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Thursday, December 6, 2018

Zito Media purchasing building in downtown Coudersport

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By Halie Kines hkines@tiogapublishing.com
Potter Leader-Enterprise

COUDERSPORT — The building that previously served as the Adelphia Cable Operations Center will be sold to Zito Media, according to John Wright, executive director of the Potter County Housing and Redevelopment Authorities.

The almost $2 million sale is set for Dec. 14. The building, built during the Adelphia boom in 2000, has been mostly vacant for several years. A bank in Chicago, American Metro, recaptured the building as part of a failed loans collateral in 2008 but eventually sold it to the Potter County Redevelopment Authority in 2013, which is when Zito Media began to lease it.

James Rigas, CEO of Zito Media, said the company had the opportunity to purchase the building at the cost of what was left on the mortgage. He said the purchase was delayed until a tax issue was resolved.

The tax issue rose from the building being off of the tax rolls for so long. A settlement agreement was drafted and eventually agreed on between the taxing bodies (the county, Coudersport borough, Coudersport school) and the redevelopment authority. Read more....

6 comments :

Anonymous said...

TGood outcome for all concerned. A lot is not reported here like the Housing Redevelopment Agency sues the commissioners to get the tax bill lower when the rest of us pay our fair share. Two of the commissioners hold their ground in a 2-1 vote and do not cave in. Good ending to a long long story.

Anonymous said...

About time it gets back on the tax rolls. Glad to see the job numbers rising at Zito.

Anonymous said...

2:46 what is TGood and where did you hear there was a law suit? Didn't it cost 30 million dollars to build or was that fake news? Which commissioner voted to lower the taxes even more and why?

Anonymous said...

$106,000 just for taxes. I just can't fathom how much money any company would have to make to be able to pay utilities, employees, maintenance etc. And that much a year just in taxes. Not saying I don't think taxes should be paid, I just can't wrap my head around that kind of money just on taxes.

Shirley Snyder said...

I am just glad it is back to the Rigas' where it belonged all along. Good for James Rigas and Zito Media. I am sure John Rigas is happy about that as well.

Anonymous said...

5:21 DO you have Zito Media cable and internet? If you do, you'll Know where the $$ comes from