Deal Includes Remediation of Letchworth Property, Millions in Savings for Taxpayers, Construction of New Community Center, Resident Access to Upgraded Golf Course Facilities
STONY POINT, NY — In a deal that will realize one of the largest private investments in the Town of Stony Point in decades and millions in savings for taxpayers, Town officials announced today at a press conference that they have signed a contract for the sale of the former Letchworth Village property and Patriot Hills Golf Course. The developer, Patriot Hills Park LLC, intends to invest in the remediation and redevelopment of the site of the former state institution as well as upgrades to the golf course, clubhouse, and catering facilities.
“This is an exciting day and big win for Stony Point,” stated Town Supervisor Jim Monaghan at the press conference on the golf course. “As far back as 2003, the town has actively worked to market the old Letchworth facility and today’s agreement will finally ensure both the revitalization of this property and the enhancement of this beautiful golf course for benefit of our taxpayers.”
“This deal means millions in benefits to our taxpayers immediately and helps strengthen the long-term fiscal health of the Town that will enable us to keep town taxes down,” said Councilman and Deputy Supervisor Tom Basile. “This contract will at long last allow this site to generate income rather than be a drain on resources and do it while maintaining the character of this community.”
The purchasers have also agreed to fund the design and construction of a new Stony Point Community Center to replace the current RHO Building on the Letchworth site, which is in constant need of repair. The new community center will provide facilities for senior citizen functions, official town meetings and a range of other uses.
“I, along with my partners, look forward to the success of this project and the exciting possibilities and economic growth that it will bring to Stony Point,” stated Raja Amar of Patriot Hills LLC. “As a resident of Stony Point, I have a personal interest in investing in our future for the benefit of our community and its residents.” Amar and his partners have been in negotiations with Town officials for more than three years.
Key elements of the contract include:
- $6.4 million due at closing encompassing both cash payment and performance bond for the design and construction of a new Stony Point Community Center.
- $6 million estimated commitment from the developer to remediate and demolish buildings on the Letchworth site.
- Renovations to and the preservation of Kirkbride Hall for Town recreation purposes.
- Golf course will remain accessible to Town residents and their guests.
- Stony Point active riding volunteer fire department and ambulance corps members will play for free.
- Deal encompasses both all buildings on the former Letchworth site as well as the catering facility and current golf course.
The Patriot Hills golf course has been consistently subsidized by town taxpayers by an average of more than $1.3 million per year for the last five years. The savings for Stony Point taxpayers will be significant including eliminating the need for an estimated $7 million in projected additional expenditures and debt for golf course capital improvements, renovation of the catering facility and maintenance for the dilapidated Letchworth buildings.
“The golf course has been a drag on our finances for years that has prevented us from investing in other priorities,” said Monaghan. “This deal will enable us to direct resources toward other critical needs.”
The company intends to begin work on upgrading the golf facilities as soon as possible. Following remediation of the Letchworth property, any development plans would proceed in accordance with all applicable Town planning and zoning processes.