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Legislature committee advances plan to authorize up to $66 million in CRC bonds for 1 Broadway renovation
Summary
The Committee on Economic Development and Planning reported a resolution seeking legislative approval for the Schenectady County Capital Resource Corporation to issue up to $66 million in bonds to finance acquisition and renovation of the 1 Broadway county office building via a CIDC-managed project.
The Committee on Economic Development and Planning voted to report to the floor a resolution authorizing the Schenectady County Capital Resource Corporation (CRC), administered by Metroplex, to issue up to $66 million in bonds for acquisition and renovation of the building at 1 Broadway, the former county lottery building the county plans to occupy. Committee members said a public hearing had already been held, a necessary step for CRC bond issues exceeding $10 million.
The committee discussion described the CRC as a financing tool that helps nonprofit and government entities access capital markets. A presenter for the CRC told the committee the planned project would be designed, built and owned by a CIDC entity and that the project remained on schedule. “The CRC is a great tool. It allows the county to help large non for profits go to the capital markets and issue bonds,” the presenter said.
Committee members moved and seconded the resolution and voted it to be reported to the Legislature floor for final consideration. The resolution asks the Legislature to add the item to the upcoming agenda and to approve issuance of CRC bonds to CIDC so the 1 Broadway renovation can proceed.
