The Victor Town Board voted unanimously Monday to begin considering the acquisition of five Eastview Mall parcels through New York's eminent domain process, a step town officials say is intended to protect the mall's long-term economic viability.
The Aug. 24 resolution authorizes a public hearing and starts a review that could lead to the town acquiring the parcels and transferring them to Victor 2040 LLC, a local entity that would retain ownership.
Public hearing set for Sept. 28
The public hearing is scheduled for 7 p.m. Sept. 28 at Victor Town Hall. The board's vote began the review process but did not complete an acquisition.
Victor 2040 asked the town to help acquire the five parcels. Town officials said New York's Eminent Domain Procedure Law permits local governments to acquire property for an essential public purpose.
The town said the proposed process is similar to one it previously used to acquire the former Lord & Taylor building at Eastview Mall before its redevelopment into a Bass Pro Shops store. Supervisor Jack Marren said Victor also used the process in the 1990s for redevelopment of the site where JCPenney is located.
Town cites risks to a major economic asset
Town officials described Eastview Mall as one of the region's strongest economic assets and said its future has been put at risk by Rialto, which the town identified as the financial intermediary between the mall's owners and its mortgage lenders.
According to the town, Rialto's role has created obstacles that prevent the mall owner from operating, maintaining and reinvesting in the property as needed. The release did not include a response from Rialto.
Marren said Eastview supports nearly 4,000 jobs, draws thousands of visitors to nearby businesses along the Route 96 commercial corridor and generates sales tax revenue that funds about 20% of the town budget.
He said the acquisition process would be completed at no cost to the town or its taxpayers. Marren also cited the town's longstanding working relationship with the Wilmot family and Eastview Mall.
Victor 2040 proposes local ownership
Anthony Iacchetta, counsel to Victor 2040, said the entity has proposed a fully financed transaction that would pay lenders, avoid taxpayer costs and provide continuity for Eastview's tenants and employees.
The town said Victor 2040 would ultimately acquire the parcels at fair value, retain local ownership and leave lenders in the same financial position.
Additional information about the five parcels and the review process is available on the Town of Victor website.
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