The Orange County Industrial Development Agency (IDA) on June 21 approved the re-issuance of a decades-old tax-exempt bond to facilitate the pending sale of Glen Arden.
Glen Arden is a Goshen-based, high-end retirement community that has been mired in financial distress for years and failed to pay local taxes since 2021.
Bethel Communities Management proposed to buy the troubled company last year, on the heels of successfully turning around a bankrupt retirement community in Westchester County.
The proposed purchase has no cash involved and—if it comes through—will result in Bethel’s takeover of almost all Glen Arden assets and liabilities, including the outstanding bond balance owed to IDA and back taxes owed to Orange County, Town of Goshen, Village of Goshen, and Goshen Central School District….