WXXI Local Stories
Fri October 7, 2011
City To Pay More For Midtown
By Zack Seward
Rochester, NY – The City of Rochester announced it's paying millions more for the former site of Midtown Plaza. The move nearly doubles what the city originally paid for the parcel. But as the WXXI Innovation Trail's Zack Seward reports, the Mayor says it could've been worse.
The city announced Friday it's paying nearly $5 million more to the former owner of Midtown Plaza.
That's after a court ruling found the city paid too little for the downtown property in 2008.
Mayor Tom Richards says neither the city nor the former owner will be appealing the court's decision.
"The result here is not ideal from our point of view, but it's not a bad result," said Richards. "They were trying to get twice as much as this. So, it is, I think, a reasonable choice for us to make."
The mayor says the payment will come out of the city's Insurance Reserve Fund and will have no immediate impact on the city's budget.
Richards says the settlement clears the way for the city to focus on the site's future.
"Whatever the specific future is -- how much it involves PAETEC, how much it involves other things -- we now we have something we can work with," said Richards. "That was the problem before: Midtown sat there in the very center of downtown and kept us from making any progress."
The latest payment is pending City Council approval.