Community Renewal Good Stories - Schenectady

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Schenectady, New York Renewal Community

C-R-D Spells big Savings for Schenectady Businesses

The City of Schenectady was one of four cities in New York State to receive an urban Renewal Community (RC) designation from the Department of Housing and Urban Development (HUD). HUD made 28 urban RC designations nationwide and 12 in rural communities. Businesses in the Schenectady RC compete vigorously each year for commercial revitalization deduction allocations, which allow businesses to deduct commercial construction or rehabilitation costs over just 10 years instead of 39. New York has awarded $12 million in CRD allocations to Schenectady RC businesses each year from 2004 through 2008.

The new Bow Tie Cinema and Office complex opened May 2007 and has contributed greatly to the revitalization of downtown Schenectady. The complex is a Class A office building with a six-screen cinema on the first floor. The movie theater has created 12 new jobs. The upper two floors are occupied by a high-technology firm who employ 108 workers from the community. The owners financed this $9.2 million project with a $5.1 million CRD allocation.

Bow Tie Cinema Before Construction	Bow Tie Cinema After Construction

The Hampton Inn, another Renewal Community success, was built on a development ready site in the heart of downtown Schenectady.  The Hampton Inn is a 5 story, 93-room hotel with an indoor pool, whirlpool and business center. The hotel opened in May 2007 and created 25-30 new jobs for the community.  The owners financed this $10 million project partly with a $5 million CRD allocation.

Before	After

For more information on the programs of the Schenectady RC, contact Steven Strichman at 518-382-5049.