Wade Lupe Companies will pay $25,000 each year and Metroplex will pay the remaining $50,000. Metroplex is funded by one-half of 1 percent of the sales tax in Schenectady County.
Metroplex will also take control of the Center City parking lot. The lot will be the eighth Metroplex-controlled parking lot in the city.
The Galesi Group will pay Metroplex $40,000 annually for 10 years to lease the parking lot.
Gillen said that the $40,000 made on the parking lot will go toward repayment of the loan. Since most of these plans are in their preliminary stages, Gillen said it's possible that Metroplex would recoup more than $40,000 from the parking lot.
"We could get anywhere from $40,000 to $50,000 back from the Galesi Group," he said.
Under the new plan, the Galesi Group will have 90 percent control of the complex's interest and Lupe will control 10 percent.
"Under this plan, the city will get repaid," said Gillen.