Onondaga County and ShoppingTown Mall owner Moonbeam Capital have reached an agreement on what to do with the property after years of legal back and forth. The county will oversee future redevelopment of the site under the deal.
County Executive Ryan McMahon announced the deal Wednesday.
“Moonbeam Capital will be paid $3.5 million. Out of the $3.5 million, the Town of Dewitt and the Jamesville [-Dewitt] School District will participate in that payment, roughly about a third of that payment,” said McMahon.
The Onondaga County Industrial Development Agency will start a request for proposal process for redevelopment. Moonbeam and the county would split money made from the future purchase on a sliding scale. McMahon said they will be looking not just for a sale, but for best use of the space.
“It’s about making that property something that works and a true economic engine for the community,” said McMahon. “Whether it’s town centers, whether its large employers, whether it’s more retail, whether it’s a mix of all the above. That’s something that in the RFP process will vet itself out.”
McMahon said he expects interest from local and national developers. However, there will be certain benchmarks developers must meet in order to acquire the site.
“Stabilizing the property, making sure it’s highest and best use moving forward is what really the community expects. There’s no point in us just trying to have a fire sale and get as much money as we can. And then it’s groundhog day two, three years from now. Somebody buys it and they’re not paying taxes again.”
McMahon said both the county and Moonbeam are happy with the outcome. The deal still needs to be approved by bankruptcy court. It’s expected to go before a judge sometime next month.
