Interest money

Ulster solar firm seeks to stop sale of TechCity over money owed to it by site’s former owner – Daily Freeman

CITY OF ULSTER, NY – Solartech Renewables is asking a court to ensure it receives the $3,117,862.07 owed to it by TechCity and its former owner Alan Ginsberg before the sale of the county tax complex. ‘Ulster to National Resources is finalized.

The case is scheduled for a hearing on Monday February 28 in Ulster County Court. Solartech Renewables is seeking a restraining order on the sale, which apparently has not been finalized and has not included discussions of how the court-ordered lien payments against Ginsberg should be made.

Solartech Renewables attorney Jeremy Doberman said there was a settlement offer from Ginsberg shortly before the announcement of the expected sale in November, but he hasn’t heard anything since the county legislature and the County Economic Development Alliance voted to turn over the deeds to National Resources for $12 million.

“Under the stipulations that were signed and approved by Judge (Bryan) Rounds, the non-tax liens are meant to be paid as part of the settlement … (with) the national resource company iPark,” he said.

“My client was threatened by (Ginsberg) with foreclosure of his lien,” Doberman said. “They were told they had to take $250,000 because there was a good chance they would end up with nothing.”

In court documents, Solartech argues that the sale is an “apparently fraudulent transfer designed to leave (Ginsberg) immune from judgment but leave the…properties subject to further development for the benefit of all parties, at the exception of non-tax creditors”.

The deal approved by county lawmakers saw Ginsberg waived $10.82 million in unpaid taxes in exchange for 18 TechCity packages. The deeds were then transferred to the County Economic Development Alliance, whose members are appointed by County Executive Pat Ryan, with that agency then selling the properties to National Resources for $5 million in cash at pay over five years and a commitment. to cover a minimum of $7 million in environmental cleanup costs.

Solartech Renewables occupied approximately 15,000 square feet of space at TechCity, the former IBM-Kingston factory, until April 2014. In December 2011, the company purchased $1.9 million worth of solar panels and equipment for one of many facilities that Ginsberg wanted but never got paid. In December 2018, a court ruled that Ginsberg owed costs plus interest.

Neither county officials nor National Resources Chairman Joe Kotter could be reached on Friday, Feb. 18 for comment.