Old Windsor Mill to be sold

WINDSOR — Blue Ocean Enterprises Inc., which owns the Old Windsor Mill LLC facility on Main Street of Windsor, plans to sell the facility to a company based in Evans.

Terms of the pending transaction were not disclosed, but in order for the mill to sell, Blue Ocean needed written signoff from the Windsor Downtown Alliance and the town of Windsor, because it has a facade agreement that helped to finance the construction of the mill.

According to material provided to the town board, Old Windsor Mill said it planned to sell the facility to Nothin Fncy LLC, previously known as Cepheus Holdings LLC. To sell the property, Old Windsor Mill needs to transfer the 20

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18 facade agreement that it signed with the town. The facade agreement helped to finance the construction of the project by providing annual property tax increment payments to Blue Ocean.

Blue Ocean told the town that it plans to retain the annual facade payments — up to a total over the course of the agreement of $1.3 million — but obligations under the facade agreement would transfer to Nothin Fncy. Obligations would include maintenance and repairs of the facade.

The original facade agreement permitted Blue Ocean to capture 50% of the property-tax increase resulting from improvements to the property, up to the limit established in the agreement.

The Downtown Alliance approved the transfer Feb. 21. The town board approved it on Monday.The Old Windsor Mill, originally constructed in the 1890s, was reconstructed in a $9.5 million project that opened in October 2019. During reconstruction, an arsonist destroyed much of the structure. Tenants include hospitality businesses such as restaurants and taverns.