Negative Attitudes on iPark 87 are Misplaced

The redevelopment of the former IBM campus, known as iPark 87, represents the most significant economic development opportunity for Ulster County in a generation. Unfortunately, recent press coverage has painted what we believe to be an inaccurate picture of the project. It’s time to set the record straight.

Three years ago, National Resources committed to redeveloping the campus. They did so based on a clear public-private partnership championed by former County Executive Pat Ryan. At its core was a commitment from Ulster County and its agencies—including the Executive's Office and UCEDA—to be nimble, flexible, and supportive partners. This included a pledge to help secure financeable leases necessary to anchor the project, including bringing in tenants like Ulster County government, SUNY Ulster, SUNY New Paltz, and Ulster County BOCES.

National Resources has upheld its end of the partnership, investing over $20 million of its own capital into the site. They fulfilled their obligation to complete the environmental remediation, a task initially estimated at $1 million but ultimately grew to over $5 million. And two key tenants, Archtop Fiber and now Ulster County BOCES, are bringing new life back to the dormant campus.

But big challenges remain. Massive, unexpected remediation costs and capital needs to get long-neglected buildings ready consumed a large portion of the project's available capital. In addition, for unclear reasons, progress at iPark 87 continues to be hindered by a lack of urgency and delays from county government. This, in turn, has created new challenges.  

We understand National Resources is trying to work with county leadership on a plan to restructure the mortgage to push payments further out. Similarly, we know the company is in discussions with the Town of Ulster to address differences of opinion on the property's assessed value. As is the legal right of any property owner, they've entered the formal grievance process. Once that process is complete, we are confident that National Resources will pay all taxes due based on the outcome.

The redevelopment of iPark 87 is an extraordinarily complex endeavor. While Ulster Strong appreciates the checkered history associated with this site, we need to remain supportive of the promise of a fully-revitalized campus, host to good-paying jobs and businesses, thriving public-private partnerships, civic agencies and needed housing.