’s taxes over a 10 year period. At a rate of around $60 per $1,000 of assessed value, for example, that would produce a savings of about $462,000.
The Chamber’s Economic Development Director Maureen Carpenter said the prospective buyer would use the time period and savings to make capital improvements to the building.
“We haven’t found any issues with (his) prior (businesses) experiences,” Carpenter said. “Everything here is very positive. He has to decide if it’s better for him to do business here, as opposed to going to another state.”
“This sounds like a win-win,” said IDA member and Lincklaen Town Supervisor Wayne Outwater.
“If he purchases the building, it will create jobs, retain jobs, and increase the occupancy of the Eaton Center,” Chamber President Dave Hall said. “Most importantly it puts the building back on the tax rolls.”
The property is valued at $2.3 million. P&G gave the Eaton Center and a five-year financial package to Chenango County in 1996 when it moved its administration and marketing operations to offices in Cincinnati. No jurisdictions are receiving tax revenues on the building now, however.
The Eaton Center currently houses offices for over 55 businesses that employ approximately 350 people. Roughly 70 percent of the building is renovated.
The Area Corp., on behalf of the county, has been handling the Eaton Center’s marketing, leasing and maintenance responsibilities. During this month’s Chenango County Board of Supervisor meeting, Supervisor Peter C. Flanagan, D-Preston, asked members of the Finance Committee to map out what the series of events would be if that would be sold. “How would proceeds be applied to Chenango County?” he asked.
Hall said this morning that the Area Corp. would apply the agency’s gains toward future economic development.
A public hearing to discuss the scope of the project will be held at 3:15 p.m., Dec. 20 at the Chamber’s second floor offices. The former site of Procter and Gamble Pharmaceuticals headquarters is on Eaton Avenue.
Pennsylvania businessman Randal Hadeed secured an option to purchase the 200,000 square foot office building earlier this month. Hadeed is the founder and president of eAuction Solutions, an online auction management company that liquidates stock for large clothing stores. His plans are to relocate his business in Norwich and create 75 clerical and sales jobs with a combined annual payroll of roughly $624,000.
Such an agreement could be structured in any number of ways. Members of the Chenango County Industrial Development Agency discussed Monday scenarios whereby Hadeed could pay 50 percent of the property’s taxes over a 10 year period. At a rate of around $60 per $1,000 of assessed value, for example, that would produce a savings of about $462,000.
The Chamber’s Economic Development Director Maureen Carpenter said the prospective buyer would use the time period and savings to make capital improvements to the building.
“We haven’t found any issues with (his) prior (businesses) experiences,” Carpenter said. “Everything here is very positive. He has to decide if it’s better for him to do business here, as opposed to going to another state.”
“This sounds like a win-win,” said IDA member and Lincklaen Town Supervisor Wayne Outwater.
“If he purchases the building, it will create jobs, retain jobs, and increase the occupancy of the Eaton Center,” Chamber President Dave Hall said. “Most importantly it puts the building back on the tax rolls.”
The property is valued at $2.3 million. P&G gave the Eaton Center and a five-year financial package to Chenango County in 1996 when it moved its administration and marketing operations to offices in Cincinnati. No jurisdictions are receiving tax revenues on the building now, however.
The Eaton Center currently houses offices for over 55 businesses that employ approximately 350 people. Roughly 70 percent of the building is renovated.
The Area Corp., on behalf of the county, has been handling the Eaton Center’s marketing, leasing and maintenance responsibilities. During this month’s Chenango County Board of Supervisor meeting, Supervisor Peter C. Flanagan, D-Preston, asked members of the Finance Committee to map out what the series of events would be if that would be sold. “How would proceeds be applied to Chenango County?” he asked.
Hall said this morning that the Area Corp. would apply the agency’s gains toward future economic development.
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