you want to see an example of how not to invest in economic development, read the TU story:
MALTA -- Corporate apartments with luxury amenities. Flat-screen TVs. Supermarket gift cards. T-shirts and catered meals to celebrate special occasions. Lunch meetings for business groups. Bottled water and coffee.
Those are some of the expenses that New York taxpayers bankrolled for GlobalFoundries as part of a $1.4 billion subsidy promised the company five years ago to build a computer chip factory in Saratoga County -- including $665 million in cash.
Really? Silver was against this? How come he did not defund it?
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
Doesn't matter, moneys no object, the cost of the giveaways, it's all about job creation, that's what gets the pols elected/reelected. To quote the late Oakland Raider football team owner "Just win baby"
Doesn't matter, moneys no object, the cost of the giveaways, it's all about job creation, that's what gets the pols elected/reelected. To quote the late Oakland Raider football team owner "Just win baby"
Transfinder will invest $4.2M in new Schenectady HQ .
Premium content from The Business Review by Pam Allen Date: Friday, June 10, 2011, 6:00am EDT - Last Modified: Thursday, June 9, 2011, 8:10am EDT..
Related: Banking & Financial Services. . . . .
Enlarge Image
“We’d been looking for a new location for several years. It has always been my goal to stay in Schenectady,” says Transfinder CEO Antonio Civitella, . . 3fhttp://clk.atdmt.com/CNT/go/341707064/direct/01/4956034" target="_blank"> .
Related News •Madison Handbags’ Schenectady operations will bring 40 new jobs •GE’s $300M solar plant to be built in Colo., not NY •Power industry work energizes W.W. Patenaude Sons •First Niagara will jump to No. 2 in FDIC rankings after HSBC deal •In the Spotlight: Frank Grant . Transfinder .. is investing $4.2 million to buy and renovate a historic downtown Schenectady building with enough room to accommodate 10 years of anticipated double-digit growth.
The Schenectady developer of bus routing software for school districts has purchased 440 State St. from Proctors for $650,000, and will invest $3.55 million to remake the 30,000-square-foot building into four floors of office space.
Bank of America .. is the majority lender; Transfinder founder and CEO Antonio Civitella committed private funds to the project. He declined to specify those amounts. Schenectady Metroplex Development Authority is providing $210,000 in grants toward renovation costs.
The company won’t move far—the new location is a half-mile from Transfinder’s current leased office space at 120 Erie Blvd., above First National Bank of Scotia .. .
Civitella and representatives from Proctors and Metroplex began negotiating the deal a year ago.
“We’d been looking for a new location for several years. It has always been my goal to stay in Schenectady,” said Civitella, a Siena College .. graduate whose family came to Schenectady from Italy when he was 9.
Staff should more than double in the next five years to 10 years, to 125 employees from the current 54.
The company plans to fill six or more new sales and customer service positions this year.
Transfinder has had double-digit growth almost every year since its founding in 1988.
Revenue grew 8 percent to $5.8 million in 2010 as the company added 203 new customers.
The average cost of bus routing and management tools runs between $10,000 and $15,000, and yearly maintenance fees average $3,000 to $4,000.
Last year was among Transfinder’s slower-growth years, due mainly to the recession.
Still, 32 percent of Transfinder’s 1,400 customers have come on board in the last three years. The company is expected to grow 20 percent in 2011, and at least 10 percent in each of the next 10 years, Civitella said.
He said 8,000 of the 17,000 school districts in the United States fit Transfinder’s target market: schools with populations between 1,000 and 100,000 students.
Transfinder moved into the Canadian market in 2010, and Civitella anticipates substantial growth there as well.
The company has also had success in another growth area. Transfinder is developing partnerships with vendors that integrate their hardware with Transfinder’s software.
Schools are turning to fleet management software to save transportation costs in these hard economic times, Civitella said. The software allows districts to drive fewer miles, run fewer buses and employ fewer drivers.
“Our products are in more demand than ever,” Civitella said.
Renovations of 440 State St. will take at least a year.
J.T. Pollard, principal of Re4orm Architecture in Schenectady, is the project’s architect. Sonny Bonacio of Bonacio Construction in Saratoga Springs is the general contractor. Both firms have worked on other restoration projects in Schenectady.
Philip Morris, CEO of Proctors, said Transfinder’s plans fit the city’s overall vision of downtown as a mix of arts, entertainment and technology enterprises.
“We always saw downtown as incorporating a few key elements, and local businesses were a big part of it,” Morris said.
Proctors converted 440 State St., located a few doors down from the theater, into an arts venue in 2004 to provide performance space for smaller musical acts, and office space for regional artists.
Proctors no longer needs 440 State St. now that it owns the former KeyBank .. building next door to the theater. Proctors bought the former bank in March 2010 and uses it for banquets and performance space.
The half-dozen tenants at 440 State St. were moved to the second floor of the Schenectady Light Opera Co. building on State Street, and to the Business Development Center incubator on Albany Street, Morris said.
The nonprofit Proctors is exempt from paying taxes, and Morris said it made sense to put a property back on the tax rolls. Plus, Transfinder has the money to invest more heavily in the building.
“They’re going to do a lot of things with it that we couldn’t do,” Morris said. “We could make it functional, but we could never make it beautiful.”
The century-old structure at 440 State St. had formerly been the temple of a fraternal society called the Order of Odd Fellows.
The building was vacant when Proctors bought it more than a decade ago.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
City IDA Approves Two Projects Worth $10.8 Million
Schenectady, N.Y., November 1, 2007 -- Mayor Brian U. Stratton today announced that the Schenectady Industrial Development Agency (IDA) has approved two projects with a total new investment of $10.8 million. The two projects approved by the City IDA include an $8.3 million expansion at the Kingsway Arms Nursing Center on Kings Road in the City. The second project involves a $2.5 million investment by Benchemark Printing on Maxon Road.
"Coming on top of GE's plans to invest $39 million downtown and create 500 new jobs, I would say this has been a pretty good week for new investment in Schenectady," Mayor Brian U. Stratton said.
Denise Brucker, Chair of the City IDA and a member of the Schenectady City Council said, "These are two quality companies that are investing in Schenectady's future. The City IDA is pleased to support both projects"
Jeff McDonald, a member of the City IDA said, "Schenectady keeps growing at a rapid clip. We appreciate this new investment and the confidence these two companies have in the City's future."
Kingsway is proposing a two-story 56,000 square foot expansion at its twenty-five acre complex on Kings Road in Schenectady. In addition to the building expansion, Kingsway will convert existing two-person rooms into single rooms in response to market demand for private rooms. The total number of beds available in the nursing center will remain at 160. Before construction can begin, the project must be approved by the NYS Department of Health.
At the assisted living center at Kingsway, 20 beds would be added to the current total of 120 units. The 20 news beds will be dedicated to helping seniors needing dementia/Alzheimer's services.
The project which expects to start construction next spring following all local and State approvals will add 20 to 30 new jobs to the existing staff of over 400 full and part-time employees. In addition to the nursing center and assisted living facility, Kingsway also features an adult day services program, respite services, a home care agency, a children's day care center and independent living apartments for active seniors.
Kingsway was started in 1974 by Dr. J. Peter McPartlon. His son Michael McPartlon, the Vice-President and Chief operating Officer, now manages the business.
Michael McPartlon said, "After 32 years of serving the seniors of the Capital Region, we are excited about the opportunity to grow and modernize our facility. This expansion will allow us to meet the current and future needs of families and their loved ones, keeping Kingsway on the cutting edge of the long term care continuum. We appreciate the support of the City of Schenectady and the City IDA as we bring our project to fruition."
Benchemark Printing was founded in 1985 by Robert Kosineski, Sr. The founder's two sons Bob Jr. and Brian serve as senior executive staff at the printing firm. The company is a full service commercial printing company located on Maxon Road Extension in Schenectady. The company operates a 75,000 square foot facility which provides a full range of printing services for commercial customers.
Benchemark plans to purchase a new computerized printing press worth $2.5 million. The project will help to retain 83 jobs in Schenectady. An affiliated company also located at this same location employs another 27 people for a total of 110 jobs at the Maxon Road plant.
Robert Kosineski Sr., "We appreciate the assistance of the City IDA as we continue to reinvest in our growing business in Schenectady."
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
When someone holds different positions that eithe work together or go directly against each other, how do they decide which way to quote you? I mean in this case, we have Jeff McDonald.
Quoted Text
Jeff McDonald, a member of the City IDA said, "Schenectady keeps growing at a rapid clip. We appreciate this new investment and the confidence these two companies have in the City's future."
Is this the same Jeff McDonald that sits on the County Legislature? If so, why is this left out? And if it's the same, then why would he be on both the IDA and the Legislature?
you want to see an example of how not to invest in economic development, read the TU story:
MALTA -- Corporate apartments with luxury amenities. Flat-screen TVs. Supermarket gift cards. T-shirts and catered meals to celebrate special occasions. Lunch meetings for business groups. Bottled water and coffee.
Those are some of the expenses that New York taxpayers bankrolled for GlobalFoundries as part of a $1.4 billion subsidy promised the company five years ago to build a computer chip factory in Saratoga County -- including $665 million in cash.
btw, this was a pataki/bruno scam
this is old news sweetie!!
Worse then this......We, the taxpayers gave the GlobalFoundries aka Saudis....how many millions/billions of dollars for this project??? Flat screen tv's, bottled water? HAHAHAHA........that pales in comparison!
The Saudi's could have well afforded to pay for this operation themselves instead of on the back of the taxpayers!! Andyou can bet that just like the metroplex....the 'select few' got the construction jobs. And it would be interesting to see who was the lowest bidder and how many that were awarded the job were union!
Another fine example of 'socialist economics'. The government gets to pick the winners!!!
Just like the metroplex!!
Again.......this is old news.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
we're going to pretend not to like you and wage a war on the plebs so there will be a common enemy ideology and in the meantime have 'sanctions' yet pat eachother's a$$es....
occupy wallstreet has no idea
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Logged
