Quoted Text

ROTTERDAM
Town IDA set to expire
BY JUSTIN MASON Gazette Reporter

    Rotterdam’s Industrial Development Agency will soon cease to exist, its assets transferred to the town, ending its more than three decade-long mission of aiding economic development in the town.
    Members of the Town Board accepted ownership of the Curry Road Shopping Center and the remainder of the Rotterdam IDA’s funds Wednesday. They also accepted the eight so-called projects — payment-in-lieu-oftaxes agreements — considered active with the Rotterdam IDA; that will allow each to be transferred to the Schenectady County IDA’s administration.
    Rotterdam IDA Chairman Robert Mallozzi handed Supervisor Harry Buffardi a giant check for $175,000, representing the remaining funds in the agency’s bank accounts. Town officials expect the final sum to be several thousand dollars greater, depending on the ultimate cost to dissolve the agency.
    “We ran this organization as honorably and diligently as possible,” Mallozzi told the board during the meeting Wednesday. “If we were allowed to continue, we could have completed more of the projects and goals we set out to fi nish.”
    The board’s acceptance of the Rotterdam IDA assets is the first step in the looming dissolution of the agency, as recommended in a 24-page non-binding report released by the state Authorities Budget Office in December. The report recommended the town disband the IDA, because the agency lacked any debt and was therefore no longer compliant with state law.
    The Rotterdam IDA paid off its last bond in 2009, meaning the agency could run into signifi cant legal troubles if its deals were challenged in court, according to the report. The Schenectady County Metroplex Development Authority challenged the findings, but the budget office declined to revise its report.
    The eight active projects had a value of $39.5 million as of December 2010. These projects were helped by various forms of financial assistance — such as tax exemptions that totaled $2.2 million in 2010 — but did not receive any funding through bond debt.
    “The law is the law,” Metroplex Chairman Ray Gillen said. “We’re doing what we have to do.” ................>>>>..................>>>>....................http://www.dailygazette.net/De.....r01103&AppName=1

phew.....at least GP and Ajello were in it when there was money to be had, huh?

I wish to sincerely thank Angelo Santabarbara for his service to the Town IDA and his donation of salary to many, many wonderful causes throughout the region..   Also to Bobby Mallozzi-- who being an extremely busy person with many, many obligations has volunteered selflessly to assist the Town grow by being a leader of the RIDA. The people of the Town want to remember your contributions and thank you, and seeing as this IS the appropriate forum - I will speak out for the other residents.. As to the Nayboobs and other assorted Naysayers I wish to add -- !

Quoted from bumblethru

phew.....at least GP and Ajello were in it when there was money to be had, huh?

anything to keep the gumbahs in the 'status quo'

I AGAIN would like the THANK Angelo Santabarbara and Bobby Mallozzi for their exceptional efforts in regards to IMPROVING and building UP our town -- all while the NNTP/GOP tear it DOWN.

Guessssssss whatttttttttttttttt......DUDE.......you are talking out of your A$$$$$$$.

everything and everyone on this blog is NOT GOP but well could be DEMO CRAPS like you...

be careful how you describe other's statements.....

Has A-Jello repaid the town for his illegal compensation that violated the RIDA by laws? The town attorney should proceed against them to get this taxpayer money returned. If he refuses to act the Attorney General must intervene.

Quoted from Hamburg

I AGAIN would like the THANK Angelo Santabarbara and Bobby Mallozzi for their exceptional efforts in regards to IMPROVING and building UP our town -- all while the NNTP/GOP tear it DOWN.

I think it's called 'The Hampster Cage Compound'.......look around....see the patina.....????

suck suck suck. DVOR likes to suck