January 9, 2006

Schenectady, N.Y. — MEM Financial Solutions, a fast growing mortgage company now headquartered in Halfmoon, today joined with Metroplex and Schenectady County leaders to announce that the company has closed on the purchase of 202 State Street. MEM Financial Solutions will relocate company headquarters to downtown Schenectady following rebuilding renovations. The company plans to create 100 jobs in Schenectady County in the next eighteen months.

‘We are very excited to be moving into downtown Schenectady”, said company President Mark McLeod. “The new office space will allow MEM Financial Solutions to follow through with our expansion plans for 2006”. The company hopes to take occupancy of the new space by the end of the first quarter in 2006.

Susan E. Savage, Chair of the Schenectady County Legislature said, “Once again our economic development effort brings new jobs and new opportunity to Schenectady County. This is a great way to start another year of smart growth and job expansion. We welcome MEM Financial Solutions to Schenectady County.”

Schenectady Mayor Brian U. Stratton said, ”This is a great way to begin 2006. Lower State Street is a priority for our redevelopment work this year and this project provides a great kick – off to our efforts.”

Gary Hughes, Chair of the County Legislature’s Committee on Economic Development said, “This demonstrates the willingness of the private sector to continue to invest in Schenectady’s recovery. In the past, this type of investment by a fast growing company would not have been likely. Now we are seeing more and more companies select Schenectady County for new investment and jobs. ”

Mark W. Blanchfield, President of the Schenectady City Council said, “This is great news for lower State Street and the adjacent Stockade and East Front street neighborhoods, each of which offers numerous attractions and a convenient walk to work for MEM employees – current and future.”

Metroplex will provide a grant of $54,000 to help offset the cost of leasing parking spaces for company employees in the lower State Street area at the former MVP lot. The company will purchase the building and finance renovations on its own. MEM Financial Solutions is also eligible to apply for Empire Zone benefits and Renewal Community credits based on the company’s investment in Schenectady.

Ray Gillen, Chairman of Metroplex said, ‘With the Proctors Block of State Street almost sold-out, we are aggressively moving our redevelopment efforts to lower State Street. MEM Financial Solutions relocation to 202 State Street is a perfect fit with our plans and we are pleased that they have closed on the purchase of the building with plans to begin renovations almost immediately.”

202 State Street is currently vacant. At one time, the building was home to the Spencer Business School. The two story 20,000 square foot building is located in lower State Street, an area targeted by Metroplex for redevelopment efforts in 2006. Larkin Commercial Properties Inc. handled the transaction for the seller of 202 State Street.

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