Press-Republican

Local News

April 16, 2013

Investors agree to buy Pfizer Chazy

(Continued)

CHAZY —

“Fast-forward one year, and now we are talking about the redevelopment of the site,” he said.

“Northstar, run by local business people, presented Clinton Industrial Development Acquisition with a solid business plan that includes multi-use development and, most importantly, job creation and investment.”

‘IMPERATIVE’

Pfizer acquired Wyeth in 2009. It announced it would close the Chazy, Rouses Point and Plattsburgh facilities in November of that year, resulting in the loss of more than 600 local jobs, including 300-plus in Chazy.

A plan to auction off the Chazy facility for demolition was averted after the Clinton County IDA formed Clinton Industrial Development in March 2012 and acquired the property in June for $1. The property was assessed at $12 million in 2012.

Empire State Development provided up to $1.2 million to maintain and market the facility for about two years. To date, $698,801 of that money has been spent.

IDA Executive Director Erin Hynes said the main goals of the project were twofold: to acquire the former Pfizer Chazy facility and maintain it for a period of time and to market it to a suitable user that would create jobs.

“The board knew getting the facility back into private hands was imperative, not only from an employment standpoint but from a community-investment standpoint, as well,” she said.

“This truly was a team effort from Gov. Cuomo and Commissioner Adams on down to the Clinton County Legislature, the chamber, the Town of Chazy, our marketing partners at CDC Real Estate and facility caretakers at Lake City Properties.”

JOBS CITED

The announcement brought a barrage of reaction from public officials.

Chamber President Garry Douglas said the transfer from Pfizer to Clinton Industrial Development Acquisition was done in the belief that additional time and marketing would bring that result.

“This valuable economic asset deserves an owner committed to productive new use, which this accomplishes. The Podd family have been quality developers and employers in the North Country for many years, and we now look forward to continuing to work with them to help attract good things to Chazy,” he said.

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