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Schumer pushes Congress on renewal of ‘critical’ tax credit

U.S. Senator Charles E. Schumer launched his two-pronged plan to aid in the continued revitalization of dozens of Schenectady landmarks,by encouraging developers to renovate these underutilized historic buildings.
At Center City, Schumer announced his proposal to extend the New Markets Tax Credit, set to expire at years end, and his support of the Creating American Prosperity Through Preservation (CAPP) Act, which would increase the Historic Tax credit, and make more buildings eligible.
Schumer was joined by David Buicko, President of The Galesi Group, Schenectady Mayor Gary McCarthy, Ray Gillen of the Schenectady Metroplex Authority, and many other developers, construction and business leaders from the region. Here Schumer says hello to  James Callander, Director of Finance, Schenectady Metroplex Development Authority.
Photographer: Marc Schultz
U.S. Senator Charles E. Schumer launched his two-pronged plan to aid in the continued revitalization of dozens of Schenectady landmarks,by encouraging developers to renovate these underutilized historic buildings. At Center City, Schumer announced his proposal to extend the New Markets Tax Credit, set to expire at years end, and his support of the Creating American Prosperity Through Preservation (CAPP) Act, which would increase the Historic Tax credit, and make more buildings eligible. Schumer was joined by David Buicko, President of The Galesi Group, Schenectady Mayor Gary McCarthy, Ray Gillen of the Schenectady Metroplex Authority, and many other developers, construction and business leaders from the region. Here Schumer says hello to James Callander, Director of Finance, Schenectady Metroplex Development Authority.
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Without the federal New Markets Tax Credit, the Galesi Group would have had a tough time completing a $33 million overhaul to breathe new life into Center City. Once a largely vacant structure in the center of Schenectady’s historic downtown, the four-building complex on State Street was transformed into 212,000 square feet of modern mixed-use space following a massive $33 million construction project undertaken in 2009. Galesi also used the credit to help restore the ...

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comments

ChuckD
December 11, 2012
12:52 a.m.

[ Flag Post ]

Yay Socialism!

hodgkins.t
December 11, 2012
8:02 a.m.

[ Flag Post ]

Imagine if the Federal government funded 39% of Schenectady's low income schools....

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