For years, industrial sites that once fueled the city’s economy have sat idle and deteriorating in and around residential areas. Now, the brownfields are presenting an opportunity for residents to re-invent their neighborhoods.
Voodoochild, I hope to lessen your concern. The $20 million sum is the amount of the bond financing. Bonds are just another type of loan. The lender is the investor who buys the bonds, typically a large pension fund or financial institution. The borrower is the LDC and the college's foundation. The payments on the loan come from the rents students pay. It might help to think of the $20 million as all the rents those 315 students will pay for the next 30 years. The county is not funding the project and it has no $20 million that it could put to other uses.
As to why nobody wants to live in downtown Schenectady, there is a bit of a chicken and egg problem, isn't there? They don't want to live there because there isn't any nice housing and there isn't any nice housing because people don't want to live there. This type of project could help break that cycle.
Posted on August 6 at 10 a.m. (Suggest removal)
Voodoochild, I hope to lessen your concern. The $20 million sum is the amount of the bond financing. Bonds are just another type of loan. The lender is the investor who buys the bonds, typically a large pension fund or financial institution. The borrower is the LDC and the college's foundation. The payments on the loan come from the rents students pay. It might help to think of the $20 million as all the rents those 315 students will pay for the next 30 years. The county is not funding the project and it has no $20 million that it could put to other uses.
As to why nobody wants to live in downtown Schenectady, there is a bit of a chicken and egg problem, isn't there? They don't want to live there because there isn't any nice housing and there isn't any nice housing because people don't want to live there. This type of project could help break that cycle.
On SCCC to break ground on $20M dorm