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Schenectady County CRC to Issue Bonds for new Science and Engineering Center at Union College

March 28, 2017

SCHENECTADY COUNTY CRC

 

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NEWS RELEASE           For Immediate Release

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Contact: Gary Hughes

                518-522-4107


Schenectady County CRC to Issue Bonds for new Science and Engineering Center at

Union College

Schenectady, N.Y., March 28, 2017, — Schenectady County’s Capital Resource Corporation (CRC) will issue bonds worth up to $70 million for Union College’s new Science and Engineering Center. The bonding is subject to approval by the Schenectady County Legislature. The Legislature will consider the bonding resolution at its April 11th meeting.

Gary Hughes, Chairman of the Schenectady County CRC and Majority Leader of the County Legislature said, “We are pleased to assist with this bond financing as Union is an important employer with more than 800 jobs in our community, and this new $100 million Science and Engineering Center will keep Union as the leading institution offering a liberal arts education that fully integrates science and engineering into its curriculum.”

In addition, bond fees generated by the project will help local governments.  The bond issuance is expected to generate up to $350,000 for the County CRC and Union has agreed to pay an additional $250,000 to the City of Schenectady as part of the arrangement.

Hughes said, “These fees will be used to help both the County and the City continue to boost economic development and provide tax relief. This is a good way for Union and Schenectady to work together.”

“We are pleased to select the CRC as the vehicle to finance these projects because the fee they receive will be used to support other economic development projects in the community,” said Union President Stephen C. Ainlay.

The College submitted an application last week to the CRC for the issuance of up to $70 million in tax exempt bonds, but will likely borrow less. “The final number will more likely be in the $50 – $65 million range,” said Diane Blake, Vice President for Adminstration and Finance. “In addition to what we need for the Science and Engineering Center,  we will be refinancing a previous bond.”

The bond debt will be the sole responsibility of Union College, and there is no financial liability to the City, County or CRC as a result of the bond issuance.

The new Science and Engineering Complex is the most ambitious and largest project in the school’s history. When completed, it will rank among the finest undergraduate science and engineering facilities in the country.

The Schenectady County Legislature established the new CRC in 2010 to help large capital projects in the County access bond markets.

The CRC is administered by the Schenectady County Metroplex Development Authority as part of the County’s unified economic development team.

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