Council to consider shorter extension for KCG

According to the agenda for this Tuesday’s regular meeting of the Amsterdam Common Council, a resolution to extend the purchase contract with KCG Development for the former Chalmers Mills property will be up for vote again. The resolution is nearly identical to the one that failed to pass at this past Tuesday’s special meeting, except that this version would extend the contract through October 1, 2020, rather than through December 31,2020.

According to Bill Teator of DEW Ventures, a partner with KCG in the proposed residential housing and restaurant/banquet facility project, the extension is needed for a second try at securing low income housing tax credits from New York State. The developers intend to sell these credits to investor in order to raise money for the project. Teator said the state’s decision on the credits could be announced around June 2020.

After the first resolution failed, Teator issued a statement suggesting a shorter extension.

Only three members of the council attended a special meeting held at 12:00pm last Tuesday. Absent were Dave Dybas and Irene Collins. The number constituted a quorum, however with two votes for the extension and one against, the yes votes did not constitute a majority of the entire council. .

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About Tim Becker

Tim Becker is the owner of Anthem Websites Inc. which publishes The Compass. He serves as both editor and a writer.

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