Schenectady, N.Y. — The Schenectady City Council gave preliminary approval Monday night to a lease that will help Paragon Energy Solutions expand in downtown Schenectady. Final approval is expected at the City Council meeting next Monday, April 27th.
“Local businesses creating jobs is critical as we look to overcome the challenges and uncertainty we currently face,” said Mayor Gary McCarthy. “I extend my sincere thanks to Metroplex, the City Council, Paragon, and Highbridge for their partnership and investment in our community.”
Metroplex Chair Ray Gillen said, “We thank Mayor McCarthy and the City Council for approving this lease that will help Paragon stay and grow in downtown Schenectady.”
Paragon is working with Highbridge Development and Metroplex to renovate and expand its offices at 588 Broadway. Highbridge will invest over $500,000 to renovate the building and increase parking to accommodate new employees.
The City has agreed to lease to Highbridge approximately .15 acres of land immediately behind 588 Broadway to be used for additional parking. The City will receive $1,000 annually in payments from the developer increasing 2% each year over the term of a twenty year lease. The developer will maintain and plow the property it leases. The property is currently not used by the City.
Paragon projects increasing employment from 38 to 55 jobs at the Broadway office. The company also has operations offices in Tennessee and Texas as well a national network of satellite offices. Paragon provides engineering and technical support services to the power generation industry.
Renovation work will begin once construction work resumes in New York State.
“We continue to line up job producing projects that can begin immediately when New York State starts to reopen. Job growth will be key as we start to rebuild the economy. We thank both Paragon and Highbridge for their decision to invest and add jobs in Schenectady County,” Gillen said.