CHAZY - Drug company Pfizer has sold its property here to Clinton Industrial Development Acquisition LLC, a company established in March by the Clinton County Industrial Development Agency for this purpose.
Pfizer closed the facility in 2010.
Empire State Development is giving Clinton Industrial Development Acquisition a grant of up to $1.2 million to help it buy, maintain and market the facility to stimulate economic and job growth. In a press release issued Thursday, Trent Trahan, chairman of the Clinton County IDA, said the county's goal is to "locate a responsible party interested in the long-term use of the former Pfizer Chazy facility."
The ESD funding will support the county's operational costs of the facility for up to two years while it is being marketed. This will keep the property from going to auction and allow more time to sell it. If the IDA sells the property sooner, ESD's assistance will be accordingly less.
As part of the deal, Pfizer has agreed to terminate all outstanding local tax appeals and relinquish prepaid property taxes.
"While Pfizer explored alternative options, we believe this outcome serves the mutual benefit of the Chazy community and Pfizer," said David Champagne, Rouses Point managing director for Pfizer Global Supply and a member of Pfizer's Transition Council for the Chazy site.
The North Country Regional Economic Development Council supports this project, as it is consistent with its regional Strategic Plan to promote and encourage new biotech and pharma-related investments in the region.
"The resale of the Pfizer facility has tremendous potential to generate job creation and business growth in the region," said ESD President, CEO and Commissioner Kenneth Adams. "I can't stress enough how important it is that the county and its communities have a role in its future use."
The deal was also praised by U.S. Rep. Bill Owens, D-Plattsburgh, state Sen. Betty Little, R-Queensbury, state Assemblywoman Janet Duprey, R-Peru, and North Country Chamber of Commerce President Garry Douglas.
Pfizer acquired the property through its purchase of Wyeth Pharmaceuticals in 2009, but after reviewing its "global real estate footprint," Pfizer announced that November that it would exit and sell the property.