Frequently Asked Questions
Q: What is the mission of the Schenectady Metroplex Development Authority?
Local Public Authority Name: Schenectady Metroplex Development Authority
Fiscal Year: January 1, 2012 — December 31, 2012
Enabling Legislation: Established in 1998 as a public benefit corporation by the New York State Legislature to institute a comprehensive, coordinated program of economic development activities in the Route 5 and Route 7 corridors of Schenectady County, especially in the downtown region of the City of Schenectady, the enabling Act establishes a key goal of Authority construct "new facilities to adequately accommodate such activities [that] would generate new business, create employment opportunities, provide new sources of tax revenue, and promote effective and orderly redevelopment in the vicinity of the [Metroplex Service District]."
Mission Statement: The mission of the Schenectady Metroplex Development Corporation is to enhance the long-term economic and social vitality as well as overall quality of life in Schenectady County through a comprehensive, coordinated program of economic development within the Metroplex service district with particular emphasis on downtown Schenectady. Attract, incentivize (when necessary) and leverage private investment through various forms of financial assistance; assist with site acquisition assemblage, development and revitalization; and, provide cooperative technical assistance and support through its participation in projects, programs and other initiatives. The Metroplex enabling statute allows the Authority to design, plan, finance, site, construct, administer, operate, manage and maintain facilities within its service district.
Performance Benchmarks / Stakeholder Expectations
- Expand the real property tax base
- Expand the County-wide sales tax base
- Create and retain jobs (measurement based on projections with periodic reports to ascertain the accuracy of projections)
- Provide and leverage financial assistance (measurement based on amount of Metroplex participation compared with other funding support, and private investment)
- Encourage development in specific key geographic areas (corridor improvement and development) in which investments will be strategically important in accomplishing other objectives and are cost-effective
- Improve downtown living via community amenities, civic improvements, community image, attractiveness and marketability
Authority Stakeholder(s): Schenectady County Legislature
Authority Beneficiaries: The residents and taxing jurisdictions of Schenectady County
Authority Customers: Local businesses and local property owners
Authority self-evaluation of prior year performance (based upon established measurements): To be provided by March 31, 2013 related to 2012 performance.
Q: What types of activities does Metroplex do?
A: We can design, plan, finance, site, construct, administer, operate, manage, and maintain facilities within our service district.
Q: What kind of project aid is available?
A: Aid comes in several forms. We provide the grants and loans that are the traditional tools of development agencies. We also provide technical assistance and try to connect businesses with the resources and information they need to continue to grow their business in Schenectady County. Usually Metroplex assistance is matched by private financing on a matching basis with a larger share of project costs coming from private financing.
Q: Where do you get the funds?
A: Metroplex is funded through dedicated sales tax revenues, 70 percent of one-half of one percent of county sales tax.
Q: What areas do you serve?
A: Metroplex's original service district of 24 square miles stretches along Routes 5 and 7, which converge near the city's downtown. Several communities in the county have opted to join the authority, so that its territory has now expanded to about 84 square miles. Metroplex Boundaries Map
Q: Can I give some suggestions or voice concerns about any of the projects Metroplex is involved in?
A: Metroplex operates under the NYS Open Meetings Law, solicits public input, seeks consensus on all projects, and works in cooperation with Schenectady County and the City of Schenectady, often partnering with them on major capital projects.
Q: Where can I get more financial information on the Metroplex and its projects?
Public Authority Reporting Page
A: You can get more information by calling us at (518) 377-1109, or by fax at (518) 382-2575. You can also send us a request by clicking here, and we will mail you information.
Q: What kind of credit rating does Metroplex have?
A: Metroplex has investment grade credit ratings from three of Wall Street's leading firms. We received an "A" rating from both Standard and Poor and Fitch, and the prestigious "A2" rating from Moody's.
Q: How can I get in touch with someone at Metroplex?
A: You can contact us by calling (518) 377-1109, or click here to send us an email.