Local Public Authority Name: Schenectady Metroplex Development Authority
Fiscal Year: January 1, 2012 — December 31, 2012
Enabling Legislation: Established in 1998 as a public benefit corporation by the New York State Legislature to institute a comprehensive, coordinated program of economic development activities in the Route 5 and Route 7 corridors of Schenectady County, especially in the downtown region of the City of Schenectady, the enabling Act establishes a key goal of Authority construct “new facilities to adequately accommodate such activities [that] would generate new business, create employment opportunities, provide new sources of tax revenue, and promote effective and orderly redevelopment in the vicinity of the [Metroplex Service District].”
Mission Statement: The mission of the Schenectady Metroplex Development Corporation is to enhance the long-term economic and social vitality as well as overall quality of life in Schenectady County through a comprehensive, coordinated program of economic development within the Metroplex service district with particular emphasis on downtown Schenectady. Attract, incentivize (when necessary) and leverage private investment through various forms of financial assistance; assist with site acquisition assemblage, development and revitalization; and, provide cooperative technical assistance and support through its participation in projects, programs and other initiatives. The Metroplex enabling statute allows the Authority to design, plan, finance, site, construct, administer, operate, manage and maintain facilities within its service district.
Performance Benchmarks / Stakeholder Expectations
Expand the real property tax base
Expand the County-wide sales tax base
Create and retain jobs (measurement based on projections with periodic reports to ascertain the accuracy of projections)
Provide and leverage financial assistance (measurement based on amount of Metroplex participation compared with other funding support, and private investment)
Encourage development in specific key geographic areas (corridor improvement and development) in which investments will be strategically important in accomplishing other objectives and are cost-effective
Improve downtown living via community amenities, civic improvements, community image, attractiveness and marketability
Authority Stakeholder(s): Schenectady County Legislature
Authority Beneficiaries: The residents and taxing jurisdictions of Schenectady County
Authority Customers: Local businesses and local property owners
Authority self-evaluation of prior year performance (based upon established measurements): To be provided by March 31, 2013 related to 2012 performance.
