Syracuse Housing Authority signs MOU with McCormack Baron Salazar

On October 2, 2019 the Syracuse Housing Authority Board of Commissioners approved the memorandum of understanding (MOU) entered into between William Simmons, on behalf of the SHA and Vince Bennett, on behalf of Master Developer, McCormack Baron Salazar.  The MOU outlines the business terms that will be negotiated and agreed to in a Master Development Agreement.

 Memorandum of Understanding: East Adams Street Neighborhood Project

Parties:

  1. Syracuse Housing Authority
  2. McCormack Baron Salazar

Exhibit A:  Syracuse Housing Authority’s Master Plan
 for the East Adams Street Neighborhood Transformation Plan “Master Plan”

Exhibit B:   Form of a Redevelopment Term Sheet

McCormack Baron Salazar (MBS) Visit Agenda: October 1st, 2nd and 3rd

October 2, 2019:

SHA gave MBS a tour of the SHA properties that are included in the Master Plan

SHA Board Meeting:  Approval of MOU

The Syracuse Housing Authority and MBS had preliminary conversations with

  1. Mayor Ben Walsh
  2. County Executive Ryan McMahon
  3. Blue Print 15: Vince Love, Sharon Owens, Calvin Corriders
  4. Stephanie Pasquale, Commissioner, Neighborhood and Business Development
  5. Colleen Deacon and James Fayale, Regional Director of the CNY Regional Economic Development Council

October 3, 2019:  The Syracuse Housing Authority, MBS, and Resident Advisors Robert Mike and Supreena Smalls met to discuss the resident’s role in updating the Master Plan and what they wanted to see in the redeveloped community.

Next Steps:  The Parties anticipate negotiation of a term sheet which outlines the business terms and plans for the various Phases of Redevelopment (the “Redevelopment Term Sheet”) and negotiation of a Master Development Agreement (“MDA”).

The Parties anticipate negotiation of the Redevelopment Term Sheet within sixty (60) days of the date of the MOU.

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