Story from March 18, 2011
Just three years after Orange County Choppers opened its massive headquarters in the Town of Newburgh, the building faces foreclosure and Choppers owner Paul Teutul Sr. is looking to open a new one next door.
http://www.recordonline.com/apps/pbcs.dll/article?AID=/20110318/BIZ/103180372Brief:
By Christian Livermore
Times Herald-Record
Published: 2:00 AM - 03/18/11
Last updated: 4:54 PM - 03/18/11
TOWN OF NEWBURGH — The owner of Orange County Choppers is planning to build what appears to be a new headquarters next to the company's current headquarters, which is in foreclosure. And to members of a local economic development agency being asked to provide tax breaks for the project, the proposal doesn't pass the smell test.
Washingtonville planner Robert Daly presented the project to the Orange County Industrial Development Agency at its Wednesday meeting on behalf of a company called G&M Orange LLC. The owner of G&M Orange is Paul Teutul Sr., owner of Orange County Choppers.
The project calls for a three-story, 25,000-square-foot building on 2.3 acres at the intersection of Route 17K and Crossroads Court, next to the Choppers' current headquarters. Features include manufacturing and fabrication space, retail space, a 20-seat café, offices and warehouse space.
Preventing a foreclosure
The lender that financed Orange County Choppers' current headquarters, GE Commercial Finance Business Property Corp., filed a foreclosure action against the business in November, alleging it missed mortgage payments. Choppers has two mortgages through GE, one for $11 million and one for $1.5 million.
IDA board members suspect Teutul plans to move into the new building and abandon the current one to foreclosure.
"Don't we then become a party to avoiding a foreclosure?" board member Mary Ellen Rogulski asked. "Moving from building A to building B could probably be a way for a business to protect their business from a creditor."
(JUST POSTING THE STORY! HATE SEEING PEOPLE TAKE ADVANTAGE OF YOUR TAX DOLLARS THOUGH AND NO, I DON'T WEAR NANCY PELOSI PANTIES.)I like real facts to stories. Bryant Gumbel's Real Sports did a segment on steroid use in Healthy Adult Males. "All smoke and no fire" to claims of health hazards. See part I
Another American hysteria without evidence.