Destiny USA construction
/ File photo
SYRACUSE -- Citigroup will be replaced as the primary lender for the Destiny USA project, with JP Morgan Chase taking over.
That's what came out of Tuesday's Syracuse Industrial Development Agency (SIDA) meeting. We're told it should be done within the next ten days and by the start of 2012.
As you may know, Citigroup and Destiny have been involved in highly-charged legal battles.
Two years ago, Syracuse's largest construction project came to a grinding halt after Citigroup stopped a $155 million construction loan, saying Destiny executives failed to live up to their end of the bargain. For their part, Destiny execs disagreed, and the dispute ended up in court. The issues were later resolved.
SIDA Chairman Bill Ryan tells CNY Central this will help move the project forward, and is a sign the mall expansion is on scheduled to be completed by the spring of 2012.
SIDA also voted to extend sales tax exemption for construction materials bought locally for Destiny construction through December 2012. It expires on December 31 of this year.
