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PARC mission continues toward conclusion [The Press-Republican, Plattsburgh, N.Y.]
[September 16, 2014]

PARC mission continues toward conclusion [The Press-Republican, Plattsburgh, N.Y.]


(Press-Republican (Plattsburgh, NY) Via Acquire Media NewsEdge) Sept. 16--PLATTSBURGH -- Plattsburgh Airbase Redevelopment Corp. continues to whittle away at its few remaining properties.

At PARC's annual meeting, held Monday morning, PARC Vice President and Chief Financial Officer Lee Mitchell said 12 parcels -- a total of 58 acres --remained available as of June 30, the end of fiscal 2013.

That is down from 99 acres that were available at the end of fiscal 2012.

"The marketing and sales of our remaining PARC properties is key to our successful closeout," Mitchell said.

SOLD FOUR PARC sold four parcels last year, for a total of $752,500.

The remaining 12 parcels were appraised at $2.36 million in June 2103.

Two of the 12 parcels are under negotiation for sale.

The available property includes the 7.1 acres at 130 Arizona Ave., where PARC has its offices and three tenants.

The other parcels include five near the rotary at the intersection of New York Road and Route 9, two on Montana Drive and two near the intersection of Connecticut Road and Idaho Avenue.

LEASE INCOME DOWN PARC had lease revenue of $67,133 for the year, compared to $94,994 the previous year, the result of the loss of one tenant at the PARC office building.

PARC CEO Bruce Steadman said that, as is the case with other groups tasked with redevelopment of former Air Force properties, the final steps are the hardest.

It helps to remember that PARC was asked to redevelop or sell 1,717 acres, he said.



"Once again, to think we've come 98 percent of the way, that is a remarkable achievement," he said. "I continue to believe we will finally get the ball into the end zone." EXPENSES UP PARC's core operating expenses were $447,000, up $25,000 from last year. The increase was due to factors such as payroll tax and benefits related to severance payments, amortized closing costs on a new mortgage, donations and legal and marketing expenses.

An additional expense of $205,171 (which is being financed) stems from a legal settlement with the New York State Workers Compensation Board as a result of PARC's participation from 2001 through 2007 in the self-insured Real Estate Management Trust. The corporation faces no open claims, but is jointly liable along with other trust employers.


ASSESTS DOWN Total PARC assets declined to $2.5 million from $3.5 million last year. Its liabilities decreased to $1.6 million from $1.7 million in fiscal 2012.

Its total net assets were $963,127, down from $1.8 million. That decrease was the result of $276,315 in development and closing costs related to property sales, as well as its core operating expenses and the workers compensation settlement.

PARC has $111,168 left from its approximately $1 million Phase XII grant from Empire State Development. PARC must match any of the grant funds it uses.

The grant agreement has been amended so those funds are available until June 30, 2015.

Steadman and Board of Directors Chairman Gilbert Duken both thanked Mitchell for her work in keeping the corporation's finances in order. That was reflected in another unqualified opinion given by Abbot, Frenyea and Russell CPAs in the annual PARC audit.

Near the end of the meeting, Duken was re-elected as chairman of the PARC Board of Directors and Henry Fortin was elected vice chairman.

Email Dan Heath: [email protected] ___ (c)2014 the Press-Republican (Plattsburgh, N.Y.) Visit the Press-Republican (Plattsburgh, N.Y.) at pressrepublican.com Distributed by MCT Information Services

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