The City Of Syracuse may take the unusual step of requesting eminent domain proceedings against an overseas company that owns the old Hotel Syracuse.
On Friday, that company paid about 360 thousand dollars worth of back taxes owed on the downtown building, essentially keeping the city from proceeding with foreclosure on the hotel and then selling the property to a Boston development who is ready to buy the building and renovate.
City officials say Financitech, LTD of Israel though still owes another 200 thousand dollars in taxes on the building, but because a certain percentage of the tax bill has been paid, it stalls foreclosure proceedings.
The Syracuse Common Council must now decide whether or not to proceed with eminent domain to take over the building itself and sell to the new developer.
This is the second time the owner of the property has come up with money at the last minute to stall foreclosure. It happened in December of 2011 when 198 thousand dollars in back taxes was paid.
Pyramid Hotel Group of Boston claims it would like to invest 60 million dollars in renovations at the hotel downtown, and reopen the more than 500 rooms inside.