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Schenectady up against debt wall

Schenectady will see the interest rates on its $20 million loan for the Bureau of Services building jump from 1 percent to about 4.5 percent next year.
Photographer: Marc Schultz
Schenectady will see the interest rates on its $20 million loan for the Bureau of Services building jump from 1 percent to about 4.5 percent next year.
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For four years, the city has avoided paying for the massive Bureau of Services complex on Foster Avenue. But the cost of that project is about to hit the city hard. At the end of next year, the interest rate on the city’s $20 million loan for the complex will jump from 1 percent to about 4.5 percent. The city’s payments will go up $800,000 a year at the end of 2013. In the following ...


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comments

MMRMIKE68
September 16, 2012
6:17 a.m.

[ Flag Post ]

SIMPLE END TO CITY WOES: RAISE THE TAXES. AFTER ALL, THEY (CITY) DO HAVE UNLIMITED FUNDS TO DRAW FROM.............X RESIDENT AND LOVIN IT.......

wmarincic
September 16, 2012
8:54 a.m.

[ Flag Post ]

Hmmmmmmm, didn't we have someone in the city who had a plan to get much more tax money from the county, What happened to that guy? That's right, he was fired by King McCarthy and his merry band of liberal Stooges. oops!!!

hodgkins.t
September 16, 2012
9 a.m.

[ Flag Post ]

"McCarthy said he wasn’t aware that the city was making mostly interest-only payments on the BANs."

!?!?

#$%#&*"{~___!!!

ThePhilistine
September 16, 2012
10:33 a.m.

[ Flag Post ]

Nothing in here about the fact the city built that place on land they thought they owned but once the building was up there found out it was not their land, What happened with that story? How did they even pull permits to build on a space that was not theirs?

safny
September 16, 2012
11:06 a.m.

[ Flag Post ]

Everything in this city is so bass ackward - but those who vote keep going back to the polls and voting for the same people over and over. If the people who live here and vote are more interested in the party line than the amount of their taxes and how much they are getting shafted by politicians, it will just get worse and worse until the city can declare bankruptcy and shaft us some more. If you don't understand the way the city's debt is paid - how can you make anything better?

cfield
September 16, 2012
8:18 p.m.

[ Flag Post ]

That damn President Bush got us again , even in our little city of Schenectady!!!!McCarthy Going to need more time to clean the mess he left him....

smith
September 16, 2012
8:42 p.m.

[ Flag Post ]

To solve the problem the mayor just needs to fire someone, right? Working together works ... until someone blows the liberal democrats cover. Stratton was behind this one and he wasted all that garbage tax rip off and now has shown his expertise when the canal flooded--and he gets six figures of the public's money. Working together works. Cuthbert for mayor I say.

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