Gov. David A. Paterson signed legislation, Thursday, Aug. 7, that increases Schenectady Metroplex bonding authority from $50 million to $75 million.
The legislation, sponsored by Assembly Minority Leader James Tedisco, R- Schenectady, allows the authority to borrow more money for private investment in the county. It also prohibits elected officials and political party chairs from seeking employment with the Metroplex board.
The authority is funded by a portion of the sales tax collected by Schenectady County.
The Assembly Republican conference praised the legislation, citing the transformation Schenectady has seen since the creation of Metroplex in 1998, including improvements to Proctors Theatre and the construction of a multi-screen movie theatre.
Metroplex has created jobs, lowered taxes and spurred economic development throughout Schenectady County, Tedisco said. "We now have 31 new commercial buildings on our tax rolls and 23 new companies have relocated in our county."
Local and state officials worked together to on reach an agreement on the Metroplex bonding, according to Assemblyman George Amedore, R-Rotterdam, who cosponsored the legislation.
"We all need to work together to create economic development and Metroplex is one vital tool to help business and infrastructure in this county."
He also said, " I was pleased that elements of the legislation were aimed to ensure Metroplex is not a political entity, and furthermore I am anxious to see the findings of the state audit; because taxpayers deserve more accountability and transparency with their tax dollars."
Senator Hugh T. Farley said, "During the past 10 years, Metroplex has helped to change the face of Schenectady, bringing new jobs, new investment and a new sense of optimism."
Schenectady County Legislature Chairwoman Susan Savage said the Metroplex has attracted more than $300 million in new investment and created more than 3,000 jobs.""