The future of the iPark 87 development in the Town of Ulster is precarious as the Ulster County Economic Development Alliance (UCEDA) engages in closed-door negotiations with National Resources Inc. over approximately $6.8 million in unpaid taxes and mortgage obligations. The expiration of the site plan approval for the project adds to the uncertainty surrounding a site that has long posed challenges for the county.
Negotiations are ongoing as County Executive Jen Metzger confirmed in a recent interview that discussions aim to reach a mutually beneficial agreement regarding National Resources’ fiscal responsibilities. Metzger noted, “I hope that an agreement is reached that is the right thing for the taxpayer and the right thing for the local economy and jobs.”
Gregory Simpson, Chairman of the UCEDA, stated in an official release that the organization is actively working to resolve the outstanding payments on both the east and west campuses of iPark 87. He emphasized the sensitivity of the discussions and assured that details would be disclosed once an agreement is finalized.
National Resources purchased the former TechCity property for $10 million following the county’s foreclosure due to nonpayment of taxes by the previous owner. The developer committed to paying $5 million annually for five years and investing over $200 million to foster business development that could generate up to 1,000 jobs.
Despite some progress on the east campus, which now houses Archtop Fiber and Ulster County BOCES, the west campus remains largely undeveloped. According to Amberly Campbell, Assistant Deputy County Executive, a master lease agreement signed in July 2024 was later terminated to accommodate BOCES’ needs, putting the project on hold pending negotiations.
Critics, including Kevin Roberts, the county Legislature’s minority leader, have expressed concern over the situation. Roberts described the ongoing scenario as “a complete disaster,” voicing skepticism about the county’s investment and the likelihood of future development.
Particular attention is focused on the west campus, a 82-acre parcel acquired by National Resources in 2023 for $6.8 million. While the company made a $1 million mortgage payment on the east campus, it has not made any mortgage payments for the west campus since the initial down payment.
Negotiations for a mortgage restructuring plan earlier this year aimed to give National Resources the flexibility needed to secure additional leases and generate revenue, but the deal ultimately fell through. Metzger noted that there has been no recent communication from National Resources regarding the agreement.
The company has also filed legal actions to reduce the assessed value of the east campus, but not for the west campus. Roberts speculated that this could indicate National Resources’ intention to abandon the west campus, raising further concerns about the viability of the project.
Given the complications surrounding unpaid debts and stalled development, County Comptroller March Gallagher highlighted that UCEDA’s ability to foreclose on the east campus has been limited due to the release of valuable parcels from the mortgage.
In his statement, Simpson reaffirmed UCEDA’s commitment to finding a viable path forward while acknowledging its fiscal responsibility to the people of Ulster County. As negotiations continue, the future of iPark 87 remains uncertain, leaving many to ponder the long-term impact on the local economy.
