Balloon Payments-NanoFab X

NanoFab X -was used for chip manufacturing consortium (now defunct)

Money was borrowed to build the $365 million building with the following payments due:

2017  36m (million)
2018  85m
2019  291m (????-what was the reason for setting up a balloon payment for this amount?  what anticipated funds would be available?)

Incoming rent $40m per year

Ref: https://www.politico.com/states/new-york/albany/story/2018/01/18/proposed-300-m-fund-raises-suspicion-of-suny-poly-bailout-195670

Note:  the 2017 36m was covered by a $38.5m grant

Rents are $40m per year but none of that money was used to pay off the debt?

Ref:  https://www.timesunion.com/business/article/38-5-million-SUNY-Poly-bailout-finally-approved-12388422.php

Fallout: Percoco Convicted

Percoco convicted of two counts of wire fraud and one count of bribery.

ref: http://cbs6albany.com/news/local/ex-cuomo-aide-convicted-on-federal-bribery-charges