The Eastman Business Park (EBP) in Rochester is officially up for sale, Kodak announced Tuesday.
Company spokesman Chris Veronda says it’s the right time to hand development of the industrial and technology park over to a new entity.
"Kodak believes the site can best continue its transformation under the ownership of a firm that’s focused on its redevelopment. And, at the same time, the sale of EBP will allow Kodak to focus on its customers in the commercial imaging business."
After several years of selling parcels of land at the site, park director Mike Alt says it’s time for Kodak to hand over the reins entirely, but the company will continue to have a presence at the park and support its development.
"This is a large economic driver for the region, it’s been a number one priority for the region so it makes sense now for this to be turned over into the hands of an industrial developer and Kodak move from a land lord to a tenant on the site. And we will still be a large tenant on this site going forward," he says.
Leading up to the sale of the park, Kodak has overcome several hurdles in recent months, including striking a deal with the Environmental Protection Agency and the Department of Environmental Conservation, developing an environmental trust to address legacy issues at the site.
Despite the hurdles, spokesman Chris Veronda says Kodak is confident the site will sell.
Eastman Kodak reached a settlement with the U.S. Attorney's Office resolving environmental claims and responsibilities for industrial pollution at the Business Park and the Genesee River on March 12.
In the settlement U.S. Attorney Preet Bharara said the deal "...will lead to the clean-up of more than a century of pollution by Kodak at the Eastman Business Park and Rochester’s Genesee River, while clearing the way for economic development at the Eastman Business Park."