The Ulster County Economic Development Alliance is currently engaged in negotiations with National Resources Inc. regarding approximately $6.8 million in unpaid taxes and mortgage payments related to the iPark 87 development. This comes as the site plan approval for the project has expired, raising further questions about the future of the long-stalled property.
Located in the Town of Ulster, New York, iPark 87 has faced challenges since its acquisition by National Resources, which purchased the former TechCity property for $10 million. As part of the acquisition agreement, the developer committed to pay $5 million annually over five years to the Ulster County Economic Development Alliance and undertake at least $7 million in environmental cleanup.
In a telephone interview, County Executive Jen Metzger explained that discussions are aimed at reaching a mutually beneficial agreement. “I hope that these discussions conclude soon,” she stated. “I hope that an agreement is reached that is the right thing for the taxpayer and the right thing for the local economy and jobs.”
The negotiations follow a statement from Gregory Simpson, Chairman of the Ulster County Economic Development Alliance, indicating that the body is working to resolve back payments owed on both the east and west campuses of iPark 87. Simpson noted that details of these discussions cannot be disclosed at this time due to their sensitive nature, but he assured that agreements will be made public once finalized.
While some development has occurred on the east campus, including the establishment of Archtop Fiber and the recent relocation of Ulster County BOCES into more than 100,000 square feet of space, the west campus remains undeveloped. Assistant Deputy County Executive Amberly Campbell confirmed that a master lease agreement was signed in July 2024 for county offices and subleases for SUNY Ulster and SUNY New Paltz, but these leases were mutually terminated in February 2025 to accommodate BOCES’ needs.
The stalled progress has prompted criticism from local officials. Kevin Roberts, the minority leader of the county Legislature, voiced concerns over the lack of development and National Resources’ failure to meet its financial obligations. “To me, it’s just been a complete disaster,” Roberts remarked, questioning the efficacy of the county’s investment in the property.
The future of the west campus, a roughly 82-acre parcel, remains uncertain. National Resources made a $1 million mortgage payment on the east campus in 2023 but has not made any payments on the west campus since its acquisition. Negotiations earlier this year aimed at restructuring the mortgage to provide the developer with financial flexibility fell through, as Metzger revealed that National Resources indicated they would sign the agreement but then ceased communication.
Adding to the complexity, National Resources has filed legal actions to seek a reduction in the assessed value of the east campus but has not pursued similar actions for the west campus. This raises concerns among local leaders, including Roberts, who have heard claims that the buildings on the west campus may need to be demolished. Roberts questioned whether the developer is considering abandoning the property altogether, expressing doubt about their ability to fulfill financial commitments.
County Comptroller March Gallagher highlighted the challenges facing the Alliance, noting that many parcels on the east campus were released from the mortgage, limiting the potential for foreclosure on that site. Despite the setbacks, Simpson remains hopeful that an agreement can be reached that addresses the financial responsibilities while ensuring the interests of Ulster County residents are upheld.
As negotiations continue, the status of iPark 87 remains a critical issue for the county, emphasizing the need for a viable resolution that supports economic development and job creation in the region.
