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<p>In exchange for granting more time to pay, the Luzerne County Redevelopment Authority will receive an additional $43,200 for its sale of the historic train station property in downtown Wilkes-Barre, officials said Tuesday.</p><p>The authority sold the 6.36-acre property at the corner of Market Street and Wilkes-Barre Boulevard to Market Square Properties Development LLC for $1.2 million in 2016.</p><p>Instead of providing the full amount at closing, Market Square paid $120,000 and provided an irrevocable letter of credit guaranteeing the remaining $1.08 million if it did not come up with the money within 18 months.</p><p>When the authority agreed last year to extend the letter of credit until Dec. 28, 2019, it decided to charge 4 percent interest, which amounts to $43,200, officials said.</p><p>Authority Solicitor Garry Taroli told the authority at a meeting Tuesday the interest payment will be guaranteed through a promissory tool known as judgment note.</p><p>Market Square agreed to a judgment note to avoid the cumbersome process of returning to its financial institution to amend the letter of credit, Taroli said.</p><p>Board members have voiced a willingness to work with the investment group because forcing payment through the letter of credit could negatively impact Market Square and its development plans, including restoration of the deteriorating former New Jersey Central train station, for offices or other businesses.</p><p>Taroli and other authority representatives said Tuesday they have not received any indication Market Square&#8217;s project plans have changed.</p><p>Developer George Albert, who heads the investment group, could not immediately be reached for comment Tuesday on the status of the plans.</p><p>He said a year ago this month he was &#8220;very close&#8221; to securing all tenants for the train station, which also would house his office, with a goal of starting renovations in 2018.</p><p>Because it is a historic structure with complex architectural features, the station renovation will cost about $1 million, or $250 a square foot, he has said, noting he could build a new structure at that amount. The station is on the National Register of Historic Places.</p><p>Market Square sought a $500,000 Local Share Account grant funded by gambling revenue in 2019 to help cover restoration costs, including a new roof and windows, but the request was not approved, according to the state Department of Community and Economic Development.</p><p>While the station has not yet been restored, the complex has been markedly spruced up since Market Square took over, with renovation of a strip mall and a new road and lighting.</p><p>Albert has largely blamed delays on multiple lawsuits filed by Thom Greco, including one to block construction of a Burger King at the site. Greco has said he embraces development but was forced to pursue litigation to protect his existing lots in the complex, which house McDonald&#8217;s and Citizens Bank &#8212; parcels he owns with his company, TGRG LLP. </p><style>
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<div class="neFile"><img class="neImage" src="https://www.timesleader.com/wp-content/uploads/2019/06/web1_TTL083116Trainstation1.jpg">
<div class="neCaption">In this 2016 file photo, developer George Albert discusses plans for the former train station in downtown Wilkes-Barre as non-historic additions were removed from the structure. </div></div><div class="metaInfo"><photo0>https://www.timesleader.com/wp-content/uploads/2019/06/web1_TTL083116Trainstation1.jpg</photo0><caption0>In this 2016 file photo, developer George Albert discusses plans for the former train station in downtown Wilkes-Barre as non-historic additions were removed from the structure. </caption0><photoCredit0>File photo </photoCredit0></div></div>
<div class="metaInfo"><bylineMeta><p>By Jennifer Learn-Andes</p><p>jandes@www.timesleader.com</p></bylineMeta></div><div class="metaInfo"><shirttailMeta><p>Reach Jennifer Learn-Andes at 570-991-6388 or on Twitter @TLJenLearnAndes.</p></shirttailMeta></div>

Luzerne County Redevelopment Authority will collect interest payments on former train station property