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Metroplex development incentives generated $15.4M for governments in 2018

Metroplex development incentives generated $15.4M for governments in 2018

Payments in lieu of taxes generate less than full levy but more than had been paid
Metroplex development incentives generated $15.4M for governments in 2018
Work is underway at a Community Builders project in Hamilton Hill in 2017.

SCHENECTADY — Projects supported by the Schenectady County Metroplex Development Authority made $15.37 million worth of payments in lieu of taxes in 2018.

The PILOT agreements are an incentive offered by the development agency to reduce the cost of construction or renovation. Metroplex typically offers a 10-year PILOT agreement, under which the payments increase each year until full property taxes are paid by the recipient of the incentive -- in the 11th year.

Metroplex Chairman Ray Gillen said there were 61 PILOTs administered by the agency in 2018, the same number as 2017, though seven agreements expired in 2018 and seven new ones took effect. The collective value of those PILOTs was a little higher in 2017, at $15.68 million.

He noted a significant number of the properties that were the target of this year's incentives generated zero taxes before redevelopment, either because they were tax-exempt or because they had been seized for non-payment of taxes. Others generated tax payments that were lower than the PILOT agreements that replaced them.

All told, 55 of the 61 project sites generated small or no tax payments before redevelopment, Gillen said.

“We are especially proud of the projects that replaced vacant buildings and blighted sites with new jobs and new tax revenue,” he said in a prepared statement Thursday.

The seven new PILOTS for 2018 were:

  • BelGioioso, Glenville, $30,688. 
  • Craig Street/Hillside View/Community Builders, Schenectady, $21,660.
  • Hotel Foster Complex, Schenectady, $23,441. 
  • Locomotive Lane, Schenectady, $160,666. 
  • Former Macy’s, Rotterdam, $29,357. 
  • Summit Towers, Schenectady, $54,204. 
  • Vista Square, Rotterdam, $13,892. 

The PILOTS rolling over from previous years were:

  • 2160 Amsterdam Road, Glenville, $197,992. 
  • Broadway Center, Schenectady, $301,029. 
  • 135 Broadway, Schenectady, $30,861. 
  • 245 Broadway, Schenectady, $17,998. 
  • 242 Broadway, Schenectady, $108,900. 
  • 564 Broadway, Schenectady, $81,745. 
  • 588 Broadway, Schenectady, $52,896. 
  • 845 Broadway, Schenectady, $29,997. 
  • Capital Living, Schenectady, $526,011. 
  • College Suites, Schenectady, $30,285. 
  • 2 Commerce Park Drive, Niskayuna, $33,400. 
  • 30 Commerce Park Drive, Niskayuna, $146,799. 
  • 1925 Curry Road, Rotterdam, $49,210. 
  • DSM, Glenville, $132,865. 
  • 150 Dutch Meadows Lane, Glenville, $179,966. 
  • 175 Freemans Bridge Road, Glenville, $126,737. 
  • GE, Rotterdam, $4,926,380.
  • GE, Schenectady, $2,645,903.
  • 301 Green St., Schenectady, $23,998. 
  • 2696 Hamburg St., Rotterdam, $14,758. 
  • JLA Apartments, Schenectady, $36,372.
  • Kingsway Arms Nursing Center, Schenectady, $331,837. 
  • 111 Liberty St., Schenectady, $41,996. 
  • 600 Liberty St., Schenectady, $166,415. 
  • Long Pond Village, Rotterdam, $294,461. 
  • 1510 Maxon Road, Schenectady, $598,667.
  • 600 McClellan St., Schenectady, $76,124. 
  • 25 Mohawk Ave., Scotia, $55,851. 
  • 100 Nott Terrace, Schenectady, $161,168. 
  • Peek Street site, Schenectady, $5,699. 
  • 1500 Rotterdam Corporate Park, $129,100. 
  • Rotterdam Corporate Park, Building 9, $13,837. 
  • Rotterdam Corporate Park, Building 14, $50,680. 
  • Rotterdam Corporate Park, distribution center, $301,689. 
  • Rotterdam Corporate Park, 1130 N. Wescott Road, $32,433.
  • 204 Saratoga Road, Glenville, $203,000. 
  • Schenectady Armory, $53,647.
  • Ex-Scotia Navy Depot, $297,563. 
  • SI Group, Rotterdam Junction, $775,670.
  • Socha Plaza, new building, Glenville, $183,126. 
  • 13 State St., Schenectady, $37,382. 
  • 202 State St., Schenectady, $18,000. 
  • 325 State St., Schenectady, $26,335.
  • 400 State St., Schenectady, $91,083.
  • 409 State St., Schenectady, $32,997. 
  • 411 State St., Schenectady, $24,998. 
  • 426 State St., Schenectady, $83,696.
  • 433 State St., Schenectady, $300,000. 
  • 440 State St., Schenectady, $29,555. 
  • 447 State St., Schenectady, $27,680.
  • 450 State St., Schenectady, $174,983. 
  • 625 State St., Schenectady, $699,932. 
  • Town Homes at Union Square, Schenectady, $8,000. 
  • 525 Union St., Schenectady, $10,000. 
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