SYRACUSE, N.Y. — The massive retail mall that is a major economic engine for Syracuse and Onondaga County is getting a debt overhaul in a complex refinancing that will keep Destiny USA operating and payments to governments flowing.
The proposed refinancing would reduce the original Carousel Center mortgage’s $300 million principal balance to $15 million. Documents filed on November 5th with EMMA (Electronic Municipal Marketing Access) describe that reduction in the amended loan documents.
Separately, the SIDA (Syracuse Industrial Development Agency) passed a resolution at its regular meeting this morning that says the existing commercial debt also includes a $130 million mortgage on the Destiny USA expansion parcel; those figures exclude accrued interest, fees and other charges…