Schenectady, N.Y., January 23, 2008 — The City of Schenectady Industrial Development Agency (IDA) today approved the issuance of up to $6.6 million in bonds that will help to fund construction of a new three story, 24,000 square foot facility for Union Gradate College at the corner of Liberty Street and Nott Terrace in downtown Schenectady.
The project brings 500 students and 70 staff to downtown Schenectady. The graduate College currently leases space at Union College.
Susan E. Savage, Chair of the Schenectady County Legislature said, “Keeping Union Graduate College in Schenectady County has been a major goal of our economic development team. This project is critical to keeping Schenectady County and the entire Capital Region in the lead when it comes to landing new technology jobs.”
John Huppertz, Interim President of Union Graduate College said, “We are very optimistic about the future of Union Graduate College in Schenectady, and we look forward to continuing our contributions to the growth of this remarkable community. This is a great place to work, and we’re going to build a wonderful environment for our students.”
The new 24,000 square foot building will be located on a vacant lot adjacent to the Bechtel Building. The new building will be three stories and will house student services, computer labs, faculty and administrative offices and classrooms. The building will be built to accommodate future expansion.
Union Graduate College serves full-time, part-time and distance learning students. The Graduate College provides graduate degrees from the schools of Management, Education, Engineering and Computer Sciences as well as the Center for Bioethics and Clinical Leadership. Union Gradate College is the only part-time Masters in Engineering program available in Tech Valley.
The total cost of the project is expected to be $9 million. Union Graduate College has already secured $1 million from Senator Hugh T. Farley and $1 million from the State of New York. U.S. Senator Charles Schumer also provided $300,000 in funding for the project. Private fundraising is underway for the remainder.
The tax exempt financing issued by the IDA will be repaid in full by the Graduate College with no financial exposure for the City or the IDA. Project financing will be provided by DEPFA First Albany Securities LLC and M&T Bank.
Union Graduate College previously considered a site at the former Big N Plaza. After the Golub Corporation selected the site, now known as College Park, as the location for a new 240,000 square foot headquarters, Union Graduate College agreed to explore other location and worked with Metroplex, Schenectady County’s lead economic development agency, to find another location.
“The new site is actually closer to downtown and the Union Campus making it an ideal choice for the new project,” said Huppertz. .
The City IDA is administered by Metroplex as part of Schenectady County’s unified economic development team.
More information may be found at www.uniongraduatecollege.edu.