Schenectady, N.Y., December 22, 2014 –-The City of Schenectady IDA and Ellis Medicine today announced a new PILOT agreement at 600 McClellan Street in Schenectady.
Mayor Gary McCarthy said, “This new agreement increases revenues for the city, county and school district at the McClellan Street facility. We are pleased to work with Ellis to increase revenues through this new agreement.”
Ellis Medicine President and CEO James W. Connolly said, “Ellis Medicine is one of the leading organizations in Schenectady County and the largest non-profit. The agreement provides more tax revenue and support for the community that so generously supports Ellis.”
Under terms of the former PILOT agreement negotiated by the previous IDA administrator, the 45,000 square foot medical arts building only paid $29,000 a year in taxes. This will increase to $53,000 in the first year of the new PILOT agreement and then increase to $76,000 annually.
Ray Gillen, Chair of the Schenectady County Metroplex Development Authority said, “We are pleased to fix another PILOT so that it generates more revenues, and we appreciate the fact that Ellis Medicine worked so closely with us to create this new opportunity for Ellis and Schenectady to work together.”
Metroplex administers the City of Schenectady IDA under Schenectady County’s unified economic development team. The new PILOT agreement will take effect in 2015.