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General News: NYMA 2.0 Investors Present Proposal to Town
June 29, 2010
As the clock ticks for the New York Military Academy, which faces possible closure on June 30th when a $1.5 million loan comes due, two Orange County businessmen presented the broad outlines of a financing proposal for NYMA to the Cornwall town board in a hastily-arranged meeting on Monday, June 28th.
The two men, Wayne Corts and Joseph Bonura, met with the board along with David Fields, a representative of NYMA 2.0, the subcommittee of the NYMA board of trustees that is trying to put together a rescue package for the financially troubled institution.
A Loan and Subdivision of NYMA Property
Corts, a developer who recently bought and renovated the Falkirk Golf Club in Central Valley, told the town board that he and Bonura, along with a third individual who was not identified, are offering to loan $5.8 million to NYMA so that the school would be able to re-open in September. Both men have close relatives who have attended NYMA. Corts said his brother graduated in 1980 and Bonura said his granddaughter has been a member of the class of 2011.
As part of the offer, the investors would seek a subdivision of the NYMA property along Faculty Road where there are both undeveloped land and 11 existing houses. Through the sale of the approximately 10 lots and the houses, Corts explained, he and other investors would get re-payment of their loan. Joseph Bonura, a developer who owns Anthony’s Pier 9 in New Windsor, said that the plan is designed to provide a debt-free future for the school as it revamps its operation.
Town Involvement in School’s Future Sought
Corts stressed to the town board that NYMA would still own the property to be subdivided and the school would continue to operate as a not-for-profit entity. The NYMA 2.0 team would like the town to stay involved in the school’s future and the town board approved the possible appointment of town councilman Randy Clark to the school’s board of trustees, should the deal go through.
After meeting with the town board, the investors and David Fields presented their plan to the NYMA board of trustees on Monday evening. As of mid-day on Tuesday, the board acknowledged that it had received a written proposal that is being reviewed by the board and reported it would make a statement “when there is something to report.”
Council Members Support the Proposal
Meanwhile, town councilman Randy Clark said on Tuesday afternoon that he was waiting for his phone to ring with a decision from the NYMA board. He said he liked the proposal from the NYMA 2.0 group, calling it a “win-win” situation.
Supervisor Kevin Quigley agreed that the is good proposal. “It would be a good use for the area they want to develop,” Quigley said, “and the academy would stay open and defray their costs.” Quigley also noted that the town could continue to seek to purchase a portion of the NYMA property down the road.
Comments:
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One approach I have not heard discussed involves using the current property being considered by Mr. Corts and Mr. Bonura but as Senior Active Resident housing marketed first and foremost to Alumni, and to others secondarily.
A part of such an offering would require that some sort of planned giving aspect on the part of the Alumni would constitute an aspect of the entry fee.
Thus, not only would short term money be raised, but so would an endowment. The property would remain with the School, proceeds could flow both to Mr. Bonura and Mr. Corts, but also to the N.Y.M.A. Endowment.
In addition, an Alumni House could be constructed as a part of the use of the campus within these dwellings. It would also be available for other residents, but its flavor would be decidedly "Alumni" housing all the wonderful archive materials and uniforms, and, as a small scale museum, possibly even being a revenue generator for people visiting the area and curious about an historic feature of the Hudson Valley.
posted by barbara lee on 06/30/10 at 3:00 PM
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