IDA presents counteroffer for 50-acre parcel, conditions subdivision control

At the meeting, Tony Hallock, board participant, moved to accept a counteroffer on a roughly 50‑acre parcel contingent on counsel approval and added language specifying that any subdivided parcels be either wholly owned or controlled by the buyer.

Hallock said, “I would move to accept the counteroffer subject to approval by counsel, including language to the extent that the subdivision properties are either wholly owned or controlled by the applicant.” The board discussed timing: the PSA had been revised to allow a 120‑day due‑diligence period (up from 60 days) to accommodate DEC wetlands review and other approvals.

Board members flagged concerns about development performance and remedies if a buyer does not proceed. One participant asked whether the IDA should require a certificate of occupancy as the clawback trigger; Hallock and others said their usual practice is to require that a buyer secure approvals and commence construction within the contract window or face a clawback, noting challenges if a mortgage is placed on the property before any remedy can be enforced.

The conversation also documented that the buyer intends to allow internal subdivision for related projects rather than unrestricted resale, and that counsel will review subdivision wording before the sale is finalized.

The transcript includes the motion language and the request that the board act contingent on counsel approval; the record does not show the final vote tally or the explicit second in the excerpt provided. The board also discussed utility access and a 100‑foot easement to reach back acreage for future servicing.

Next steps: counsel review of the subdivision language and the IDA’s counsel approval were presented as prerequisites to completing the sale.