Statements by Schenectady County Officials on Restore NY Grant for ALCO Site

September 2, 2009

Susan E. Savage, Chair of the Schenectady County Legislature said, “Redevelopment of the ALCO (American Locomotive Company) property and reconnecting our community to the riverfront has been a top priority of mine. This property represents 60 acres of prime riverfront property in the heart of Schenectady County. I want to thank Governor Paterson for his unprecedented commitment to Schenectady County and to rebuilding the upstate economy.”

Schenectady Mayor Brian U. Stratton said, “We are very grateful to Governor Paterson and Empire State Development for selecting the ALCO project for a $4 million grant from the Restore New York program. ALCO is an ideal application for Restore New York. This funding will allow us to clean up this site and bring new jobs to our community in much the same way that we are developing another part of the former ALCO plant for the Golub Headquarters project.”

Ray Gillen, Commissioner of Economic Development in Schenectady County and Metroplex Chair said, “This funding will allow us to continue to create a new vision for the ALCO site. This key riverfront parcel is a key gateway to Glenville and to downtown. Cleaning up this site will create an outstanding opportunity to bring new jobs and new tax base to Schenectady County. This Restore NY grant will be a critical component in the success of this project.”

ALCO Site – Key Facts

• 60 acre site, with 3,446 feet of river front (2/3rds of a mile) on Mohawk River.

• American Locomotive Company (ALCO) began manufacturing at site in 1848.

• ALCO closed in 1969.

• Site has 800,000 square feet of space – mostly larger brick buildings used to assemble locomotives.

• STS Steel and Dimension Fabricators use two buildings and a portion of a third building with approximately 100 jobs. The goal is to rehab and preserve a portion of the site retaining ALCO heritage. The reminder of the site will be developed as tech office, riverfront access/green space and housing.

• Schenectady has received funding in all three rounds of the Restore NY program. $1.4 million in Round 1 for Clinton Square Project and $2.5 million for Center City project.

• The ALCO site is already being redeveloped. The first phase of the project involved an investment by Union College of $15 million on a dormitory/conference center on former ALCO property on Nott Street. The Golub Corporation is building a 240,000 square foot headquarters on another former ALCO site on Nott Street. The main ALCO site to be redeveloped as part of this project is located at the corner of Nott Street and Erie Boulevard.

• There is also successful development going on in other former ALCO facilities around the country. The former ALCO plant in Richmond was recently converted into a Bow Tie Cinema, operators of the cinema in downtown Schenectady.

• The former ALCO plant in Providence, Rhode Island is being redeveloped as a mixed use/industrial office and residential property.

• Metroplex is completing the required SEQRA review. Once complete, the goal is to begin demolition and site prep in 2010.

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