I spoke on the phone with Greg Floyd of WRGB CBS5 about a week ago.  I inquired if he would be providing an update to his stories
re: the Big House.  He replied that the Daily Gazette recently reported (mid-Jul) that the business would be open soon (within a few weeks).  As such, he said that he will not be reporting on the status of the business opening.

Has he abandoned the story that was broadcast several times in CBS 6 News "You Paid for It" series?  It makes me wonder
if someone has silenced him.

The powers that be don't want the residents to know how badly Metroplex has been spending our tax dollars. I agree Brad that pressure has been brought to bare on Mr Floyd to keep silent about the subject of the Big House as it's an embarrassment to the Metroplex officials.

So, like our "hometown" paper, now they've intimidated and coerced tv news stations?

This is REALLY sad.

Quoted Text

Quoted from MobileTerminal:
So, like our "hometown" paper, now they've intimidated and coerced tv news stations?

Don't know this for fact MT.  Just curious that the issue about which he reported many times has apparently become "un-newsworthy" and unworthy of his attention.  I had a lot of respect for Mr. Floyd as I believed that both he and his news department were advocates for the taxpayers who, without the media, have no voice.

I have to admit that between this and the departure of many of the areas top reporters, newscasters, and Meteoroligists at WRGB I'm starting to tune in to the newscasts of their competitors.

I'm very pleased, however, to see that morning Anchor Ed O'Brien has decided to stay at CBS6

July 25, 2008:

Quoted Text

    The project is back on track, with workers from Hoosick Valley Contractors putting finishing touches on the four-story structure, said Ray Gillen, chairman of the Metroplex Development Authority. They have been working there for more than a week, he said.
    Building owner Stephen J. Waite has obtained approximately $400,000 to complete the project, launched in 2005, and has resolved various liens filed against him, Gillen said.
    Waite will install a fire alarm system this week and will begin finishing work on the Big House Underground, a night club that will occupy the basement. Waite expects to obtain a temporary certificate of occupancy soon, allowing him to occupy the top floor of the building with his law offi ces by Aug. 1, Gillen said.

So, how we doing with this?

Lights are on in the office - nothing on the first floor tho - and I wonder if there's any payments being made yet

What a freakin' joke.....and we continue to wonder at wallstreet.......the laws are made for wallstreet...they just fail to educate the masses on how to use it

If anything screams audit it is this Metrograft mess. Brad should be praised for being a voice of reason in a County gone mad.

     Don't forget that BS-6 is the news gathering partner of the People's Gazette. For months BS-6 stated on their website that the Big Hose would open in late May. For months we have heard lie after lie about "finishing touches". This is an absolute outrage. Now we are hearing that County property taxes will skyrocket while we keep dumping millions into this Metrograft flop. Proctor's attendance is also in the pishaloo, which is why the Gazette does not discuss the pitiful crowds.  This is Socialism on steroids. It must be stopped. People in Rotterdam and the Hilltowns should be flooding Judy D and Tony J with calls demanding that Metrograft be terminated and the sales tax money put in the General Fund for property tax relief.

How can you really blame Tony J and Judy D all - in - all with this mess over there in fact when the whole thing started up it was the repubs like Suhrada and Farley who rolled the dice there with metroplex and all that. I am not bashing the repubs because I like Ang but I am wondering how Judy and Tony as much as I dont support them 2 would get blame over here

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SCHENECTADY
State St. nightclub project hinges on financing
Without funds, owner will have to sell
BY MICHAEL LAMENDOLA Gazette Reporter

    The saga of the 411 State St. project to convert a rundown dollar store into a brew pub and nightclub will reach its conclusion this spring with owner Stephen Waite either completing the work or selling the building to satisfy creditors, local economic development officials said.
    Metroplex Development Authority Chairman Ray Gillen said Waite has to pay the construction lender, a New York City-based company, in May. Waite also has to pay some contractors and get capital to fi n- ish the first floor and the basement. The building itself is 96 percent complete.
    Gillen said if Waite cannot fulfill these obligations, he will have to sell the building. “And we have groups that would buy it.”
    Waite said he is confident he will finish the project. He occupies the top floor with his law office and other businesses. The second floor is available as office space and the first floor will be used for retail. The basement will contain The Underground, a nightclub. Gillen said he has a letter of intent from a national firm interested in occupying the fi rst floor.
    Waite is working with an investor to obtain final financing to complete renovations and satisfy liens. “We have reached out to a couple of people, and we think we can open The Underground by the end of June,” he said. “We don’t want to hear any more questions about when this thing will get done.”
    Waite bought 411 State St., a former Family Dollar store, in 2005 from Metroplex for $300,000. He has invested approximately $1.9 million in private financing into renovations.
    Metroplex provided Waite with a $1 million, five-year loan and a $100,000 grant to help cover costs to remove asbestos. The Metroplex loan comes due in 2011. Metroplex also provided a $250,000 grant to fix the building’s facade.
    Waite’s plan was to renovate the building into the Capital Region’s second Big House, a popular restaurant, dance club and bar that he operated in Albany for years. He changed plans midway through the Schenectady project, deciding instead to create a basement nightclub and convert the remaining floors into office and retail space.
    Waite needs about $200,000 to convert a $1.2 million shortterm construction loan into permanent financing. “We’re buttoning up those details. The contractor is hanging tough,” he said.
    Gillen said the project was more work than anticipated, involving a total gutting of the building as well as installation of heating and ventilation systems, a new roof and a fire suppression system.
    Metroplex board member Neil Golub said, “Waite has spent a fortune on the building. He ran out of money, and he has struggled to get this thing finished.” Golub said he remains hopeful Waite will finish the project this year.
    Waite said he could have fi nished the project sooner but for the banking crisis. When time came to convert the construction loan to permanent financing, “the economy went into a nosedive,” he said.
    When this happened, Metroplex and Waite worked on a new strategy to obtain financing. The goal was to have Waite occupy the building, thereby making him eligible to receive a guaranteed loan from the federal Small Business Administration.
    But when Waite tried to obtain the loan, the bank refused. “Banks are not lending,” Gillen said. “We wasted a lot of time and effort on trying to close a bank loan. In retrospect, he could have got the club open and not put money into the office side.”
COMPLEX, FRUSTRATING
    “No one really understands what happened with this project,” Waite said.
    When he started it in 2005, Waite obtained construction financing based on the building’s existing appraisal. There were complications. “The original pre-construction loan we got was shortchanged by a third of the mortgage,” Waite said. “We had to live with that and got as much of the building done as possible.”
    Waite said he used his entire $475,000 contingency to cover overruns. A contingency is money set aside to cover unexpected expenses related to construction projects.
    Metroplex Vice Chairman Brad Lewis credited Waite for staying with the project. “It is perfectly possible that people could abandon the project. The renovation turned out to be more expensive than they anticipated, and it is to Steve’s credit he did not ask us for more money.”
    Lewis said the board has closely monitored the project. “We have been very careful on only paying our piece of it based on documentation that work is being done. We want to see it open and full,” he said. “Eventually there is a good prospect the nightclub will be an interesting spot.”
    Patrick J. Saccocio, who joined Metroplex’s board last year, said the 411 State St. problems should not overshadow Metroplex’s other work.
    “Metroplex has had a good track record of bringing projects in on time. I view it as a difficult project that hasn’t gone the way it should have gone. The concept was a good concept.”
    Saccocio said questions about the project’s problems are fair game, but “from the perspective of what Metroplex is trying to accomplish, you are going to have some projects, despite due diligence, that do not work out.”
    Saccocio said Metroplex should analyze the project “to see how to prevent this from happening in future.”
    Saccocio said whatever the ...........http://www.dailygazette.net/De.....amp;EntityId=Ar00101

Ohhhhhh God! What a white wash!!!

Quoted Text

Metroplex board member Neil Golub said, “Waite has spent a fortune on the building. He ran out of money, and he has struggled to get this thing finished.” Golub said he remains hopeful Waite will finish the project this year.
    Waite said he could have fi nished the project sooner but for the banking crisis. When time came to convert the construction loan to permanent financing, “the economy went into a nosedive,” he said.

I have noticed more and more that Gillen is not the only name being thrown out there when discussing the plex. Now they use Neil Golub more and more. Soooo...is that suppose to make us all feel better here? Or are they trying to take some of the heat off of Gillen?

Actually this was suppose to be open looonnng before this bank crisis.  This economic downturn just happened to came at an opportune moment for Mr. Waite. More of our tax dollars...out the window!

Quoted from GrahamBonnet

Ohhhhhh God! What a white wash!!!

What a crock. Where's the editorial demanding heads to roll? Last year the Gazetto breathlessly printed that the Big Hose awaited mere "finishing touches". A year later nothing-here comes da flip. No one resigns in disgrace. An "art and drunk district" without a governmental gin mill.  He ran out of our money on this turkey. That's the problem with socialism-eventually you run out of other peoples money. Say Schenectady County.

  Death Ray has no credibility and any other County would have fired him. Downtown merchants are fed up with his arrogance. A 24 hour downtown where they roll up the sidewalks at dusk. Take a stroll on Sunday and tell us about "renaissance". Can't even get a slice of greasy pizza.

Thanks to god we have Ray and people like Miss Hutchinson and Mr McCarthy on that board ti clean up th emesses of the repubs and all the bad dealing they did for the rich friend they have all over and who they wanted to make richer. Itr is time we have a more powerful group run economics in the country like that who will decide who gets money and who doesnt and I can tell you with the repubs only the rich like the crookes at A. I G. will get moeny if we dont chnge how this her country works. It needs to be more like over there on the other side where they have good people in better control and the fact that this project here is moving forward shows the demos and conservs deserve the big share of the credits.

The Democrats have controlled this town for a long time now and when you talk like you do Sal it makes you sound like the "village idiot".

The people the village idiot praises are the very people that created this mess. Reps has nothing to do with this Big Hose fiasco. Hutch protested national book chains coming to Schenectady. She knows what would happen with competition. She wants competition for your business never hers.

  McCarthy has been on the rubber stamp City Council too long and voted against a mini City tax decrease last year-the only Krat! Death Ray has been a total disaster. A planner with no planning education. Some "czar"- at least Mr. Manning listened to us Downtown merchants and held open forums. Death Ray believes in secrecy with plenty of smoke and mirrors. Emphasis on smoke.