SYRACUSE, N.Y. (WSYR-TV) — Onondaga County Executive Ryan McMahon announced on Wednesday that the county and Moonbeam Capital have reached an agreement in regards to the fate of ShoppingTown Mall.
Through mediation it was agreed that the property of ShoppingTown Mall including Scotch ‘N Sirloin and KeyBank, will be transferred to the Onondaga County IDA.
Moonbeam Capital will receive $3.5 million for the property, plus an additional percentage based off of the price Onondaga County sells the property for.
The Onondaga County IDA will begin creating a comprehensive proposal for buyers. McMahon said it won’t be a fire sale. He’d like to see the next owner invest in the property and the community, becoming economic drivers for the county.
The agreement will be brought before a bankruptcy judge in December.
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