TOWN OF ULSTER – The company that purchased both the East and West campuses of the former IBM campus in the Town of Ulster owes over $10 million in back taxes and mortgage payments and the Ulster County Economic Development Alliance has begun foreclosure proceedings on the West Campus.
County Comptroller March Gallagher said it is hoped that debt can be recouped.
“They are in arrears $2.93 million in taxes and $6.5 million in mortgage, so that’s $9.5 million, and they also owe EPA $957,000 for asbestos cleanup that EPA conducted and was charged back to the property owners,” she said. “So, that’s $10.5 million owed to the public sector.”
Gallagher said to redevelop the property will require a public-private partnership. She is cautiously optimistic that that will occur.
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