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Ulster County Comptroller March Gallagher revealed on Thursday (October 16) that iPark 87, the company redeveloping the former TechCity property, is $6.7 million behind in taxes and mortgage payments. This announcement came during a report to the Ways and Means Committee, despite attempts by the Ulster County Economic Development Alliance (UCEDA) to delay the release of the information until later this month.
According to Gallagher, as of September 15, 2025, iPark owes over $2.2 million in taxes, penalties, and interest on 19 parcels. This includes school and general taxes for 2024-2025 and 2025-2026. Additionally, the company has not made significant payments on its West Campus loan, leaving $6.8 million outstanding, with only a $100,000 initial deposit made. The East Campus loan also remains largely unpaid, with $4.5 million still owed.
National Resources, the developer, has not responded to requests for comment on the missed payments. Furthermore, they have filed tax grievances to reduce the property's assessed value by 80%, from $31.48 million to $6.43 million, which would significantly lower its taxable value.
Minority Leader Kevin Roberts questioned whether the county should reclaim the property due to iPark's financial default. However, Gallagher stated that the UCEDA board had released valuable parcels from the mortgage note, limiting foreclosure options. She advised speaking directly to UCEDA leadership for further details.