Amherst IDA loses court case against Iskalo over hotel project

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From bizjournals.com

 

“A State Supreme Court judge has ruled against the Town of Amherst Industrial Development Agency in a dispute over refinancing with the developers of a former hotel property.

State Supreme Court Justice John Michalski, in an Article 78 proceeding, ruled the Amherst IDA directors erred in March when they declined a request by an Iskalo Development Co. affiliate to have a standard refinancing package of a previously-approved inducement package advanced. The board voted 4-3 to deny the refinancing request made by Iskalo 5000 Main LLC and Iskalo 5010 Main LLC.”

 

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