Posted on 03/28/2003 8:51:13 AM PST by Publicus
The Ithaca Times / March 26, 2003
By:M. Tye Wolfe
Ciminelli still needs to obtain control of the site on which they want to create the office building and hotel. It is in negotiations with Tom Pine, who owns a half stake in the site, but talks have been strained in the past. If a deal is not reached, city officials said they may help Ciminelli acquire the site via eminent domain.
Cayuga Green is finally marching to the end of the planning stage and into the development stage.
"I think we're all going to breathe a big sigh of relief once it starts to go up," said City Alderman Dan Cogan (D-5th Ward), who has taken a leading role in the project's development.
The project, which includes the creation of a new seven-story parking garage on the parking lot south of the Tompkins County Public Library, with housing and a promenade along Six Mile Creek, is expected to begin construction in May. It is scheduled to open in the summer of 2004.
Cogan said the final steps include the development of an agreement between the city and Ciminelli, the developer of the Cornell office/hotel project slated for the corner of Seneca and North Tioga Streets. One goal of the Cayuga Green project is to provide parking for the Ciminelli project, which is expected to bring almost 500 workers to the downtown area and open in September of 2004. Cogan said each party wants to make sure the other will move forward on their respective projects.
Ciminelli still needs to obtain control of the site on which they want to create the office building and hotel. It is in negotiations with Tom Pine, who owns a half stake in the site, but talks have been strained in the past. If a deal is not reached, city officials said they may help Ciminelli acquire the site via eminent domain.
"I hope that they will resolve the outstanding issues so that we don't have to do eminent domain," said Alderwoman Susan Blumenthal (D-3rd Ward). "That is not a good thing to happen in our little city."
Another issue being debated by city officials is how much parking to set aside for office and hotel workers. Cogan said Cornell wants to have spaces reserved in the Green Street garage and Cayuga Street garage. Cogan also said the hotel will likely get priority parking in the lower levels of the Seneca Street parking garage.
"Not everybody's happy about it [but] if we don't do it there's no way we could get anybody to agree to building a hotel," Cogan said.
How much Cornell and the hotel will pay for these spaces is being debated. "Their goal is to have it [the rates] somewhat predictable. Our goal is to not give them too much of a subsidy," Cogan said.
Blumenthal said such a new system may take some getting used to. "There may be a tiered payment system among people downtown, where people pay more to get closer - that's something new for downtown," Blumenthal said.
At a meeting with the Tompkins County Industrial Development Agency next month, the IDA (see related county brief on Page 6) may decide to issue bonds for the project that the city would guarantee. (It will also decide whether to grant tax abatements for the Ciminelli project and issue bonds for the developer.)
IDA administrative director Michael Stamm said the meeting is tentatively scheduled for April 8.
Typically the city would issue its own bonds for such a project, but Ithaca Mayor Alan Cohen said it does not have the bonding capacity. The garage is being developed in partnership with the National Development Council, a non-profit agency. The NDC will finance and build and manage the garage for at least as long as it takes the city to pay down the bonds.
Cohen said it's also possible that the management company contracted by the NDC to run the new garage will oversee all the city's garages.
By:M. Tye Wolfe
Ciminelli still needs to obtain control of the site on which they want to create the office building and hotel. It is in negotiations with Tom Pine, who owns a half stake in the site, but talks have been strained in the past. If a deal is not reached, city officials said they may help Ciminelli acquire the site via eminent domain.
Cayuga Green is finally marching to the end of the planning stage and into the development stage.
"I think we're all going to breathe a big sigh of relief once it starts to go up," said City Alderman Dan Cogan (D-5th Ward), who has taken a leading role in the project's development.
The project, which includes the creation of a new seven-story parking garage on the parking lot south of the Tompkins County Public Library, with housing and a promenade along Six Mile Creek, is expected to begin construction in May. It is scheduled to open in the summer of 2004.
Cogan said the final steps include the development of an agreement between the city and Ciminelli, the developer of the Cornell office/hotel project slated for the corner of Seneca and North Tioga Streets. One goal of the Cayuga Green project is to provide parking for the Ciminelli project, which is expected to bring almost 500 workers to the downtown area and open in September of 2004. Cogan said each party wants to make sure the other will move forward on their respective projects.
Ciminelli still needs to obtain control of the site on which they want to create the office building and hotel. It is in negotiations with Tom Pine, who owns a half stake in the site, but talks have been strained in the past. If a deal is not reached, city officials said they may help Ciminelli acquire the site via eminent domain.
"I hope that they will resolve the outstanding issues so that we don't have to do eminent domain," said Alderwoman Susan Blumenthal (D-3rd Ward). "That is not a good thing to happen in our little city."
Another issue being debated by city officials is how much parking to set aside for office and hotel workers. Cogan said Cornell wants to have spaces reserved in the Green Street garage and Cayuga Street garage. Cogan also said the hotel will likely get priority parking in the lower levels of the Seneca Street parking garage.
"Not everybody's happy about it [but] if we don't do it there's no way we could get anybody to agree to building a hotel," Cogan said.
How much Cornell and the hotel will pay for these spaces is being debated. "Their goal is to have it [the rates] somewhat predictable. Our goal is to not give them too much of a subsidy," Cogan said.
Blumenthal said such a new system may take some getting used to. "There may be a tiered payment system among people downtown, where people pay more to get closer - that's something new for downtown," Blumenthal said.
At a meeting with the Tompkins County Industrial Development Agency next month, the IDA (see related county brief on Page 6) may decide to issue bonds for the project that the city would guarantee. (It will also decide whether to grant tax abatements for the Ciminelli project and issue bonds for the developer.)
IDA administrative director Michael Stamm said the meeting is tentatively scheduled for April 8.
Typically the city would issue its own bonds for such a project, but Ithaca Mayor Alan Cohen said it does not have the bonding capacity. The garage is being developed in partnership with the National Development Council, a non-profit agency. The NDC will finance and build and manage the garage for at least as long as it takes the city to pay down the bonds.
Cohen said it's also possible that the management company contracted by the NDC to run the new garage will oversee all the city's garages.
Officials: Cayuga Green nearing development stage
By:M. Tye Wolfe March 26, 2003
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