Richard Moody is reporting for Columbia-Greene Media Ginsberg’s Foods will most likely now have to pay the Columbia Economic Development Corporation $280,000 for the 33-acre parcel on Route 66 across from the Gerald Simons Commerce Park, it purchased from the CEDC in 2015, for $1. Ginsberg's bought the land to build a warehouse with the condition the project be completed in three years. Under the contract, Ginsberg's failure to make ithe upcoming August deadline will cause the company to pay the CEDC the full assessed value of the property at the time it was purchased, or $280,000. “The reality of the situation is that they will not meet their deadline, and they did not ask for an extension,” CEDC President and CEO F. Michael Tucker said. “We will not have the project done by deadline,” Ginsberg’s Foods Vice President John Brusie said. “We will stand by and fulfill any requirements of us as part of the agreement with CEDC.” Brusie refused to comment further. Read the full story at HudsonValley360 [dot] com.