Press-Republican

Local News

June 2, 2012

LLC acquires Chazy Pfizer facility

CHAZY — Pfizer has sold its Chazy facility to a limited liability company formed by the County of Clinton Industrial Development Agency.

The property has been transferred to Clinton Industrial Development Acquisition LLC, created by the IDA in March to take ownership of the facility at a nominal fee. Empire State Development approved a $1.2 million grant in mid April to fund the maintenance and marketing effort. 

The move is expected to allow those efforts to continue for two more years. Pfizer had initially planned to auction the facility in February, but extended that to June 4 and 5 so the two sides would have more time to negotiate the acquisition.

Agreement achieved, the facility didn’t go up on the auction block.

David Champagne, Rouses Point managing director for Pfizer Global Supply and a member of the Pfizer Transition Coordinating Council, said while Pfizer explored alternative options, this outcome would provide a mutual benefit to the Chazy community and Pfizer.

“Pfizer is pleased to work with Clinton County leaders, Empire State Development, the North Country Chamber of Commerce and local public officials, and convey the facility to CIDA, LLC, who with the support of the ESD, will maintain and market the facility to promote and encourage new economic development investments at the site,” he said in a press release.

TAX AGREEMENT

Local economic development and government officials praised the cooperation that led to the deal.

“We are pleased to be working closely with Pfizer and New York’s Empire State Development and are committed to helping the county locate a responsible party interested in the long-term use of the former Pfizer Chazy facility,” IDA Board Chair Trent Trahan said.  

The property is assessed at $12 million. The three taxing jurisdictions involved — the Town of Chazy, Chazy Central Rural School and Clinton County — have been working on a tax-abatement agreement for the property to be in effect during the two-year period. As part of the agreement, Pfizer has agreed to terminate all outstanding local tax appeals and relinquish prepaid property taxes.

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