Onondaga County Will Buy Shoppingtown Mall, And Then Sell It

Syracuse, N.Y. - Onondaga County Executive Ryan McMahon announcing today that County will takeover ShoppingTown Mall

The county along with the Town of Dewitt and the Jamesville School district will pay Moonbeam Capital $3.5 million. The deal has to be approved by the bankruptcy court along with the Jamesville School District who is also going to contribute toward the buying price.

The plan is to turn around and sell the sit. Onondaga County Industrial Development Agency will be the ones looking for a buyer. McMahon said they will be carefully looking at who buys it. He said this isnt a "Fire Sale".

Approval from the bankruptcy court is expected in a month or so.

The County and Moonbeam have been at odds for years after Moonbeam refused to pay their propoerty taxes.

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