HUDSON — The Hudson Development Corporation has completed the closing of the $175,000 deal to acquire CSX railroad property which board members said will allow them to move forward with developing the former plastics warehouse property.
The acquisition of the parcel of land less than one acre in size along Front Street from the CSX Corporation would provide primary access to the Kaz Warehouse property at 14-17 Montgomery St., which is slated for redevelopment, HDC board members said.
“I am pleased to report that closing of our acquisition of the CSX parcel went smoothly this morning,” Hudson Development Corporation Board of Directors President Robert Rasner said in a statement Wednesday. “We now own the parcel vital to development of our Kaz holding.”
The Kaz building is a long-vacant warehouse building slated for redevelopment by the Hudson Development Corporation for the past few years.
The Hudson Development Corporation board approved the purchase of the railroad property at a special meeting May 21 with conditions. One of those conditions is that a small brick building located on the site would not be included in the sale and will still be used by CSX for the railroad. A subdivision was required before HDC and CSX closed on the property before the end of October.
A change in meeting schedule earlier this month by the city Planning Board threatened to upend the purchase agreement and cause HDC to lose its $8,000 deposit. But the Planning Board successfully approved the subdivision at a special meeting on Oct. 18.
The $175,000 purchase of the CSX property is financed by a $200,000 loan from the Columbia Economic Development Corporation. The remainder of the loan covers the closing costs for the property, surveying and an environmental review. The lender, CEDC, and representatives from the HDC board plan to sit down on Monday to go over all the items needed for the sale.
“Special thanks to [HDC attorney] Steve Dunn, without whose tireless dedication to seeing this through to completion, we would not have arrived at today successfully,” Rasner said. “Appreciation also to, [CEO and President] Mike Tucker and the entire CEDC Board who believed in us and provided the funds for the transaction, Andy Howard, attorney for CEDC who shepherded us through the process this morning.”
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