Amsterdam

AIDA accepts $362,500 bid for E. Main St. building

44-46 E. Main St. in Amsterdam is shown.
PHOTOGRAPHER:

44-46 E. Main St. in Amsterdam is shown.

AMSTERDAM — The Amsterdam Industrial Development Agency has accepted a $362,500 bid for the sale of 44-46 E. Main St. to the owners of one of the building’s tenants, G’s Famous Lemon Cookies.

The AIDA Board of Directors unanimously approved a resolution accepting the bid from Regina and Matt Flint for the mixed-use building during a special meeting on Monday. The agency marketed the downtown property for sale through Berkshire Hathaway.

At least one other bid was received on the property, according to AIDA Board Chairman Joseph Emanuele. However, there are no plans to publicly disclose details of any additional offers on the property. The board discussed the property sale in executive session as permitted under state law and ultimately decided to move forward with the offer from the Flints.

According to Emanuele, the successful operation of G’s Famous Lemon Cookies by Regina Flint in a well-maintained bakery and cafe out of a ground floor space in the East Main Street building since 2019 was viewed favorably by the board while reviewing the offers. “She is a good tenant, she has a successful business and it was positive for us to consider for them to now own the building and manage the building while being part of the building,” Emanuele said.

The actual sale of the building is still several months off while attorneys for the AIDA and the Flints draw up contracts. The board will have to approve an additional resolution authorizing the sale after the documents are prepared, said Amanda Bearcroft, director of the city Community and Economic Development Department and interim executive director of AIDA.

Both Emanuele and Bearcroft pointed to the sale of the property as beneficial to the city by returning the multi-unit building to the tax rolls following an extensive rehabilitation project undertaken by the AIDA.

“It needed an extensive amount of work and we’re really proud and happy with the look and bringing an older building downtown back to life,” Emanuele said.

“It’s a prominent building in our downtown, a building everyone sees coming off the Route 30 bridge,” Bearcroft said. “It shows a testament of how the IDA can work and now this building will be going back on the tax rolls.”

The AIDA acquired 44-46 E. Main St. for $43,000 from the United Way of Montgomery County in 2012. The agency subsequently secured $550,000 in grant funds to renovate the building as part of an estimated $650,000 project.

Rehabilitation of the building that features four apartments across the second and third floors and two commercial spaces on the ground floor took roughly two years to complete. AIDA has leased out the residential and commercial spaces in the years since.

The building is currently fully occupied with G’s Famous Lemon Cookies and Geek Pantology, a computer service and repair shop, filling the pair of storefronts. The bakery is closed this week for vacation.

“As an IDA in the city of Amsterdam we took on the role of landlord and it’s not in my eyes the real role of the IDA to be in the landlord business, so we had the opportunity to sell and we’re really glad and happy for the potential new owner,” Emanuele said.

Emanuele and Bearcroft were not aware of any plans by the Flints to alter the current operation of the building following its sale. Regina Flint declined to comment when contacted on the planned acquisition of the property that has not yet been reviewed by attorneys.

The AIDA is hopeful the sale of the building will close in the fall. Afterward, Emanuele indicated, the agency will look for other properties in which to invest the proceeds.

“We would like to keep investing our IDA money into job growth and retention efforts,” Emanuele said. “Within the city limits the amount of land and space is limited, so as soon as we are able to acquire or invest some more of our money into another property we would like to.”

Bearcroft agreed. “That’s how the IDA should be operating, taking buildings that are vacant or in need of some rehab work, getting them fixed up, occupied and back on the tax rolls,” she said.

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