COMIDA states I-Square is in default, Reilich responds
Rochester, N.Y. - COMIDA stated Monday that I-Square, the development along sections of Irondequoit near Hudson Avenue and Titus Avenue, is in default.
The statement came in response to an ongoing scuffle between outgoing Irondequoit Town Supervisor Adam Bello and Monroe County GOP Chairman Bill Reilich.
"The COMIDA Audit Committee has a disciplined process for reviewing every PILOT agreement on a regular basis. The results of this audit are reported at the COMIDA board meeting annually.
As it relates to I-Square, LLC, COMIDA counsel has confirmed that an Event of Default has occurred as it relates to the 2nd Building. The memorandum provided states that I-Square, LLC is behind on its capital investment for the project (see attached memo). We look forward to working with all involved to address this issue in an appropriate and prompt manner."
Following this statement from COMIDA, Reilich responded by saying:
"When this story first began to develop late last week, the first words out of my mouth were 'the Town of Irondequoit is a beautiful place filled with good people'. I know first-hand the challenges of running a business in New York State, having built my very own business from the ground-up and operating it for 28 years. I also know the important role town government plays in the success of local development projects - often the town is the first place a potential developer goes for assistance.
"The issue I raised with I-Square was not with the developer, but rather with Adam Bello, who is abandoning them during a time of great need. Despite appearances, the documents released by COMIDA clearly show that the project is in jeopardy and has failed to fulfill its promises to the taxpayers. It is no secret that I-Square received millions of dollars in taxpayer assistance through abatements and grants from the Town, School District, County, and State. I certainly recognize the need for that assistance given the State's dismal business climate, but I also know that taxpayers demand accountability for their investments.
"I truly believe this project can be successful; I'm just disappointed that Adam Bello has decided to abandon them during this difficult time."
When Reilich issued the statement, he also released a memo regarding the second building in question at the I-Square site.
On Friday, I-Square responded to the comments made about its company by Reilich.
In a statement about his displeasure with Adam Bello being appointed Monroe County Clerk, Reilich claimed I-Square is failing.
"Additionally, financial woes are already apparent as I-Square is failing, and his greatest accomplishment to-date is cutting the ribbon on a library his predecessor built."
I-Square released the following statement regarding the comment:
Following I-Square's statement, Reilich fired back with a response.
I stand by my original statement concerning apparent financial woes surrounding I-Square. The developers of I-Square have in fact defaulted on their PILOT agreement with COMIDA due to their failure to meet milestones clearly laid out in the agreement. Those milestones include the construction of a second building which was supposed to be completed by December 31, 2015. To-date, construction on that building has yet to commence. Anyone is free to contact COMIDA and confirm that the project is in default.
Reilich's full statement on the appointment of Bello can be seen below: