SIDA approves Carousel Center project extension
Tue, 07 Jun 2011 13:45:55 GMT —
The Syracuse Industrial Development Agency has voted unanimously to approve an agreement between the City of Syracuse and Destiny USA Developers.
Monday evening, Syracuse Mayor Stephanie Miner announced the city gave its approval to a six month extension of the mall expansion project. In return, the city will get a million dollar payment from Pyramid through SIDA. The city says it plans to use $500,000 of that money replenish its demolition fund. Monday night was the deadline for the mall expansion project, or tax breaks given to Pyramid by the city would end.
At SIDA's Tuesday morning meeting, chairman Bill Ryan says it appear the parties involved are all in the same place, meaning they would like to see Destiny USA completed. He says construction on the mall is 90% complete. Now, it just needs to be finished, so stores can move in, and jobs can be created.
When asked if another extension was possible should the expansion not be completed in six months, Ryan said When this is up, it TMs up. He clarified that a future extension is not out of the question, but it is doubtful that another would be granted.
"If another extension is needed, I expect we will be talking about it sometime around Thanksgiving," says Ryan. "But I'm very hopeful that that does not occur, and doubtful it will be granted if it's asked."
David Aitken, with The Pyramid Companies, who own Carousel Center and Destiny USA, says he TMs very pleased with the agreement.
"It's important to take a look in terms of where we were and where we have to go," says Aitken. "Obviously, we're going to do everything possible each and every day to get this open as quickly as possible."
However, Aitken says Pyramid is still working to secure the additional funding that they need for the project.