Schenectady County CRC Will Hold Public Hearing on Bond Issuance for Union College Campus Upgrades and New Arena

SCHENECTADY, N.Y. — Schenectady County’s Capital Resource Corporation (CRC) is moving forward with 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 well as funding for the new Mohawk Harbor Arena that will host the college’s Division I men’s and women’s hockey programs.

The CRC bond is subject to approval by the Schenectady County Legislature. The CRC will hold a public hearing on the bonding on May 1 at 4:00 pm at the Metroplex office. The County Legislature will consider the bonding resolution at its May meeting.

Gary Hughes, Chair of the Schenectady County CRC and Chair of the Schenectady County Legislature said, “We are pleased to consider this bond financing as Union is an important part of our community, a major employer and now an integral part of Schenectady’s successful waterfront development at Mohawk Harbor.”

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. By using the CRC to go to capital markets versus other financing mechanisms, the bond fees resulting from the issuance stay in Schenectady and can be used for other economic development projects.

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.