Urgent: Ulster County Negotiates $6.8M Tax Crisis with Developer

UPDATE: The Ulster County Economic Development Alliance is currently engaged in urgent negotiations with National Resources Inc. over a staggering $6.8 million in unpaid taxes and mortgage payments related to the troubled iPark 87 development. This development comes as the site plan approval for the project has expired, raising immediate concerns about the future of a property that has plagued local officials for years.

County Executive Jen Metzger confirmed in a telephone interview that discussions aim to reach a mutually beneficial agreement to ensure National Resources meets its financial obligations. Metzger emphasized the urgency, stating, “I hope that these discussions conclude soon,” pointing out the need for a resolution that benefits taxpayers and stimulates local economic growth.

In a statement released on Monday, Gregory Simpson, Chairman of the Ulster County Economic Development Alliance, reported that they are actively working with National Resources to address back payments owed on both the east and west campuses of iPark 87. “Because of the sensitive nature of the discussions, we will not share details at this time,” he stated, but assured that finalized agreements would be disclosed once completed.

National Resources purchased the former TechCity property for $10 million following a county foreclosure due to nonpayment of taxes by its previous owner. The developer committed to paying $5 million annually over five years and pledged over $200 million in investments intended to create up to 1,000 jobs in the area. However, progress has stalled, and critics are voicing concerns about the viability of the project.

Despite some activity on the east campus, including recent moves by Ulster County BOCES into over 100,000 square feet of space, the west campus remains dormant. Assistant Deputy County Executive Amberly Campbell noted that a master lease agreement signed in July 2024 for county offices and educational subleases was terminated by mutual agreement in February 2025.

Metzger indicated that the county is awaiting the outcome of negotiations before proceeding with any plans for the west campus, which encompasses 82 acres that National Resources acquired for $6.8 million in 2023. Observers remain skeptical about the developer’s commitment, with Legislator Kevin Roberts criticizing the situation as “a complete disaster.”

“To me, it’s just been a complete disaster,” Roberts stated. “I just don’t see anything happening there other than us going further in the hole.”

National Resources has made only one mortgage payment of $1 million on the east campus and has failed to make any payment on the west campus since the initial down payment of $100,000. There are growing concerns that the buildings on the west campus may need to be demolished, suggesting a potential abandonment of this part of the project.

Amidst these challenges, Metzger revealed that a proposed mortgage restructuring plan designed to provide National Resources with financial relief was never finalized. “In May, National Resources indicated they were going to sign the agreement, but then UCEDA heard nothing,” she said.

As the discussions continue, the fate of both campuses hangs in the balance, with potential implications for the local economy and job market. Community stakeholders are anxiously waiting for a resolution that could either revive the project or lead to further complications for the county.

Simpson concluded with a note of hope, expressing optimism that an agreement can be reached. However, he reiterated the Alliance’s fiscal responsibility to the people of Ulster County, emphasizing that this matter remains a top priority as discussions progress.

For now, all eyes are on the negotiations, as the outcome will significantly impact the future of iPark 87 and the broader economic landscape in the area.