KNIC State Loan Formally and Finally Approved
On Nov. 16, the Board of Directors for Empire State Development (ESD), New York State’s economic development arm, voted to approve the agency’s $138 million capital loan to the Kingsbridge National Ice Center (KNIC). Under the terms of the loan, KNIC agrees to pay a commitment fee totaling one percent of the loan’s principle (or, $1.38 million) at the loan’s closing. KNIC also has agreed to hire a construction monitor to be “selected at ESD’s sole discretion.” KNIC must also contribute at least $20 million to the project’s development, which boasts a $353 million price tag. The capital loan will carry
