Cortland City Council Approves Releasing $8.3 Million EPA Lien on BMC Property, New Owner Closing on Site Thursday
Cortland City leaders have removed one of the last hurdles in the sale of the former Buckbee Mears manufacturing site on the city's east side, the City Council has released a lien on the property and has also voted to put the property back on the tax rolls.
Since 2005 the 75 acre site has sat idle after the former owners abandoned the property leaving behind a toxic stew that prompted an $8.3 million dollar clean-up by the Federal EPA in 2007.
Last month local developer David Yaman purchased the property for $356 thousand dollars, the property is currently assessed at $2.1 million dollars. The terms of the sale provided that the bank that held the mortgage on the property would receive $150 thousand dollars, while the city will receive $206 thousand in back taxes on the property. The property had accrued $1.2 million in back taxes before it was taken off the tax rolls in 2009.
Last night the City Council voted to remove the $8.3 million dollar EPA lien on the site in order to allow Yaman to take clear tittle to the property. Yaman is expected to close on the property Thursday, he has previously said he plans to redevelop the site and bring new tenants to property.
Yaman previously renovated and revamped the former Smith Corona Building in South Cortland. The former typewriter plant now houses a dozen different businesses.