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GM and Sleepy Hollow Sign Agreement for Lighthouse Landing

SLEEPY HOLLOW, NY-General Motors and the village of Sleepy Hollow signed an agreement Wednesday that clears all the legal hurdles for the major mixed-use Lighthouse Landing at Sleepy Hollow development to finally move forward.

By John Jordan | Updated on September 25, 2002

SLEEPY HOLLOW, NY-In a ceremony held at the former site of the General Motors Assembly Plant here, the Village of Sleepy Hollow and the automaker settled all litigation and are now moving forward with a major mixed use project called Lighthouse Landing at Sleepy Hollow.

Plans for the 98-acre site on the Hudson River shoreline stalled last year when a five-year agreement between General Motors and the village ran out. In late 2001, the village informed GM that it planned to exercise its option and acquire the property. The automaker, which closed down the storied assembly plant in 1996, filed legal action to block the property takeover.

The agreement signed between the two parties on Wednesday releases the village’s option on the property. However, Sleepy Hollow Mayor Philip Zegarelli said that the new agreement calls for GM and its development partner Roseland Property Co. of Short Hills, N.J. to complete the State Environmental Quality Review Act (SEQRA) process in three years. The deal also includes a $2 million payment by GM to the village to be paid in the next three years. Also, when the SEQRA process is completed, the property will return to the tax rolls. Currently, GM is paying $150,000 in taxes per year on the property based on a Payment in Lieu of Taxes agreement.

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