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April 21, 2022, Schenectady, N.Y. — Schenectady County’s Capital Resource Corporation (CRC) approved a resolution calling for a public hearing on plans to issue up to $60 million in bonds for Union College. The new bond issuance will support renovation, repairs and improvements to buildings at Union’s campus in Schenectady. As many as 20 buildings are targeted for upgrades. A portion of the funding will also be used to refinance existing debt at a more favorable interest rate.
Gary Hughes, Chairman of the Schenectady County CRC and Majority Leader of the County Legislature said, “We are pleased to assist with this bond financing as Union is an important part of Schenectady County and a major employer with more than 1,200 jobs. The CRC was established by the County to help non-profit organizations like Union go to the capital markets to finance large capital construction projects that create jobs and help to build a stronger community.”
The bond issuance is subject to approval by the Schenectady County Legislature. The CRC will hold a public hearing on the bonding on May 2 at 9 am. The County Legislature will consider the bonding resolution at its May meetings to be held on May 2 and May 10.
The bond debt will be the sole responsibility of Union College, and there is no financial liability to the County or the CRC as a result of the bond issuance.
The CRC is administered by the Schenectady County Metroplex Development Authority as part of the County’s unified economic development team.