Hopes dimming for Sharon Springs Inc. project

11/11/2021

By Patsy Nicosia

The clock’s ticking down on 2021.
And with it, the deadline for Sharon Springs Inc. to get its financing in place—or lose the PILOT extension granted by the IDA in February.
And likely, the project.
According to IDA CEO Ron Filmer, SSI has a couple of partners interested in the project, one that would incorporate the Imperial Baths into an existing resort and one that would still see it developed as the long-promised Korean-style spa—but nothing firm.
Deadline for SSI to have financing in place is December 31.
Without it, there’s no tax break.
Total cost of the project, which originally included the Columbia and Adler Hotels, was initially put at about $11 million and even with the Imperial Baths the only piece still remaining, owner Kyu Sung Cho has already spent about $6.9 million on plans and site work.
The IDA discussed the SSI project at its meeting Tuesday.
“Obviously, we’d like to see them get the funding in place,” Mr. Filmer said, “but this is the timeframe we’re looking at as a condition of our extension.”
IDA board member Joe Trapani of Sharon asked if it’s possible to get copies of the letters of intent from Mr. Cho’s potential partners, even with confidential information redacted.
He’ll certainly ask, Mr. Filmer said, but “at this point, they’re not solid. Just word of mouth.”
As part of the February PILOT extension, the Village of Sharon Springs also issued orders to remedy violations at the now-dilapidated hotels, including roof repairs, securing the buildings—the Adler, in particular—has been repeatedly vandalized—and monthly site inspections.
But there’s been no work at the sites for months.
Fifteen years ago, in 2006, when SSI first unveiled its plans, Sharon Springs hailed the project as a chance to return the village to its heyday as a bustling resort.
According to county property tax records, on March 31, 2021, Sharon Springs Inc. sold the Adler to Sharon Adler LLC for $1.
Then, on May 27, 2021, Sharon Adler LLC sold the property to Bonnie York of PO Sharon Springs for $10,000.