Mayor Stratton Announces SLDC Loan to Help Insurance Agency Purchase and Renovate Upper State Street Building

October 26, 2007

October 26, 2007, Schenectady, N.Y., — Mayor Brian U. Stratton today announced that the Schenectady Local Development Corporation (SLDC) has approved a $35,000 loan to help the John R. Zongrone Agency, Inc. purchase and renovate a building at 1566 State Street in the Woodlawn neighborhood.

The Zongrone Insurance firm will invest $380,000 to purchase and renovate the Upper State building.

“This is a great example of the revitalization effort that is now spreading from downtown to the neighborhood commercial corridors. We are very pleased that this key building on State Street in Woodlawn will be renovated by a company with deep roots in our community,” Mayor Stratton said.

John A. Zongrone, Vice President said, “We look forward to continuing our long relationship with the City of Schenectady and serving our customers at this new location for many years to come. We appreciate the support of SLDC for our business expansion efforts.”

The insurance firm offers life, health, property and casualty insurance as well as investment products for individuals and businesses. The firm has 3,000 accounts in the Capital Region. The Zongrone Agency has been in business for 49 years.

Gary Hughes, Chair of the County Legislature’s Committee on Economic Development said, “We are pleased that the Woodlawn business district will benefit from this building renovation. Our goal is to use programs like those offered by SLDC and Metroplex to help revitalize neighborhood business districts.”

A retail tenant in the building will continue to occupy approximately one-third of the renovated space. The remaining space will be converted to office use for the insurance agency. Zongrone Insurance is now leasing space in the Woodlawn Plaza.

The Schenectady Local Development Corporation is part of Schenectady County’s unified economic development program. SLDC offers loans and technical assistance to small businesses located in the City of Schenectady. SLDC offices are located at the Schenectady County Community Business Center on Albany Street. The Business Center is a one-stop location for small businesses looking to grow their business.

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