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Council hears uncertain timeline and proceeds for Syracuse Developmental Center sale
Summary
Finance and assessment officials told Council the Syracuse Developmental Center (SDC) sale is expected to close in the fourth quarter of 2025 but the city has not yet included sale proceeds in the FY26 proposed budget and the timing and allocation of proceeds remain unclear.
Council members asked for an update on the Syracuse Developmental Center (SDC) during the April 15 budget hearing; finance and assessment staff said they expect a closing in late 2025 but that proceeds are not yet reflected in the FY26 proposed budget.
Commissioner Matt OJ, Commissioner of Assessment, told the Council the expected closing is “hopefully fourth quarter of this year… December of 25,” putting an anticipated closing in FY26. From an accounting perspective, assessment and finance staff said they were cautious about recognizing sale proceeds in the budget until a closing is certain. “These things are never certain until we do close,” Matt OJ said.
Councilors asked why property-sale proceeds that were discussed earlier in the development plan did not appear in the FY26 revenue line. Ken- nezera and assessment staff said proceeds and program funds from the SDC matter depend on the final purchase agreement and whether proceeds are treated as operating revenue or routed into other programs (for example, a pilot program or gap financing for developer Home Headquarters). Kennezera said he did not have a clear accounting entry in the proposed book and that it may be a timing and classification issue.
Councilors requested a follow-up with more detail on the development financing, proceeds and any pilot program structure; no final sale accounting or appropriations were adopted during the hearing.
