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$3M loan sought for Schenectady buildings

City would demolish 60, put up $1.3M for DSS renovation plan

The former county DSS building on Nott Street in Schenectady has been proposed for renovation into an apartment building, built by Galesi Group and funded partly by a federal loan.
The former county DSS building on Nott Street in Schenectady has been proposed for renovation into an apartment building, built by Galesi Group and funded partly by a federal loan.
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The city wants to borrow $3 million from the federal government to demolish 60 blighted buildings and renovate the former Schenectady County Department of Social Services building on Nott Street. The Galesi Group would turn the former DSS building into an apartment building. Including the city’s contribution of $1.3 million, the project would cost $2.8 million for 14 units. That’s $202,000 per apartment. But it would restore a blighted building, city officials argued in their ...


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comments

gina99
June 12, 2013
7:56 a.m.

[ Flag Post ]

More borrowing? No wonder Moody's and the State Comptroller both issued warnings. McCarthy and his rubber stamps burned through the surplus and cannot make more than minimum payments on existing bonds. Federal Block Grants should be used to remove these eyesores that are in every neighborhood in the City because of confiscatory Democratic taxation.

hodgkins.t
June 12, 2013
10:05 a.m.

[ Flag Post ]

The City wants to borrow money to give to a private developer ? A gift of 46% of the project cost?

JIMOCONNOR
June 12, 2013
11:28 a.m.

[ Flag Post ]

hodgkins.t, What happened to your preschool mission. Reads like you're already 'aspiring' to other windmills.

justapto
June 12, 2013
4:47 p.m.

[ Flag Post ]

There is a surplus of rental units in Schenectady. Now the city wants to compete with the existing housing stock by adding more units.
Take funds from other tax payers and give them to Galesi Group, (an out of town developer). The Mayor and city council should join the Malta Library group; resign en mass!

mkuban
June 13, 2013
12:09 p.m.

[ Flag Post ]

If Galesi wants to develop the property fine but it should be on their dime not Schenectady's taxpayers. I suppose they will want or get a tax incentive too. Mayor McCarthy needs to put the taxpayers first and not some out of town developer.

When a developer or business wants to do something in the city the first thing the Mayor or Metroplex does is throw money and tax incentives at them. When an individual wants to purchase a city owned home to live in and acks for a break on taxes to make repairs and renovations more affordable the common council tells them it is illegal to do so.... WTF why pay $88K for a house that needs work when you will be paying taxes on $147K assessment. Wonder how long it is going to take the new golf pro to grieve his taxes.

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