I see that there is something called Halfmoon Works taking over the space vacated by Madison Handbags. It sounds like a nice charity, but it is still another NFP downtown, evidently.
this is from the Gazette:
"The building was last renovated in 2012, when Madison Handbags moved its production facility and 40 employees from Troy to the space previously occupied by Girl Scout district offices. The Schenectady County Metroplex Development Authority gave the company $40,000 to put toward renovations. That grant may have to be paid back now that the company has gone out of business, said Metroplex Chairman Ray Gillen, though he couldn't say for certain Friday afternoon without tracking down the original grant agreement."

It would seem like someone should know that off the top of his head at this point, to me anyway. I don't really think a business gone bankrupt is going to be paying back any grants any time soon. Anyhow, Madison supposedly paid $65,000 in taxes so the city netted a whopping $25,000. Except you would have to figure in the salaries of the people making these deals too.

you gotta love sketchy math......  

it should just be a standard..... if you go out of business in 5 or 10 years depending on the PILOT time line.....grants should be paid back.
if they don't have a PILOT let the governor help them out.....

IT SHOULDN'T BE THAT COMPLICATED.....but the more complicated it is the more sketchy math the more the public doesn't understand
the easier it is to skim......

such is 'creative financing'.......what's the value of ANYTHING anymore?

Quoted Text

Anyhow, Madison supposedly paid $65,000 in taxes so the city netted a whopping $25,000. Except you would have to figure in the salaries of the people making these deals too.

$65K was netted in city property tax, or does that include county and school tax?  Or is it sales tax collection?

Doesn't say. Just "more than $65,000 in taxes". Funny, that number was handy.

Grants don't get paid back.

That would make it a loan.

You know that, and I know that, but apparently Mr. Gillen doesn't know that for sure without digging out the original agreement, which is for some reason especially inaccessible because it's Friday, or something. Personally, I'd take that as a "no" answer.

Quoted from Madam X

You know that, and I know that, but apparently Mr. Gillen doesn't know that for sure without digging out the original agreement, which is for some reason especially inaccessible because it's Friday, or something. Personally, I'd take that as a "no" answer.

Digging out?

Do they own a computer?

It should be a pdf file in the "grants" folder.

Quoted from Libertarian4life

Digging out?

Do they own a computer?

It should be a pdf file in the "grants" folder.

lol!! it seems like its money out of his back pocket wallet....no records needed...just a fuzzy memory  

YEP, the city/co/plex DEMS have SCREWED THE HOMEOWNERS once again!!!!!!!!!!!!!

Quoted Text

"The building was last renovated in 2012, when Madison Handbags moved its production facility and 40 employees from Troy to the space previously occupied by Girl Scout district offices. The Schenectady County Metroplex Development Authority gave the company $40,000 to put toward renovations. That grant may have to be paid back now that the company has gone out of business, said Metroplex Chairman Ray Gillen, though he couldn't say for certain Friday afternoon without tracking down the original grant agreement."

Yes, DEATH Ray better get that "original grant agreement" which was $50,000, NOT $40,000 and he better post the agreement IN IT'S ENTIRETY for all TAXPAYERS to read!



Number 1 point:   Clearly the tax amount that Gillen is bragging about is an ABSOLUTE LIE and that is a ABSOLUTE FACT.

City & county taxes are on a calendar year basis.   The prior owners, the Girls Scouts, are an NFP so there was no city and county tax due for calendar tax year (city and county taxes) 2012.  Madison became the owner in January 25, 2012, the status of the property on that date and for the rest of the municipal tax year was “tax exempt” based on the NFP status.  In other words, tax status (taxable vs non-taxable) does not change AFTER a tax bill is issued, so for all of 2012 Madison did NOT pay city/county taxes.

For municipal tax year 2013 and an assessment value of $394,420 the total city/county tax bill was:  $8,280.57
County tax rate 7.145084 per thou  =   $2,818.16
County Election Chg 0.229230 per thou  =  $90.41
City tax rate 13.62 per thou  = $5,372

For municipal tax year 2014 and an assessment value of $394,420 the total city/county tax bill was:  $8,336.03
County tax rate 7.154174 per thou  =   $2,821.75
County Election Chg 0.230058 per thou  =  $90.74
City tax rate 13.62 per thou  = $5,423.54


School taxes are on a school tax year basis, i.e., July 1 through June 30.   The prior owners, the Girls Scouts, are an NFP so there ware no school taxes were due for the portion of the school tax year that Madison owned the building in the 2011-2012 school tax year.  Madison became the owner in January 25, 2012, the status of the property on that date and for the rest of the school tax year was “tax exempt” based on the NFP status.  In other words, tax status (taxable vs non-taxable) does not change AFTER a tax bill is issued, so for all the 2011-2012 school tax year Madison did NOT owe any school taxes.  Madison’s first school tax bill was for school tax year 2012-2013 which was AFTER they won a SUBSTANTIAL assessment reduction


For school-tax tax year 2012-2013 and an assessment value of $394,420 the total school tax bill was:  $8,494.51
School tax rate 21.536720.

For school-tax tax year 2013-2014 and an assessment value of $394,420 the total school tax bill was:  $8,718.50
School tax rate 22.097774.   Madison is DELINQUENT on the final payment for this year, thus, they only paid $6,586.35

For school-tax tax year 2014-2015 and an assessment value of $394,420 the total school tax bill was:  $8,917.63
School tax rate 22.609484, and through the third installment, they have paid $6,688.23


Therefore, this is what they paid in property and school taxes
City/Co taxes tax year 2013 = $8,280.57    (**IF they made all installment payments)
City/Co taxes tax year 2013 = $8,336.03    (**IF they made all installment payments)
School taxes tax year 2012-13 = $8,494.51                                                  
School taxes tax year 2012-13 = $6,536.85     (**DELINQUENT on final installment)
School taxes tax year 2013-14 = $6,688.23     (through 3rd installment; 4th installment not yet due)

Total taxes paid (if all city/co taxes were paid) = $38,336.19

Far cry from the corrupt Death Ray Gillen’s claim.  




Number 2 point:       Sales tax really is difficult to know.   Sales tax is collected based on what county the sales transaction takes place (or the county where delivery is made--generally when people have appliances delivered).  Their sales are done via "home parties."  I'm not entirely sure how the sales tax then is done, i.e., where it goes

I live in Schenectady County, if I host a party and the sale is transacted in my house, is the sales tax calculated based on Schenectady Co because the transaction takes place here, or do I collect tax based on the county in which the purchaser lives?  And I doubt, I HIGHLY doubt that if I have a party here in our home within Schenectady Co that I am going to report, nor is the state going to break it down (I pay Madison who in turn pays the state) based on city of Schdy vs town of Rotterdam vs village of Scotia, etc, nor would they do it regardless of what county a home party is held.

So when the state gives the county the county's share of if sales tax, come on, Schenectady county does NOT, and I repeat does NOT sit there and say "one $40 handbag sold to person A in the town of Rotterdam, so Rotterdam receives the $1.60 for that purchase.  





Number 3 point:          Now how about an answer to this:   The property was assessed by the city in 2010 (the citywide reassessment) and assigned a value of $625,000 (full market value and assessment value equal at the time).

Trish Rost LLC aka Madison Handbags bought the building in January 2012, grieved the assessed value, got an reduction which SUBSTANTIALLY REDUCED their taxes, does some renovations--renovations result in a city increasing the assessment based on the amount reported on building permits (assuming the company was honest in the building permit applications), so WHY did the assessor not increase the assessment?  


Number 4 point:      Also interesting, since intelligent people research and provide EVIDENCE here is this:

The company got a mortgage, in the amount of $280,000 in January 2012.
The company got another mortgage, in the amount of $95,000 in July 2012.
The company got another mortgage, in the amount of $200,000 in September 2012.
No mortgages have been discharged.
Total mortgage is $575,000 on a building that, at the time in 2012 had a full market value of only $379,250 based on Madison grieving and getting their assessment value reduced to the assessed value of $394,420.



NUMBER 5 POINT !!!!!!            And now, a taxable property is getting sold to an NFP thus the property will be taken OFF the tax rolls!!!!   Once again,

Quoted Text

Mayor McCarthy and his team are AGAIN causing a REDUCTION OF THE CITY'S TAX BASE!!!!!!!!!!!

But let us remember the the LIES and nonsense babble from the D voice of POOP:

May 2013

Quoted from DemocraticVoiceOfReason

Mayor McCarthy and his team are doing a great job in the city.  Keep up the good work.

And now he once again perfects his vanishing act, absolutely NOT responding and addressing the FACTS supported with the EVIDENCE.

Quoted Text

Madison Handbags to Open Office/Production Facility in Schenectady County


Schenectady County officials today announced that Madison Handbags will open …

Gary Hughes, Chair of the County Legislature’s Committee on Economic Development and Planning  … This is a fantastic use for a key building on lower State Street.”

Acting Mayor Gary McCarthy said, “We welcome Madison Handbags and its great success story to Schenectady. This company will make new products here and ship them around the country from their Schenectady address. We are grateful for their decision to open a facility in our community.”
…
A socially responsible company
…

Ray Gillen, Metroplex Chair and Commissioner of Economic Development and Planning for Schenectady County said, “This company is growing rapidly. Madison Handbags will be a great addition to downtown as development continues to reach into lower State Street.”

Quoted Text

Schenectady Metroplex Development Authority
Board Meeting Minutes
June 13, 2012

Present:       Ray Gillen, Brad Lewis, Bob Wall, Sharon Jordan, Ed Capovani, Bill Chapman and Janet Hutchison  

Absent:       Bob Mantello, Neil Golub, John Mallozzi, and Karen Zalewski-Wildzunas

Others:        Jayme Lahut, Jim Callander and an audience of 1

Call to Order:    Mr. Gillen called the meeting to order at 6:00 p.m.
…

3.       Madison Handbags Relocation Project:  Resolution 767-12 — Adopt the General Project Plan

Madison Handbags purchased the former Girl Scouts building at 131 State Street, which allows for expanded production and a retail outlet for this fast-growing company. Renovations included preparing production space for sewing, inventory and distribution; and exterior façade improvements including, lighting, awnings and display windows.  Metroplex participation involved a $50,000 grant for interior renovations and façade improvements. Mr. Lewis moved Resolution 767-12; seconded by Mr. Capovani. Following brief discussion, Resolution 767-12 was approved.

Now LOOK, LOOK !!!

--   Look at what the property WAS assessed for at the time they bought it   ($625,000)
--   Look at the date of sale and the sale price   ($365,000)
--   Look at how Madison IMMEDIATELY, in 2012 grieved their assessment and won a SUBSTANTIAL REDUCTION to $394,420








And now LOOK!!!!!!!!!!!    They did NOT pay the final installment of their 2013-2014 school taxes!

Here is what they will pay ZERO. Just like everyone else that deals with these idiots. Madison Handbags is not going bankrupt they just fled Schenectady. Other taxpayers will make up the shortage
no big deal.  Trustco left how many years ago and the County DEMS brought the building for a courthouse which still sits there unimproved off the tax rolls. In any other County the taxpayers would
demand a sale at any price to get the property back on the tax rolls. Not here. No one says nuthin-an occasional news story which no one responds to. If there was a real renaissance private interests
would be in a bidding war to get this large property near the crossroads of Downtown. Another tax dodging NFP Downtown-what else is new?

Quoted from benny salami

Here is what they will pay ZERO. Just like everyone else that deals with these idiots. Madison Handbags is not going bankrupt they just fled Schenectady. Other taxpayers will make up the shortage
no big deal.  Trustco left how many years ago and the County DEMS brought the building for a courthouse which still sits there unimproved off the tax rolls. In any other County the taxpayers would
demand a sale at any price to get the property back on the tax rolls. Not here. No one says nuthin-an occasional news story which no one responds to. If there was a real renaissance private interests
would be in a bidding war to get this large property near the crossroads of Downtown. Another tax dodging NFP Downtown-what else is new?

I don't remember.  What year did the county take over that old bank building?

I DO remember the "you paid for it" segment and then I remember a subsequent "you paid for it" report a couple/few years later (not sure how many) on the building.  

And we've been busier than usual in recent months, time gets away, what was the thing about using part of the Gazette building for some municipal office space.   Was that for court purposes?


Time for another "you paid for it" segment on that old bank.   Unfortunately the dems would probably avoid responding a third time.  


Take taxpaying properties OFF the tax rolls and giving it to the millionaires and billionaires in return for kick backs is what the city/co/plex is all about

Gee, even the long long long long long time TAXPAYING PROPERTY Rudnicks will come off the tax rolls because the city/co/plex SNUBBED them, forced the little mom and pop business to pay for the taxes of all the properties owned by the filthy rich political cronies of the city/co/plex, so Rudnicks ended up going out of business, their property I believe is in tax foreclosure, that WILL be, I will GUARANTEE, a property whose future WILL be given taxpayer handouts and taken OFF the rolls.


Keep watching all those nice house in the nicer sections of the city put up for sale, no sale a year, two years, three years later.  

Hell, every the house owned by the former school super, Eric Ely has NOT sold after, now, probably 4 or 5 years!!!!!!!!!!!!!!!!