Tax exempt plus a half million interest free for 25 years.
Farley said. “This positive economic development was what I predicted when I created Metroplex, and I’m pleased that the Governor agrees with me and has signed into law this expansion of Metroplex’s investment authority
Benny - WHERE HAVE YOU GONE? Let's talk about Metroplex and the DEM implosion. We should have elected Roger Hull, he would get rid of the Metroplex slush fund. OH wait, maybe not, let's take a look.
Quoted Text
George Robertson, president of the Schenectady Economic Development Corp., also co-founded Schenectady 2000 with Hull. He said Hull's work indirectly helped create Metroplex, which has awarded $65 million to Schenectady businesses. Most of that money has gone to the city's downtown. "He [Hull] used the presidency at Union as a bully pulpit for pushing Schenectady 2000," Robertson said. "Now, downtown is coming back."
This brings the total for 2010 and 2011 to $28,529,968.00
3N2, LLC repayable over a 10-year period, due in monthly installments of $1,207, including interest at 3%, matures July 2015 (a) $173,251
411 State Street Assoc., LLC, repayable over a 15-year period, (25-year amortization) due in monthly installments of $3,333, interest free, with payments beginning July 2012, matures June 2027 (b) $2,000,000
426 State Street Assoc., LLC, repayable over a 15-year period, due in monthly installments of $9,535, including interest at 4% beginning in the sixth year, matures 15 years following the initial disbursement; however, payments are suspended for the first 30 months of the project, with a balloon payment for the remaining balance; interest free for the first five years (c) $2,600,000
510 Union Street, repayable over a 15-year period, due in monthly installments of principal of $1,000, matures May 2018, with a ballon payment for the remaining balance, interest free (d) $326,334
Backstage Pub, repayable over a 10-year period, due in monthly installments of $483 including interest at 3%, matures January 2017 (e) $73,170
Bombers on State Street, repayable over a 15-year period, at 5% interest with interest only payments of $1,042 for the first five years, interest and principal payments of $2,652 for the remaining term, matures December 2023 (f) $500,000
Bow Tie Partners, LLC, repayable over a 20-year period, due in monthly installments of $4,167, matures 20 years from the completion of the project, with a balloon payment for the remaining balance, interest free, matures April 2023 (g) $7,444,234
Broadway Commerce Park, repayable over a 20-year period, due in monthly installments of $4,500, matures November 2020, interest free (h) $1,548,000
Broadway Commerce Park Phase 3 (Highbridge 890 LLC), repayable over a 10-year period, at 6% interest, no payments due the first year, interest only payments due in years two and three, monthly payments of $4,175 beginning in year four until loan matures in June 2019 (i) $250,000
Child Program and Family Resource Center, repayable over a 10-year period, due in monthly installments of $2,004, interest free, matures May 2017, an equal amount is forgiven as payments are made (j) $561,226
Clinton’s Ditch, repayable over a 15-year period, due in monthly installments of $278, matures August 2020, interest free (k) 28,611 31,944 Cornell’s Restaurant, repayable over a 15-year period, due in monthly installments of principal ranging from $323 to $1,706, matures October 2022, interest free (l) $447,882
David Louis Floor Covering, repayable over a 15-year period, due in monthly installments of $1,222, matures November 2019, interest free (m) $252,999
And let's not forget that these Metroplex loans are non-secured.....leaving the taxpayers hung out to dry when the bankruptcy of many of these businesses happens.
Thanks again!
From the list of DEM PARTY HANDOUTS (posted above):
Quoted Text
$683,912 = Parker Inn
WHY is Parker Inn getting this money?????? He got a DRASTIC REDUCTION in assessment thanks to the dem puppets on the assessment board (the SAME people who REFUSED to lower individual homeowners), so his tax bill is going to be much lower than when he had a partial tax exemption!!!!
So why is Parker Inn getting almost $700,000 ???????
Hasn't Parker Inn been on the verge of bankrupcy???????????? Taxpayers bailing him out?
Yeah, rachel, this will be interesting
Don't worry, DV can post an explanation on here
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
And the city of Schenectady -THOSE DEMS what do they do?????
The ORDER homeowners to fix their homes, but the homeowners who do not have the cash in the bank (most do NOT because the dems have emptied the homeowners' bank accounts), so homeowners have to apply for a loan.
What homeowners get low interest or interest free loans??????????? (DV can answer that AND provide EVIDENCE).
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
WHY is Parker Inn getting this money?????? He got a DRASTIC REDUCTION in assessment thanks to the dem puppets on the assessment board (the SAME people who REFUSED to lower individual homeowners), so his tax bill is going to be much lower than when he had a partial tax exemption!!!!
So why is Parker Inn getting almost $700,000 ???????
Hasn't Parker Inn been on the verge of bankrupcy???????????? Taxpayers bailing him out?
Yeah, rachel, this will be interesting
Don't worry, DV can post an explanation on here
Where are the Republican leaders the are voicing opposition to the DEM handouts? Hmmm...Let me take a look.
Tedisco(R) “Metroplex has created jobs, lowered taxes and spurred economic development throughout Schenectady County,” Tedisco said. “Since its inception in 1998, countless projects have come to fruition in our community. We now have 31 new commercial buildings on our tax rolls and 23 new companies have relocated in our county.
Amedore(R) "It was heartening to see local and state leaders working on a bipartisan basis to reach an agreement to continue the work of Metroplex,” Amedore said. “We all need to work together to create economic development and Metroplex is one vital tool to help business and infrastructure in this county. I was pleased that elements of the legislation were aimed to ensure Metroplex is not a political entity, and furthermore am anxious to see the findings of the state audit; because taxpayers deserve more accountability and transparency with their tax dollars.”
Farley(R) “During the past ten years, Metroplex has helped to change the face of Schenectady, bringing new jobs, new investment, and a new sense of optimism,” Farley said. “This positive economic development was what I predicted when I created Metroplex, and I’m pleased that the Governor agrees with me and has signed into law this expansion of Metroplex’s investment authority.
Where are the Republican leaders the are voicing opposition to the DEM handouts? Hmmm...Let me take a look.
None of the them live IN the CITY of Schenectady and thus do not see the tax bills nor property values plummeting. The people IN the city do not contact legislators at state or federal level about the CITY, they will go to council meetings or call council people or the mayor.
Secondly, the people in the city have all but given up. They screamed about the trash fee it fell on deaf ears and the fee was not only instituted by it has already been increased twice.
People fell they can't fight city hall anymore.
And the other problem is that the people, particularly IN the city, are sort of being lied to. The people are not being told of details in a way they can understand it.
The vast majority of homeowners IN the city do NOT know that they are paying the property & school taxes of the downtown buildings. Imagine if the house next door to you was owned by someone who rarely took care of their front lawn and it was full of weeds, crabgrass, dandelions and all that stuff blow on to your lawn and you are spending a fortune to keep it away from your lawn. Then finally one day after you were on vacation for a week and you come home, it's all cleaned up, sod put down, bushes trimmed and other landscaping done. Maybe the owners children came and did it, or paid for it. Maybe the owner was older or handicapped and couldn't do those things. At that point, all you know is that it's cleaned up and it looks nice and you are happy. You don't know whether the owner or his/her kids paid for it or did the work, you don't even consider that issue. You see change via nicer looking lawn.
Downtown, people SEE new or renovated buildings. They make a**es out of themselves because they ASSUME that the Hilton's paid for their hotel, that Paul Mitchell paid for his school, that "the bow tie chain" paid for the new theater, etc. etc.
The average people do not read the newspaper in great detail. The news media, particularly the newspapers, when a new project is planned for downtown, those articles never say anything like, "As the theater will be exempt from paying property and school taxes, homeowners IN the city will pay an additional $X to cover the cost of the Bow Tie's tax bill, and this amount will increase every year." Nor do the news say "Parker Inn will receive a $XX assessment exemption for 10 years which means that during that period, homeowners will pay an additional $X on their property and school tax bill." And of course, there has been no story in the paper that says, "Now that the partial tax exemption for the Parker Inn is ending, the assessment on the building has been reduced by 59% which will translate to an additional $X on the tax BILLS of each homeowners." Nor would a news story continue with another sentence, "Homeowners who grieve their assessment are not granted reductions."
Until people understand things in this way, the dems will continue to swindle them.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Until people understand things in this way, the dems will continue to swindle them.
But the state Republican leaders surely understand, they see the numbers, they see the plummeting housing prices, they see the budget deficits, they see the oppressive taxation, they see the exemptions. Shouldn't they be the voice educating the people about the failed policies that created this? Shouldn't they talk about the failure of Metroplex, and explain to the people that make-work projects using taxpayer money refacing buildings with brick and mortar isn't economic growth? It is redistribution of wealth of the worst kind, through regressive sales tax.
The people won't understand because the leaders in both parties want it that way. And if WE the people continue to play into this "DEM implosion" political blame game, it will certainly NEVER change. The people are getting swindled by both the Republicans and Democrats. Both hide the fact of the reality going on.
The reps will 'never' talk against the metroplex or offer the suggestion of abolishing it. WHY? Because they want to reap the same benefits as the dems are enjoying now. I have to believe that the end result would be exactly the same as it is now...........only differnece............the friends and family club would be different...........but the 'friends and family' club non the less.
The ONLY time either political party shows any interest to the average taxpayers......is during election time.....or when it will benefit their personal or political agenda.
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
7. River Stone Manor Project: Resolution 657-10 — Accept Loan Pre-payment
In 2002 Metroplex loaned $494,860 to River Stone Manor for relocating and reestablishing Sgarlata’s banquet and catering business to Route 5 in Glenville. The company requested prepaying $250,000 on the original Metroplex loan as part of a refinancing with First National Bank of Scotia. The company will have paid over $537,000 in principal and interest to Metroplex and prepayment now allows new Metroplex reinvestment in projects county-wide. Mr. Mantello moved Resolution 657-10; seconded by Mr. Lewis. Some members expressed concern about setting precedent on prepaying loans, although others thought the company effectively repaid its Metroplex obligation and succeeded in creating jobs, adding sales tax and boosting the property tax base. Resolution 657-10 was unanimously approved.
ARE YA KIDDING ME??
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
4. Downtown Schenectady Improvement Corporation (Environmental Enhancement Grant): Resolution 625-10 — Adopt the General Project Plan
Metroplex participation involves a $230,000 grant for on-going staff, operational support and other beautification activities for keeping the downtown clean, neat and safe 7-days a week
This was from Feb 10, 2010................ Metroplex awards a quarter of a million dollar grant for keeping downtown CLEAN?, NEAT?...........and above all SAFE??? Exactly where and to whom does the taxpayer's money go to to make sure downtown is safe??? What does the METROPLEX/GILLEN have to do with public safety??
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
Is this stuff for real. Problems with Prepayment.....More money to do what is supposed to be done already by the city. Would love to see an accounting of that money.....
Life is tough, but it's tougher when you're stupid - John Wayne
TIP TO NEW VISITORS TO THIS FORUM - To improve your blogging pleasure it is recommended to ignore (Through editing your prefere) the posts of the following bloggers - DemocraticVoiceofReason, Scotsgod08 and Smoking Bananas. They continually go off topic, do not provide facts and make irrational remarks. If you do not believe me, this can be proven by their reputation scores or by a sampling of their posts.
Thank GOD for the Metroplex, the sundry fine businesses that it supports -- AND for the Renaissance and the glorious leaders who are actively making our community BETTER. Those who disagree can GFT.
"Return the Democratic Party to it's Pro-Life roots and remove control of it from the Neo-Liberals!
I am as awesome as a man can be, especially when I am passionate about something. ~ Glryinthhighest
Is this stuff for real. Problems with Prepayment.....More money to do what is supposed to be done already by the city. Would love to see an accounting of that money.....
Double....triple in taxes paying for the SAME service!! OMG!!!
ya just can't make this bullcrap up!!!
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
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