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September 21, 2009

PARC expenses exceed revenues for fiscal year

By DAN HEATH

PLATTSBURGH — A loss this year for Plattsburgh Airbase Redevelopment Corp. is likely to lead to a profitable final year.

At the PARC Board of Directors annual meeting Monday, Vice President and Chief Financial Officer Lee Mitchell said PARC had income of about $1.27 million during fiscal year 2008-09, which ended June 30.

That compares with expenses of $1.73 million, a loss of $460,000.

When grant activity is included, the loss was just under $190,000.



DELAY TO BLAME

Mitchell said delays in receiving the Finding of Suitability for Early Transfer and deed to remaining Air Force property meant PARC couldn’t sell those parcels during the last fiscal year, as planned, which resulted in lower income.

The deed was received July 17. During the Engineering Department report, Kristy Dantes said it covers 33 parcels on 540 acres, with 73 environmental easements.

She said 28 of those 33 properties are obligated for sale, expected to net about $5 million total.

Now that it has received the deed, PARC will be able to sell those properties in the upcoming fiscal year, which should brighten the financial picture.



EXIT STRATEGY

In his opening remarks, PARC Board of Directors Chairman Gilbert Duken said the Finding of Suitability for Early Transfer, known as FOSET, was the result of a six-year process, finally giving PARC the deed to 99 percent of the remaining Air Force property.

“As a result, now we can honor the purchase agreements that were signed months and years ago on the FOSET parcels.

“And, with receipt of the deed behind us, PARC may now focus on scheduling closings, marketing the 10 remaining properties and planning our exit strategy.”

More information on the timetable for ending PARC’s existence is expected at the November Board of Directors meeting.



ACRE BY ACRE

Dantes also provided an overview of PARC’s redevelopment. She said PARC was charged with redeveloping 3,500 acres after Plattsburgh Air Force Base closed in 1995.

Plattsburgh International Airport covers 1,700 of those acres.

The other 1,800 acres comprise 57 parcels on 290 acres in the City of Plattsburgh and 120 parcels on 1,068 acres in the Town of Plattsburgh.

The remaining 442 acres have been given back to the city and the town. That includes roads and easements in both municipalities, Dantes said.



GOING DOWN, UP

The majority of the projects in the last few years have involved demolition and abatement. Dantes said 317 structures have been torn down and removed, including the Base Hospital, Wing Intelligence building, nine dormitories, the Central Heating Plant, more than 300 housing structures and 26 miles of high-temperature water line.

PARC built five new buildings, including the Wyeth facility, Multina, Cornell Trading and Railtech.

It has also completed 250,000 square feet of renovations.



FINANCES

PARC’s finances were once again audited by Abbott, Frenyea, Russell and Coffey PC.

“Once again, we’ve given an unqualified opinion, which is our highest quality opinion,” Vice President Robert Frenyea said.

Duken also took time to recognize PARC CEO Bruce Steadman.

“We know that our successes are due in large part to Bruce’s leadership and communication skills. Skills that not only facilitate this board to work constructively but contribute significantly to PARC’s productive and harmonious relationships with the many government and economic-development agencies, as well as the land developers that have a role and stake in PARC’s success.”

The board ended the meeting by unanimously electing Duken to another term as chairman and Henry Fortin to another stint as vice chairman.



E-mail Dan Heath at:

dheath@pressrepublican.com

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