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Court approval is final step in Kaz deal

Oct 27, 2021 6:00 am

Sam Raudins is reporting for Columbia-Greene Media the as-yet-unidentified buyer of the Kaz warehouse site in the city of Hudson has signed off on the deal for a still undisclosed sum of money, the Hudson Development Corporation announced October 26. The sale of the site, located on Montgomery Street in the city's 1st Ward, needs only the approval of a court because the sale will consist of most of the corporation’s assets. An application for the courts is being prepared — the court must see how the money from the sale will be spent. According to the state Attorney General’s office, sales of this nature must be approved by the attorney general or the state Supreme Court. Approval could take three to six weeks. HDC officials say the deal will be finalized within 10 business days of court approval. It remains unclear what the mystery buyer plans to do with the land, but HDC Board of Directors President Robert Rasner claims the buyer has plans and dreams for a new Hudson neighborhood. “We have worked so long for this, it’s such good news,” he added. Rasner said the pending sale will provide revenue that can steer the future direction of the organization. HDC board treasurer Philip Forman said the organization should focus on creating new jobs with the anticipated revenue and suggested using “our funds to maximize impact on job creation and economic opportunities in Hudson.” Read the full story at HudsonValley360 [dot] com.