Kodak and New York State have completed arrangements for establishment of an environmental trust for Eastman Business Park (EBP), one the nation’s largest and most diverse industrial parks.
With $49 million in funding from Kodak, the trust, which will be managed by the New York Department of Environmental Conservation (DEC), ensures continued environmental oversight for EBP, while addressing environmental obligations into the future. Kodak previously set aside these funds as part of its Plan of Reorganization in 2013.
The trust will provide the DEC with the necessary resources to maintain the comprehensive remediation measures Kodak has already put in place, and to address any additional cleanup measures deemed necessary to address issues caused by past operations at the site. New York State has agreed to provide $50 million for further, unanticipated environmental protection should it be necessary. Kodak and the State will provide additional funds if overall costs exceed $99 million.
Kodak, with the DEC’s approval, has named Chicago Trust & Title Company as administrator of the trust, which is effective immediately.
“The trust serves the community’s interests in protecting the environment while strengthening economic development initiatives around the continuing redevelopment of the site,” said Brad Kruchten, President of Kodak’s Graphics, Entertainment and Commercial Films group. “We are deeply appreciative of the tireless efforts of many administrative and elected officials at the regional, state and federal levels to successfully establish the trust.”
Kruchten noted that Kodak is working closely with many of these same officials in the continuing expansion of economic development projects at Eastman Business Park. He pointed to the recent announcement by Governor Andrew Cuomo pledging state support of a new Biosciences Manufacturing Center at the site, as well as the opening of the $23 million Battery Energy and Storage Test and Commercialization Center on the growing industrial and technology campus.
Kodak recently announced plans to sell EBP. The company believes the continuing transformation into a multi-use, multi-tenant industrial facility can be best enabled under the ownership of a firm focused on its redevelopment. At the same time, EBP's sale will help Kodak to maintain its focus on its printing and commercial imaging businesses.
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