SIDA Kowtows to Pyramid

SIDA should not have extended Pyramid's start date on Phase II of the Carousel Mall expansion. Post-Standard letter to the Editor.

July 28, 2009

To the Editor:

Dear Syracuse Industrial Development Authority, I read that payments from Citigroup stopped as of May 5th (perhaps the date of last payment?). But work continued until mid June. It would follow logic that the "unavoidable delay" in construction would begin from the day work mostly stopped, say, June 15th, not May 5th.

But far more importantly, you overlook the fact that Pyramid has produced no signed tenants, is at least six months behind schedule, is in apparent default on its loan agreements, and refused to put up $15 million of its own to keep Citigroup funds flowing. Would Pyramid have finished the current phase by now? Apparently not. Would they have started phase two on time (a real start)? Obviously not. Do they even have the financing and construction plans ready for phase two? Is phase two "shovel ready"? These are the relevant questions SIDA should have considered in their decision to preserve Pyramid's unprecedented tax subsidies by extending the start date for the mythical giant hotel Phase II of the mall expansion.

Carlo Moneti