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Schenectady, N.Y., January 20, 2016 – Schenectady officials today announced plans by STS Steel to purchase a four-acre site from the City of Schenectady Industrial Development Agency
(IDA). The site is vacant and is not used by the IDA. The company employs 53 workers and is currently recruiting new employee-owners to handle new contracts. The four-acre site will allow STS Steel room for storage and future expansion. STS Steel is an employee-owned company.
STS will acquire the Peek Street site for $40,000. The company will pay full taxes on the four-acre parcel. The company also pays full taxes on its 64,000 square foot manufacturing plant. A four-acre site that the company leases at Mohawk Harbor will continue to be tax free under an agreement put in place under a previous owner of the former Alco site. STS Steel will also swap a one-acre parcel of land that the company leases at Mohawk Harbor to allow for the construction of a new road entering the site.
Ray Gillen, Metroplex Chair said, “This property sale provides STS with room to expand with the purchase of the Peek Street site. The City IDA continues to sell non-performing assets accumulated by the previous economic development regime in Schenectady. We are pleased to put the Peek Street site back on the tax rolls.”
Glenn Tabolt, President of STS Steel said, “We are pleased to be working with Metroplex and the City IDA to acquire the Peek Street site. We are also pleased to work cooperatively with the Galesi Group to acquire property that was leased to us to continue manufacturing at our current site.”
The Schenectady County Metroplex Development Authority administers the City IDA under Schenectady’s unified economic development team. (www.schenectadymetroplex.org)
Mohawk Harbor is a 60-acre mixed-use project being developed on the Mohawk River in Schenectady by the Galesi Group including two new hotels, apartments, condominiums, tech office space, marina and a regional casino to be operated by Rush Street Gaming. (www.themohawkharbor.com)
STS Steel is a structural steel company founded in 1984. The company relocated to Schenectady in 1989. (www.stssteel.com)
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