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Friday, February 8, 2013

Potter Redevelopment Buys Former Adelphia Headquarters In Coudersport

Potter Redevelopment Buys Former Adelphia Headquarters In Coudersport
Zito Media To Lease Space For 15 Years

On Thursday, February 7, 2013 the Potter County Redevelopment Authority finalized acquisition of the former Adelphia Cable Operations Center on Main Street in Coudersport


• The acquisition price is $2.0 million
• The facility is approximately 80,000 sq. feet
• Zito media signed a 15 year lease to serve as anchor tenant
• American Metro Bank, Chicago, Illinois provides bank financing for the acquisition;
• No Federal or State grants were used in the acquisition;

Acker & Larsen Attorneys served as real estate council for the acquisition.

31 comments :

Anonymous said...

Finally The building can be used again instead of sitting there wasting away.

Anonymous said...

Did the county buy this for him?

I'd love to see the terms of the lease. I think it should be public information.

Anonymous said...

Great news! Such a beautiful structure can now come to life!

Anonymous said...

couldnt come sooner for the starving merchants in the downtown of Coudersport THANK YOU!!!

Anonymous said...

Wow....Are you kidding me. With the downturn of Lev 3 it couldnt come at a better time. Light that place up.

McElwain Hall said...

What is (or who is associated with) Potter Development?

Cartee Streeter said...

This is absolutely terrific news! It's too beautiful of a useful building to sit vacant.

Anonymous said...

That's awesome!! Way to go James, back in the old digs! Full circle..almost. Now to get John and Tim back.

Anonymous said...

Hope they fill it up, so some can get jobs, like the Level 3 people!!! So glad to hear it will be used, finally. Beautiful building.

Anonymous said...

I'd be interested in hearing how the lease agreement reads. Like what the paysment plans are. Pretty ironic the original builders end up with it at pennies on the dollar.

Anonymous said...

John Wright is the head of the Redevelopment Authority.

Lease in a short run basically says Zito lives on the 2nd floor but maintains and pay utilities for the whole building. The lease is 10 to 15G a month which is enough to pay for the loan. Redevelopment Authority has the right to back out within 5 years. Zito agreed to 15 year lease with the option to buy at any time for the remainder of the loan.

SOURCE
The Endeavor

Anonymous said...

Pretty obvious that Wright is talking around one of the big issues: will the Redevelopment Authority pay that service agreement to the county, school district and county like all the other owners? That is not a tax so I don't want to hear about the Authority being tax-exempt. Those of us who live in Coudersport Borough, Potter County and Coudersport Area School District paying our taxes to all 3 places every year for our homes and real estate. Whoever owns that property should also pay. We are subsidizing that property if they don't have to pay anything. Let's have a straight answer on that from the Redevelopment Authority, Borough, School District and County.

Anonymous said...

The Endeavor ? Is it 10G or 15G $5000.00 a month is alot of money either way! I sure don't want my taxes going up to subsidize anything!

Anonymous said...

I congratulate those who put this together. Let's not be shortsighted about the taxes. Anything is better than the building being torn down and sold for scrap-which was a real possibility. Long term-this will end up not only generating taxes in the future but also bring more employment downtown which will benefit every business and all the taxpayers in the long run.
Be thankful that some are interested in bringing economic vitality to the county.

Anonymous said...

Johns an upstanding guy. I'm sure he'll come on here and explain everything in detail

Mr Prez said...

Will it be taxed @ 2 Million or the 30-40 Million that it is valued at?

Anonymous said...

Should not be one red cent of taxpayers dollars involved in this transaction!!! Is there John?

Anonymous said...

Awesome news. With Level3 moving out, I hope Zito can grow and employ a lot of folks.

Anonymous said...

Wonder if this is why the new TV cable boxes are now a MUST in Roulette, Austin, Costello, & soon the other surrounding towns, through Zito, to pay for this new lease on this building??? All happening at about the same time?? They will surely make more money on those who stuck with them, & didn't transfer to other cable means. Curious???

Anonymous said...

The new cable boxes that are being required are due to the fact that most new televisions have a digital tuner in them, which before the required box, allowed people to get channels that they weren't paying for.

duci novo, similis duci seneci said...

My Opinion -
1.In 2011 the property could have been bought for $1.5 mil, PCRDA pays $2.0 mil. Was there a down payment on the purchase price or was it like buying a new living room set, a No Money Down Deal , No Payments till 2014, Free Delivery, like I see on TV?

2. PCRDA shops for a loan from our local banks, who have appeared to pass on it and we end up getting financing from the owner. The local banks thought the Kightlinger deal was good and financed it, this deal, not so much.

3.We take a company who is already here and lease them only a fraction of the building. With No new tenants mentioned on the horizon.

4.Assuming Zito vacates their existing locations to move in, this creates other vacant properties. If they do not vacate other properties, why do they need an 80,000 sf building? Although they do have 7 jobs listed on their web site and 2 of them are even in Coudersport.

5.No taxes will be paid until 2018 as it is in a KOIZ zone & my hunch is the payments to the schools were waived to facilitate the deal. So all us taxpaying peons had better hunker down for the next five years and be lighting daily candles praying we can still pay our taxes.

6.Level 3 Communications a multinational TELECOMMUNICATIONS firm will be leaving soon, presumably leaving their TELECOMMUNICATIONS building empty.

7.Zito gets an option to buy the building for the balance of the loan, effectively applying their lease payments to the principle, which makes this appear more like a straw man purchase by Redevelopment Authority for the potential benefit of Zito, rather than an asset purchase.

8.Who guarantees the loan & insures the building? PCRDA or Zito? Why was this not purchased by Zito outright, leaving the government assistance out of it, if it made so much sense?

9.If Zito fails or gets bought out by another company, how big is the bag we end up holding.

So many questions, so little time. I hope I’m wrong, but I see 2 winners here, the Attorneys and the biggest of all are All of the local Banks who passed on the financing.

Adelphia 2.0, coming to the big screen to a theatre near you.

Anonymous said...

Looks like a bad deal for the taxpayers. Rigas uses John Wright and other pawns to buy a building for pennies on the dollar. Nobody pays taxes so all taxpayers get ripped off. Criminal? no. Shady? yes. Has anybody checked the old contamination in the past few years? The soil under this building had lots of gas station residue flowing underneath it.

John Wright said...

The building has remained vacant for nearly 10 years. I am happy to discuss the logic, the intent, or details to anyone interested. 814-274-7031 Ext 17 John Wright

Anonymous said...

Yayy zito!! Lets put people back to work!!

Anonymous said...

How can people be mad that the building is going to come back to life and it will bring help pick up the economy down town.

Anonymous said...

Way to go john wright & and zito good move to help jump start the local coudy area. Glad zito needs more room to grow. Maybe more jobs down the road. Sure sounds better than the radioactive sludge ulysess is trying to bring into the area

Anonymous said...

See I told you John would go public & explain it to us!

Old Hickory has been vacant for over 10 years, it’s probably next.

The bowling alley still has a few years to go though.

boni pastoris est tondere pecus non deglubere said...

It’s kind of like that book, The Secret, The Law of Attraction.
You put a tenant in and then that tenant will put out positive tenant like vibrations that will attract other tenants. Then pretty soon, the building will be full of people who will spend all of their money in the 12 stores downtown.

Or maybe Zito will get the building in 15 years for a fraction; have a 5 year tax abatement, all the while deducting their monthly lease payments from their taxes.

Anonymous said...

BIG GOVERNMENT WHIZ-DUMB COMES TO POTTER COUNTY! YOU CAN'T SELL ANYTHING UNLESS SOMEONE HAS THE MONEY TO BUY IT...

Anonymous said...

YUP, the John I know CERTAINLY is an upstanding guy!! wouldn't even consider doing anything devious or underhanded, never has, never will!!!!

Surreal said...

You just cant make this stuff up.

Donald Gilliland's 3/27/12 Patriot News article indicated some of Zito's profits go to pay the Adelphia Lawyers.

So if I have this right.
I pay a cable bill,
some of Zito's profits go to pay lawyers, for the members of Adelphia who built the Building that Zito will be moving into, which Zito will have a chance to buy at a fraction of the sales price.

This really deserves a bump to the top.