{"id":31550,"date":"2017-12-06T15:52:44","date_gmt":"2017-12-06T20:52:44","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=31550"},"modified":"2017-12-07T17:01:17","modified_gmt":"2017-12-07T22:01:17","slug":"ida-land-purchase-technology-park-called-unprecedented-development-partnership","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/12\/ida-land-purchase-technology-park-called-unprecedented-development-partnership\/","title":{"rendered":"IDA Land Purchase In Technology Park Called \u2018Unprecedented\u2019 Development Partnership"},"content":{"rendered":"
\"\"
The Saratoga County IDA is purchasing a 20-acre plot in the Luther Forest Technology Campus, pictured here with GlobalFoundries in the foreground, to boost economic development.
Courtesy Luther Forest Technology Campus<\/figcaption><\/figure>\n

By Susan E. Campbell<\/p>\n

Following two and a half years of negotiation and due diligence, the Saratoga County Industrial Development Authority is now only months away from purchasing a 20-acre plot in the Luther Forest Technology Campus, a transaction that is an \u201cambitious and rare collaboration among the public and private sectors,\u201d according to Rod Sutton, IDA board chairman.<\/p>\n

The plot is part of 125 acres leased, with an option to purchase, by private developers known as the MRFA Group. Sutton said the parcel is desirable because the acreage is \u201cfairly flat, accessible and sits on the corner of two paved roads\u201d in the park.<\/p>\n

The land will not be useable and saleable until power, sewer and gas lines have been extended to the site, making it \u201cshovel ready.\u201d<\/p>\n

\u201cTo be of any value, the property needs the infrastructure in place,\u201d said Sutton. \u201cDevelopers do not want to buy on speculation.\u201d<\/p>\n

<\/p>\n

By partnering with MRFA Group, the IDA splits the cost of infrastructure in half. The cost is built into the negotiated price per acre.<\/p>\n

The IDA, MRFA Group and the Luther Forest Corp. have agreed that once utilities are in place, the IDA would close on the 20 acres for $1.7 million.<\/p>\n

No taxpayer dollars will be used in the transaction. Sutton said the IDA will use fees collected from the agency\u2019s PILOT programs that have assisted thousands of businesses throughout parts of Saratoga County where it has jurisdiction.<\/p>\n

\u201cThis is truly a public\/private project and unprecedented,\u201d said Sutton. \u201cThe agency is being proactive in reinvesting in the county by promoting jobs and business opportunities for future development.\u201d<\/p>\n

\u201cMoney from the state and the county are very difficult to come by,\u201c said Sutton. \u201cWe felt we could be in a strong position to attract business to a park that needed help and to promote ancillary businesses that also create jobs for people in the area.\u201d<\/p>\n

The purchase of the 20 acres will bring MRFA Group a step closer to servicing the remaining 100 acres under lease, and the tech park can be opened up to further economic development, he said.<\/p>\n

Soil analysis is slated to get underway the first week in December. IDA hired Aztech Environmental Technologies to determine if there is evidence of contamination from dumping rocket and jet fuel that was tested for the federal government during the World War II era and into the 1960s.<\/p>\n

The name of that dumping site is the Malta Rocket Fuel Area, or MRFA.<\/p>\n

\u201cOur goal is to have everything in place during the third quarter of 2018, but that\u2019s ambitious,\u201d said Sutton. \u201cMuch of the timing depends on working with town land-use boards and so on.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

By Susan E. Campbell Following two and a half years of negotiation and due diligence, the Saratoga County Industrial Development Authority is now only months away from purchasing a 20-acre plot in the Luther Forest Technology Campus, a transaction that is an \u201cambitious and rare collaboration among the public and private sectors,\u201d according to Rod […]<\/p>\n","protected":false},"author":196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-31550","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\r\nIDA Land Purchase In Technology Park Called \u2018Unprecedented\u2019 Development Partnership - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/12\/ida-land-purchase-technology-park-called-unprecedented-development-partnership\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"IDA Land Purchase In Technology Park Called \u2018Unprecedented\u2019 Development Partnership - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Susan E. Campbell Following two and a half years of negotiation and due diligence, the Saratoga County Industrial Development Authority is now only months away from purchasing a 20-acre plot in the Luther Forest Technology Campus, a transaction that is an \u201cambitious and rare collaboration among the public and private sectors,\u201d according to Rod […]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/12\/ida-land-purchase-technology-park-called-unprecedented-development-partnership\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Saratoga Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2017-12-06T20:52:44+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2017-12-07T22:01:17+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2017\/12\/ida-buys-land-luther-forest-hc.jpg\" \/>\r\n<meta name=\"author\" content=\"jessewinters\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"jessewinters\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/12\/ida-land-purchase-technology-park-called-unprecedented-development-partnership\/\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/12\/ida-land-purchase-technology-park-called-unprecedented-development-partnership\/\",\"name\":\"IDA Land Purchase In Technology Park Called \u2018Unprecedented\u2019 Development Partnership - 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