10:30 p.m. Update:
City officials have openly said their patience with the unfinished mall is wearing thin but negotiations that wrapped up around 4:30 Monday afternoon will give developers at the Pyramid Companies six more months to complete the first stage of the expansion. The City of Syracuse gets a million dollars through the Syracuse Industrial Development Agency.
"This negotiated agreement balances the interests of the people of Syracuse who have given I think unprecedented benefits to this project but it also balances the interests of the community in that it is in no one's interest to have a project there that is half finished, lying fallow," said Syracuse Mayor Stephanie Miner.
The city plans to use $500,000 of the million to replenish their demolition fund. Budget cuts and damage caused by the spring storm have left that fund short of money.
In her press conference, Mayor Miner implied the city wanted more money and the developer wanted more time but the agreement reflects the current economic realities moving forward.
"I think that there are new facts and new circumstances and there is a different set of players around the table and I think that contributed to having a different process," said Miner.
The deal received mixed reactions from people in Armory Square on Monday night. Some were happy to hear the project was still moving forward - others doubted that Pyramid couldn't finish the expansion in six months.
"How much slack do you give people? People keep taking advantage of your kindness and eventually someone's going to have to get slapped," said Mark Patane.
"It's been way too long. 15 years is absurd. They need to get it done soon and I think six months is realistic," said Lindsey Metrus.Update, 6:05 p.m.:
Mayor Stephanie Miner has announced a deal between the city of Syracuse and the developers of Destiny USA.
Mayor Miner says Pyramid will receive a six month extension on the deadline that was set to expire at midnight Monday night. In exchange, Pyramid will give the city of Syracuse $1 million.
She says this agreement will give the developer the opportunity to perform, and, in exchange, the city will receive assets.
"It's in no one's interest to have a project there that is half finished," says Miner. "One party wanted more money, and one party wanted more time."
Original story from Monday afternoon:
Syracuse Mayor Stephanie Miner has scheduled a press conference about the future of Destiny USA for 6pm.
Last month the city sent Pyramid a letter warning them that the mall expansion needs to be finished by today or the agreement that gives the project tax breaks would end.
The original agreement between Syracuse and Pyramid said that work on the first phase of the mall expansion would be completed by August 2009 and work on the second phase would begin or the city could pull the projects tax breaks.
The city has given pyramid extensions on the original agreement agreement after Citigroup stopped providing financing.
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