Frank’s Nursery Property May Be Sold to Assisted Living Developer
According to Greenburgh Town Supervisor Paul Feiner, the Town Board is close to an agreement to selling Frank’s nursery to an assisted living facility. “We anticipate that the facility will be between 90-100 units,” Feiner said in an email. “In recent years residents have encouraged the town to sell the property, which we took over by foreclosure, for residential purposes or for an assisted living facility. Our current code authorizes assisted living facilities to be built at this location so no zoning changes will be required. We hired a broker over a year ago to help us market the property and worked hard to market the property. This was the best offer we received.
Terms of the proposed sale include Valterra (Capital Senior Housing) assuming responsibility for the environmental remediation of the property but would do so at the Town’s expense.
Upon execution of the contract, Valterra (Capital Senior Housing) would deposit $100,000 in escrow and then assist the Town in working with the DEC during the 90-day feasibility period to quantify the cost of remediation and determine necessary remediation measures.
Once the cost of remediation is quantified, both parties would agree upon an amount of money to be placed in escrow that Valterra would draw down from to complete remediation. Remediation would take place after closing and money placed in escrow for remediation would be deducted from the Town’s $3.5 million purchase price.
Closing would occur upon Valterra receiving all necessary approvals to construct and operate “an assisted living residence” that complies with the Town Code. Closing will not occur until Valterra receives Town approvals and NYS Phase I Department of Health approval for an Assisted Living Residence, estimated at 12 to 18 months.
Valterra will accept a quitclaim deed from the Town in lieu of a Bargain and Sale deed and closing is no longer contingent upon Town completion of environmental remediation.
Construction and remediation are expected to occur concurrently.
“Other assisted living facilities generate about $500,000 a year in combined taxes to the county, town, fire and school districts, with the majority of the taxes going to the school district,” Feiner concluded.
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