The future of the iPark 87 development in Ulster County hangs in the balance as the Ulster County Economic Development Alliance (UCEDA) engages in negotiations with National Resources Inc. over approximately $6.8 million in unpaid taxes and mortgage obligations. The expiration of the site plan approval for this significant commercial and residential project adds urgency to the discussions, which have been marked by delays and financial challenges.
The UCEDA is currently working behind closed doors to establish a mutually beneficial agreement that addresses National Resources’ financial responsibilities. County Executive Jen Metzger, who is not a board member of the Alliance, acknowledged the importance of these negotiations in a recent telephone interview. “I hope that these discussions conclude soon,” Metzger stated. “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.”
In a statement released on Monday, UCEDA Chairman Gregory Simpson confirmed that discussions are ongoing to resolve back payments related to both the east and west campuses of iPark 87. He emphasized that due to the sensitive nature of these negotiations, specific details cannot be disclosed at this time, although finalized agreements will be made public.
National Resources purchased the former TechCity property for $10 million following a county foreclosure due to tax delinquencies by the previous owner, Alan Ginsberg. As part of that transaction, the developer committed to paying $5 million annually over five years to UCEDA and undertaking at least $7 million in environmental remediation.
While some progress has been made on the east campus, where companies like Archtop Fiber and Ulster County BOCES have established operations, the west campus remains undeveloped. The county signed a master lease agreement in July 2024 for county offices and subleases to local educational institutions, but these arrangements were mutually terminated in February 2025 to better accommodate BOCES.
Metzger noted that the ongoing negotiations with National Resources are critical to determining how the county will recoup its financial losses. “We want UCEDA to finish their discussions with National Resources and come up with a plan for how the county is going to be made whole and how the bills are going to be paid,” she said.
The stagnation of development and ongoing financial issues have raised concerns among local officials, including Kevin Roberts, the minority leader of the county Legislature. He described the situation as “a complete disaster,” questioning the credibility of the developer’s commitments and the county’s decision-making process. “I just don’t see anything happening there other than us going further in the hole,” he said.
Attention is now focused on the 82-acre west campus, which National Resources acquired in 2023 for $6.8 million. Although the developer made a $1 million mortgage payment for the east campus, no payments have been made for the west campus since the initial $100,000 down payment. Metzger revealed that negotiations for a mortgage restructuring plan earlier this year fell through when National Resources failed to finalize the agreement.
Legal actions have also been initiated by National Resources to reduce the assessed value of the east campus, though no similar actions have been taken regarding the west campus. Roberts expressed concerns that the buildings on the west campus may need to be demolished, suggesting that the developer might abandon the site altogether. He voiced skepticism about the company’s intent to fulfill its financial obligations, stating, “They don’t intend on making payments. They’re not just magically going to find the money.”
County Comptroller March Gallagher highlighted that the UCEDA board’s decision to release several valuable parcels from the east campus mortgage has significantly limited the county’s options for foreclosure on that property. In his statement, Simpson reiterated the Alliance’s commitment to finding a viable path forward, emphasizing their fiscal responsibility to the residents of Ulster County.
As negotiations continue, the future of iPark 87 remains uncertain, with stakeholders eager for a resolution that could reinvigorate the development and restore faith in the county’s economic prospects.
