Herkimer County IDA reviews promissory note and construction updates for Skyler Business Park

At a meeting of the Herkimer County Industrial Development Agency, staff reported on a promissory note tied to the Skyler Business Park land purchase and detailed site and schedule issues affecting project start-up.

The update matters because the promissory note documents the purchase terms for a property the IDA is helping prepare for industrial development, and wetland/title exceptions and utility work could delay construction and occupancies that the board and local leaders are counting on.

Victoria, a staff member, told the board the packet included the promissory note for the Skyler Business Park and that loan balances on that note show “no pain so far today,” indicating no current payment problems. Agency members asked for schedule details; Tony, a board member, reported he had spoken with the prospective developer and said the developer is considering building in wetland areas and that a title insurance exception tied to wetlands is affecting marketability. Tony said the developer requested more time to resolve those matters.

Victoria said she had not heard back from the owner’s engineer and that staff would continue outreach. Later in the meeting staff reported the IDA held an initial construction meeting for the Skyler Park entrance and expects the contractor to place a small field office on-site and begin work. The board was told the county and contractor are coordinating with Charter to remove a few utility poles, and that the state Department of Transportation has approved the final work plan; paving work is planned with a local contractor that performs blacktop.

Board members asked about timing and lead items. Staff said the longest lead time item is a drainage/bridge component and that the team expects key site work to be underway this year; no final completion date was set in the discussion. No formal board action to approve new financing or change the promissory note was recorded in the transcript; staff said they would report updated bonding and closing details when available.

The IDA will continue monitoring title and wetlands clearance, utility removals, and DOT scheduling and will bring any required approvals back to the board.