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Thread: Selling the Northtown Center

  1. #1
    Member leftWNYbecauseofBS's Avatar
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    Selling the Northtown Center

    So the TOA got an offer from an equity firm for $8.5 million for the complex. Amherst is carrying about $7.5 million in debt on Northtown Center. The center brings in about $2.55 million per year in revenue but has about $2 million per year in operating expenses. Add in the debt service of $1.35 million per year and the center runs a $800,000 year deficit.

    What was not posted in the BN, because they are crappy at their job, is how many more years the TOA has on the debt service payments.

    Also to note, there are some initial plans to build a 5th rink at the complex for around $10 million and to lease land next to the complex for a hotel. The town would collect payments on the hotel land but the hotel would be owned by a private company.

    One more thing that is not mentioned, again because it's the BN, is UB just dropped Baseball as a sport. This means that the large baseball diamond at the complex will no longer be needed outside of youth league. Northtown already has 5 softball fields and with the removal of the baseball diamond and some slight reconfiguration, they could easily fit 4 full size lacrosse and decent size soccer pitches at the complex as well. Doing so would allow the complex to host multiple tournaments during the summer, even on the same weekend, similar to how they run tournaments in the winter. When you consider the hotel that would be built and the facilities like locker rooms and a bar already inside of the center...it's a really attractive location.


    Point being...this complex with some investments can make a LOT of money. The TOA is smart to take the $8.5 million offer as a joke but they also need to reach for a growth plan as there is money to be made.

  2. #2
    Tony Fracasso - Admin
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    Who consults the town on the deal? Is it just the town council members who think this type of stuff out?

  3. #3
    Member leftWNYbecauseofBS's Avatar
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    Quote Originally Posted by WNYresident View Post
    Who consults the town on the deal? Is it just the town council members who think this type of stuff out?
    No idea but it didn't seem that they had a consultant in the wings.

    My thinking is it would take a mixed bag of skills to pull it off. Not sure what exists in the town structure can provide those skills.

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    Quote Originally Posted by leftWNYbecauseofBS View Post
    No idea but it didn't seem that they had a consultant in the wings.

    My thinking is it would take a mixed bag of skills to pull it off. Not sure what exists in the town structure can provide those skills.
    Right now the town board has a Democratic majority led by the pathetic incompetent Debbie Bucki, the former town clerk who left thousands in uncashed tax checks behind when she left the town clerks office. In her defense she was just modeling Ho Ho Hochul, the former county clerk, who left rooms full of unopened mail containing untold thousands of $$ in filing fees behind when she left the county clerks office. It's a Democratic thing don'tcha know. There is no structure to provide skills.

  5. #5
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    Quote Originally Posted by grump View Post
    Right now the town board has a Democratic majority led by the pathetic incompetent Debbie Bucki, the former town clerk who left thousands in uncashed tax checks behind when she left the town clerks office. In her defense she was just modeling Ho Ho Hochul, the former county clerk, who left rooms full of unopened mail containing untold thousands of $$ in filing fees behind when she left the county clerks office. It's a Democratic thing don'tcha know. There is no structure to provide skills.
    Voters have short memories...like the length of a thumbtack. Politics in this Town have never been so bad...and more allegiance than intelligence seems to govern Amherst VOTERS!

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