The Schoharie County IDA has finalized purchase options on 180 acres off I-88 seen as critical to economic development.
The site includes two parcels at Gobbler’s Knob Family Fun Park owned by VanDyke Enterprises at Shad Point.
It’s one of three properties that made the top cut in 2021 after consultants MRB looked at more than 50 possibilities, many of them along the I-88/Route 7 corridor, that they felt would be most attractive to would-be developers.
Interim IDA CEO Julie Pacatte said Saturday that the purchase options, a non-refundable “down payment” of about $25,000 a year for the next three years, will give the IDA time to complete the necessary studies.
VanDyke Enterprises has the right to sell the properties to someone else, Ms. Pacatte said, but the IDA has the right of first refusal.
The next step will be to seek RFQs—requests for qualifications--from potential developers, “someone who’s been at it before who’ll be on our side” to start developing the site themselves, Ms. Pacatte said.
At the same time, she said, calling them “parallel tracks,” MRB will begin work on additional studies at the site.
The IDA’s work—beginning with the negotiations for the purchase option—is being funded by some of the $1 million awarded by supervisors from ARPA monies with the goal of making the site shovel-ready.
Ms. Pacatte said they expect to nail down the cost of that work—from the RFQs—by the end of the year; one hitch is that the ARPA monies need to be spent before December 31, 2026.
“We need to know as soon as possible if the site’s viable,” she said.
In their December 2012 report, MRB identified two other finalists, Forester Road, just past Dunkin’ Donuts, Cobleskill, 20 acres on three contiguous parcels in the Town and Village of Cobleskill owned by Art Boreali; and five acres owned by the IDA on Mineral Springs Road, also in Cobleskill.
Shad Point, however, was the top pick, largely because of its size: it would have enough space for a large industrial site, probably a warehouse, and consultants envision developing it for three buildings—one 62,500 square feet, one 100,000 square feet, and one 280,000 square feet.
There’s also the potential for a fourth building on the site MRB said at the time.
It’s also flat, level land, Ms. Pacatte said.
Site control—the IDA’s purchase options—is needed to make sure public money isn’t spent on private projects and the key to attracting potential developer to do as much of the site prep work as possible.
“It’s the first time we have the potential of a marketable site,” Ms. Pacatte said.
“Now we can respond when the requests come in.”
And they’re coming in, said County Administrator Korsah Akumfi.
“There are a lot of opportunities in the pipeline and we’ll continue to get our face out there. Even if we’re not ready, we’ll continue supplying those responses.”