Quoted from CICERO

Many banks would kill for Metroplex's portfolio???????

A private bank wouldn't give 0% interest loans, and then restructure the loan when the person or company couldn't pay on the original loan structure.  The banks shareholders wouldn't allow it.  If Metroplex was a private bank, investors would pull their money out with such mindless lending, where the lender bares all the risk.  You know how I know this?  Banks would have made the loans to those 34 business's that Metroplex did, if they were considered to be secure profitable investments.  As we can see, Berkshire Bank put themselves in the first position to collect on their loan, protecting the business and shareholders investments. Not Metroplex,,,,, we take second position, since we are the stupid taxpayer, or what would be considered the shareholder in a private bank. We get led around by idiots like Vince DiCerbo telling us how privileged we should feel to only have lost $250,000, which we will recover some day.  

We the taxpayer are legislated to continue funding funding Metroplex, keeping it solvent.  If we as taxpayers were shareholders, and had the ability to pull our money out of Metroplex at will, Metroplex wouldn't exist. I can guarantee that!  I do my best to starve Metroplex of sales tax revenue by shopping in Albany & Saratoga Counties as much as possible.  I know it's biting off my nose to spite my face, but it's the only action I can take when our elected official of both political stripe don't listen.

Quoted Text

EDITORIALS
Play it again at Schenectady’s Van Dyck

    Metroplex CEO Ray Gillen blames the credit crisis for the dearth of bidders and low selling price for the Van Dyck Restaurant, and he’s probably not wrong. Just as Warren Buffett got a good deal when he stepped forward to bail out GE last week, the McDonald family got a good deal in buying the venerable Union Street nightclub because there weren’t many others able or willing to take the plunge.
    In the Van Dyck’s case, it’s a good thing the McDonalds were there because if the Berkshire Bank — the only other bidder — had been successful, there’s no telling what would have become of the Stockade institution. This way, the place — a longtime anchor to the downtown commercial district — is a safe bet to get reopened. And with an experienced restaurant family running the place, not to mention a lower overhead, the chances for success are infinitely better than they were under the previous management.
    The McDonalds have done a commendable job renovating the old downtown buildings that house their successful Pinhead Susan’s pub and Stockade Inn restaurant/ hotel. There is no reason to think that when it comes to the Van Dyck, results won’t be comparable. That’s good news for Schenectady taxpayers, as the restaurant was notoriously lax about paying its property taxes. It’s also good news for downtown commerce in general, because people who visit the Van Dyck may patronize Proctors, other bars, etc. It could also be good for the local jazz scene if the McDonalds resurrect the longtime Van Dyck tradition of booking live talent in their upstairs lounge.
    As for county taxpayers (who provided $275,000 worth of loans to former owner Peter Olsen through the Metroplex Development Authority), it may not be such a good deal: Metroplex will see little, if any, of the $252,000 winning bid because Berkshire Bank was the primary creditor. But the authority does maintain first position on the restaurant’s beer-brewing equipment, and plans to auction it off in a couple of weeks. While it is expected to fetch as much as $100,000, economic conditions may continue to affect the ability of some bidders to secure credit.
    But if county taxpayers can walk away from the Van Dyck mess with a loss of less than $200,000, they shouldn’t have too much to complain about — and certainly not if the McDonalds do as good a job running this restaurant as they’ve done with their others.

Quoted Text

    Gillen said he does not expect Metroplex to collect the full amount of the defaulted loan through the Nov. 17 auction. He said Metroplex will attempt to satisfy the loan by going after Olsen’s personal assets, over which it retains first position.

Quoted Text

SCHENECTADY
Jazz memorabilia from Van Dyck to be sold
BY MICHAEL LAMENDOLA Gazette Reporter
Reach Gazette reporter Michael Lamendola at 395-3114 or lamend@dailygazette.com.

    Photographs of some of jazz’s brightest stars, many signed by the artists, are among items to be auctioned off Nov. 17 at the former Van Dyck on Union Street.
    The Metroplex Development Authority is conducting the auction to recover some of a $200,000 loan and a $75,000 line of credit it gave to former owner N. Peter Olsen in 2004. Olsen defaulted on the Metroplex loan and a $250,000 loan from Berkshire Bank in 2007.
    Metroplex Chairman Ray Gillen said everything inside the former jazz club, restaurant and brewery will be sold, including dozens of photographs, paintings, a piano, microbrewing equipment and kitchen equipment.
    The Van Dyck acquired the photographs by playing host over several decades to some of the greatest names in jazz, such as Dave McKenna, who died Saturday at the age of 78 of lung cancer, and Marian McPartland, Gillen said: “It’s great memorabilia.” Their value is unknown, he said.
    The Nov. 17 auction was originally scheduled to occur Wednesday but had to be postponed to give Collar City Auctions time to catalogue items.
    The auction does not include the building at 235 Union St., just its contents. The McDonald family purchased the building and a nearby parking lot on Oct. 8 for $252,000, plus $147,000 in back taxes, at a foreclosure auction. The sale satisfied most of the Berkshire Bank loan but left the Metroplex loan largely unpaid. Metroplex retains rights to the building’s contents and to the Van Dyck name.
    Gillen said he does not expect Metroplex to collect the full amount of the defaulted loan through the Nov. 17 auction. He said Metroplex will attempt to satisfy the loan by going after Olsen’s personal assets, over which it retains first position.
    The McDonalds closed on the property Friday, Gillen said. The family owns and operates Pinhead Susan’s, the Stockade Inn and the Park Inn on Michigan Avenue.
    Jeffrey McDonald said the goal is to reopen the former Van Dyck in February or March.
    “We found some damage to some systems and we will do some rehabilitation, but it will not be a gut rehabilitation,” he said.
    The facility will serve casual fare in a price range between that sold at Pinhead’s and the Stockade, McDonald said. He said the second floor will be a venue for music and entertainment.
    “It is a nice project and a neat place. People are really excited about it. They love the building, and under the right conditions, it will be a success,” McDonald said.
    The McDonalds are negotiating with Metroplex over acquiring use of the Van Dyck name for the facility, McDonald said.

Quoted Text

Wednesday, January 23, 2008
Spotlight on: Jeff McDonald























We are planning to regularly highlight elected officials (primarily local officials) for their contributions to the public good. This week, we start with one of our own Jeff McDonald. Jeff is currently the youngest member of the Schenectady County Legislature and is one of the youngest ever elected in its history.

Jeff McDonald is the co-owner of the Stockade Inn in Schenectady. This business has been a very successful part in the resurgence of Schenectady’s downtown. The Stockade Inn, under Jeff's co-ownership, has won a Chamber of Commerce award, the Downtown Schenectady Improvement Corporation Building Block Award, and the TD Banknorth Business of the Year Award. But this is just one example of the great businesses Jeff and his family own in the city. The well-known the downtown pub Pinhead Susan’s is another example. Also important to note, all of the McDonald family’s projects have been privately financed without any public assistance.

As if running a hugely sucessful business wasn't accomplishment enough, Jeff was recently elected with a large margin as a District 2 represenative member to the County Legislature. Despite his relative youth, Jeff immediately became chair of its Public Facilities Committee and Vice-Chair of the Ways and Means Committee. A magna cum laude graduate of Northeastern University with a B.S. in Civil Engineering, Jeff is a licensed Professional Engineer in New York State and brings that critical perspective to the Legislature. His youth and enthusiasm bring a unique perspective and energy to his work that have quickily earned him the respect of his collegues.

Beyond his role with the Legislature, Jeff is member of the City of Schenectady Industrial Development Agency board. In this role, he has worked to help create a better atmosphere for businesses in Schenectady.

Jeff, a lifetime resident of Schenectady County, is committed to continuing that revitalization while reducing the tax burden on residents. He understands that young people cannot afford the high tax burden and are moving out of the county. To solve this problem, he argues that the tax levy must be drastically reduced by both increasing the commercial tax base and decreasing expenses. Jeff's goals as a legislator are to encourage residency in depressed areas of the city by offering legislative incentives, provide additional support to the city from the county to help reduce taxes and fight crime, reform the abuses of social services, and to eliminate waste in government by consolidation of services.

The turnaround in Schenectady County came through Democratic leadership. It came because of a strong focus on unified economic development which Republicans neglected for years. Jeff McDonald continues that tradition and, at 28, he is the very definition of the important role young Democrats can play in shaping the future of our County.