Schenectady, N.Y., September 15, 2016 – The Board of Directors of the Schenectady County Metroplex Development Authority met last evening and approved seven projects.
Ray Gillen, Metroplex Chair said, “These seven projects continue our efforts to bring new investment and jobs to Schenectady County.”
The Board approved a demolition contract worth $34,800 to Dan’s Hauling of Troy, NY.
The company was the low bidder on a contract to demolish 219 Nott Terrace in downtown Schenectady. Metroplex purchased the property earlier this year with plans to demolish the blighted structure located on the Nott Terrace corridor, which is a gateway to downtown Schenectady. Work will begin in October.
The Board also gave final approval to the 3 State Street project which involves a $2 million historic restoration of a five-story brownstone built in 1903 at the foot of State Street downtown. Metroplex approved a $100,000 grant for the project.
Metroplex also approved a project announced earlier this week that brings Florida-based American Medical Depot to the Rotterdam Corporate Park where the company is expanding by leasing 62,500 square feet and creating 20 new jobs.
Next up, the Board agreed to provide a $100,000 loan to miSci, the Museum of Science and Innovation. The museum is building the New York State Arboretum at Mohawk Harbor and they received a $100,000 grant through the Governor’s Regional Economic Development Council. Metroplex is advancing funding to complete the project as State reimbursement will not occur until the project is complete. The Arboretum is being designed as another attraction at Mohawk Harbor which also includes a marina, bike/hike trails, two hotels, a new casino, apartments, town houses and retail at a 60-acre site on the Mohawk Rive in downtown Schenectady.
Also at Mohawk Harbor, the Board approved a $9 million investment to build 15 new townhouses in a 50,000 square foot development facing the Mohawk River. Each unit will have two covered parking spaces and frontage on the river.
The Board also approved a grant of $72,000 to support the relocation of the headquarters of Beekman 1802 to downtown Schenectady.
Finally, the Board approved a $9 million refinancing by Proctors to take advantage of low interest rates. The financing is being provided by Pioneer Bank.