Nov. 18, 2020: Onondaga County may purchase Shoppingtown Mall parcel; district would contribute to purchase price
Onondaga County Executive Ryan McMahon announced Nov. 18 that it has reached a deal with the owners of Shoppingtown Mall to purchase the mall property, which includes the Scotch & Sirloin restaurant and KeyBank parcels.
The $3.5 million deal calls for the Jamesville-DeWitt Central School District to contribute approximately one-third towards the purchase from mall owner Moonbeam Capital Investments.
Onondaga County has in the past covered Moonbeam’s town and school district tax bills when it hasn’t paid them so the district and municipality would not have revenue gaps related to Moonbeam’s property tax bills. The district’s contribution to the purchase price would reimburse the county for those past school tax payments.
“We recognize that having this property back on the property tax rolls is in the best interest of our county and school district residents,” Superintendent Peter Smith said.
The Onondaga County Industrial Development Agency and the town of DeWitt would make up the remainder of the purchase price, and ownership would be transferred to the development agency, which would lead the process to find a buyer for the property.
Because the property is currently in bankruptcy, the deal would have to be approved by bankruptcy court, which could happen in December, McMahon said during a press conference. The deal is also subject to the approval of the J-D Board of Education and the DeWitt town board.