The topic of the thread is about the proposal for the former YMCA.   As far as the personal attacks based on false information, the/she troll can just kiss my a** and go crawl back into his/her troll cave.

Back on topic.  

It is a good thing that the old YMCA will, apparently, not be vacant for too long.  Lower State Street is an important gateway into Schenectady and this building is an important part of the landscape in that neighborhood.  

I think that the opportunity to have a diverse - age-wise - population living in the Lower State area provides some great opportunities for future small businesses in that area.  

Quoted from DemocraticVoiceOfReason

The topic of the thread is about the proposal for the former YMCA.   As far as the personal attacks based on false information, the/she troll can just kiss my a** and go crawl back into his/her troll cave.

What is false information?    That you don't live as a NORMAL adult, self supporting in your own residence?   You mean you have fled the nest?

Quoted from mikechristine1

What is false information?    That you don't live as a NORMAL adult, self supporting in your own residence?   You mean you have fled the nest?

BLAH BLAH BLAHBLAH BLAH !!!!

It is a good thing that the old YMCA will, apparently, not be vacant for too long.  Lower State Street is an important gateway into Schenectady and this building is an important part of the landscape in that neighborhood.  

I think that the opportunity to have a diverse - age-wise - population living in the Lower State area provides some great opportunities for future small businesses in that area.  

Quoted from DemocraticVoiceOfReason

It is a good thing that the old YMCA will, apparently, not be vacant for too long.  Lower State Street is an important gateway into Schenectady and this building is an important part of the landscape in that neighborhood.  

I think that the opportunity to have a diverse - age-wise - population living in the Lower State area provides some great opportunities for future small businesses in that area.  

And care to tell us how much the city's tax base will fall??????   Of course not, never can address the falling tax base.

Developer, Metroplex reach deal for old Y
BY HALEY VICCARO Gazette Reporter

   Reach Gazette reporter Haley Viccaro at 395-3114, hviccaro@dailygazette.net   or @HRViccaro on Twitter.
   Schenectady Metroplex Development Authority and Norstar Development USA reached an agreement Wednesday on a proposed $18 million renovation project to turn the former YMCA building at 13 State St. into senior housing.

   During Metroplex’s board meeting Wednesday evening, the 10-member board unanimously agreed to sign a memorandum of understanding with the Buffalo-based developer to transform the 104,000-square-foot building into 61 senior apartments.

   “We are very excited to be partnering with Metroplex, Schenectady County and the city of Schenectady on the revitalization of this important historic building,” said Norstar President Richard Higgins. “We have been impressed with the economic transformation that has been occurring in Schenectady, and we are thrilled to have the opportunity to be a part of this dynamic effort.”

   Norstar has submitted plans for the project to the City Planning Commission. The proposal is on the agenda for the commission’s Oct. 15 meeting.

   Plans for the vacant fourstory building, which was built in 1926, include a fitness facility, library, community room and entertainment room. Its facade will remain the same. Metroplex will help market 8,650 square feet on the first floor of the building for commercial use.

   Norstar will seek historic tax credits and senior housing tax credits for the project. It estimates the historic tax credits alone would cut about $5 million off the total price tag.

   “It’s a difficult project because it’s such a big old building,” said Ray Gillen, chairman of Metroplex. “None of these buildings downtown are easy to redevelop. The tax credits would provide about 30 [percent] to 40 percent of the cost. They have also done extensive market studies and we are getting really good rents downtown.”

   Norstar is taking steps to purchase the building from Metroplex at market value, about $2 million. The renovation is expected to take between 18 and 20 months to complete. It is unclear what the rent would be for the first tenants of the senior apartments.

   The move will put the building on the tax rolls, Gillen said. He plans to negotiate a payment-in-lieu-of-taxes agreement with Norstar so the city can start collecting money on the property for the first time.

   For commercial space on the first floor, Gillen said the goal is to attract a technology company there or market it for office or retail. Norstar will also rehabilitate that space with a separate entrance facing State Street.

   Gillen is looking to attract businesses through the state’s tax incentive program, START-UP NY. The program would allow a tech company to move in and partner with Schenectady County Community College, located across the street, and pay no taxes for 10 years.

   In June, SCCC received approval from the state to lure businesses to two sites downtown for START-UP NY, including 6,311 square feet in the Kindl Building at 201 State St. and 6,058 square feet at NYBizLab at 251 State St. The college is in discussions with several companies for the program.

   “It could be a really interesting space for a tech company,” Gillen said. “We are looking at a couple of different options, including office or retail. Norstar is looking for us to find them a good use for that first floor.”

   The building used to house more than 150 YMCA residents until they moved into a new facility at 845 Broadway three months ago. The building’s fitness facility and gym were previously relocated to Center City, farther up State Street.

   Gillen compared the project to plans for the historic Foster building on State Street. Sequence Development of Troy plans to purchase that building from Metroplex for $475,000 and renovate it for $2.6 million with apartments, retail and office space. The developer also plans to use historic tax credits for the project.

   Schenectady Mayor Gary McCarthy said the transformation planned for 13 State St. is another great project to revitalize downtown. He said residents would be able to take advantage of nearby venues including Bow Tie Cinemas, Proctors and the YMCA.

   “Schenectady has a high proportion of senior citizens, so this project is great,” he said. “It is also a convenient location for residents, something that you wouldn’t find in other areas. We are looking for things like this that would complement the growth that is happening downtown.”

   Gillen touted Norstar as an experienced developer best suited to tackle a difficult project such as this one.

who maintains the apartments?

TAXPAYER HANDOUTS

Quoted Text

Norstar will seek historic tax credits and senior housing tax credits for the project. It estimates the historic tax credits alone would cut about $5 million off the total price tag.

Of course, not paying FULL TAXES - That means homeowners will have to make up the difference and that means HGIHER TAXES on the homeowner.   Do he math, if an assessment value means a tax bill is $50,000 but a political crony downtown only has to pay $5,000 because of a PILOT, then who pays the balance of the $45,000 that would be due based on the assessment value?   The rest of the taxpayers, most of whom are residential homeowners:

Quoted Text

   He plans to negotiate a payment-in-lieu-of-taxes agreement with Norstar so the city can start collecting money on the property for the first time.

And then the taxpayers, primarily homeowners, have to make up the difference of course:

Quoted Text

   For commercial space on the first floor, Gillen said the goal is to attract a technology company there or market it for office or retail. Norstar will also rehabilitate that space with a separate entrance facing State Street.

   Gillen is looking to attract businesses through the state’s tax incentive program, START-UP NY. The program would allow a tech company to move in and partner with Schenectady County Community College, located across the street, and pay no taxes for 10 years.

Sounds like, no, IS, more bad news for the taxpayers of the city, higher taxes to cover the tax bills of the downtown, higher taxes on houses in the neighborhoods cause reduction of home values, fewer people buying house in the city, more empty houses, more houses becoming abandoned, leading to he city taking more houses which leads to higher expenses for the city to take care of these houses and higher expenses for the city means increasing taxes on the taxpayers of which primarily are homeowners.

It's what has happened for the past ten years of the wild uncontrolled spending of taxpayers money on downtown, massive reduction in the city's tax base, incredibly falling property values, tons of successful tax certiorari cases and small claims assessment cases, people who have owned very nice house fleeing the city in droves, not even waiting til the house have sold, houses selling for 30 to 50% below the city's claim of market value, so many empty houses for sale.   When is going to end?

Probably the people in the city who are voting this November should ask the council candidates if they would push for an immediate citywide reassessment and if they would push for a total halt to all these lucrative tax deals for the wealthy downtown.   Maybe even ask the candidates if they know what their respective (political) party's take is on the tax handouts to the wealthy

The Daily Gazette confirmed today that a deal has been reached between Metroplex and the developer on this project.  All it needs is the appropriate approvals and, hopefully, we'll see work start on this project in the very near future.

Quoted from DemocraticVoiceOfReason

The Daily Gazette confirmed today that a deal has been reached between Metroplex and the developer on this project.  All it needs is the appropriate approvals and, hopefully, we'll you'll see work start on this project in the very near future.

The Daily Gazette confirmed today that a deal has been reached between Metroplex and the developer on this project.  All it needs is the appropriate approvals and, hopefully, we'll see work start on this project in the very near future.

Downtown is in a perpetual state of flux, with super geniuses announcing hundreds of projects that would bring economic success to the city.

It has been a construction site since at least the early 80s.

30 years of effort, and borderline economic bankruptcy, has been the only result.

Remember when Canal Square saved the city at a cost of millions upon millions?

How about the glorious Center City project that was an utter failure and waste of money?

Quoted from DemocraticVoiceOfReason

The Daily Gazette confirmed today that a deal has been reached between Metroplex and the developer on this project.  All it needs is the appropriate approvals and, hopefully, we'll see work start on this project in the very near future.

Cicero is correct.

"We" aren't hopefully waiting.

"You" are.

Every single project just wastes more money and brings no lasting results.

Well unless you count record breaking tax increases, record breaking foreclosures, decaying neighborhoods and crime o'plenty.

Quoted from DemocraticVoiceOfReason

The Daily Gazette confirmed today that a deal has been reached between Metroplex and the developer on this project.  All it needs is the appropriate approvals and, hopefully, we'll see work start on this project in the very near future.

Why do you cheer for everything that cause reduction to the city's tax base and cheer for increasing taxes on the homeowners?

There will be more great RENAISSANCE news for Lower State Street coming in the next weeks and months.

Mr. Gillen and his team at Metroplex and the County Economic Development office are - as always - doing a great job.