Breakdown of the $25 Billion Owed the City of Rochester

City is owed $22.2 million on Sibley BuildingFeb. 27, 2012
By the city’s calculation, it is owed more than $22 million in past-due loans and other delinquent payments on the downtown building.

Rochester Plaza Hotel is city’s No. 2 debtor http://www.democratandchronicle.com/article/20120227/NEWS01/302270052

According to the County of Monroe Industrial Development Agency, which holds the title to Sibley, the loan documents do not allow the PILOT to be lifted until the loans are repaid. Bergin could not confirm that stipulation. In any event, there is little interest in making a move now. The delinquent PILOT payments are based on a contract with RochWil, which will emerge from any sale without any assets, thus making the debt uncollectable.
If the sale goes through, Wilmot said neither he nor his company will make any money off Sibley. No longer being saddled with the property will be payoff enough. The company has other interests, focusing now on an $11 million renovation of The Mall at Greece Ridge.
Last week, COMIDA awarded Wilmorite $3.6 million in tax breaks for the mall project. Asked whether the Sibley situation was considered, COMIDA spokeswoman July Seil responded in an email: “The Greece Ridge mall is current on its taxes, and the transaction is separate from RochWil.”

Top debtors

Those with the greatest amount of delinquent loans and other charges owed to the city as of Dec. 31, 2011:
RochWil (Sibley Building) $22 million.
New Horizon Hospitality (Rochester Plaza Hotel) $706,995.
Eltek Inc. (out-of-state debtor, corporation dissolved, uncollectable) $746,225.
Windsor Manufacturing (a contract electronics manufacturer, court judgment for collection entered) $411,718.
HF Technologies (made parts for copiers and printers, court judgment for collection entered, equipment sold) $204,922.

By the numbers

The city’s claim of $22.2 million in delinquent loans and other payments assigned to the Sibley building as of Dec. 31, break down as follows:
City float loan
Original principal: $1.5 million.
Term: 72 months.
Months delinquent: 108.
Total amount delinquent (including interest and late fees): $1.9 million.
Section 108 loan (federal loan to the city, reloaned to RochWil)
Original principal: $4 million.
Term: 60 months.
Months delinquent: 130.
Total amount delinquent (including interest and late fees): $6.6 million.
PILOT (payments in lieu of taxes)
Original principal: $6 million.
Term: Not available.
Months delinquent: 185 months (for oldest payment).
Total amount delinquent (including interest and late fees): $13.7 million.

Findings

Of the $25 million in delinquent loans and other payments owed the city, more than $22 million is attributable to the Sibley Building.
Tax breaks and city loans on Sibley expired or came due a decade ago. But the city has little hope of collecting.
Second on the delinquency list is Rochester Plaza Hotel, 70 State St., owing more than $700,000.