Assemblymember Phil Steck (D-Colonie) announced legislation he authored to increase the bonding authority of the Schenectady Metroplex Development Authority passed the Assembly (A.10539-A).

“Since its creation in 1998, the Schenectady Metroplex Development Authority has helped revitalize Schenectady and attract exciting businesses,” said Steck. “The legislation ensures this vital organization can continue to strengthen our local economy.”

The legislation also extends authorization by five years of a one-half percent sales tax to fund the organization’s economic development projects and provide funding for local towns and villages.

The Schenectady Metroplex Development Authority provides loans and grants for local businesses, secures state and federal grants and offers technical assistance. Assemblymember Steck’s legislation increases its bonding authority from $75 million to $100 million. This will allow the development authority to continue to create good-paying jobs and bolster the county’s tax base, noted Steck.

“We are very pleased that both the Assembly and Senate today passed legislation that would extend the bonding capacity of the Schenectady County Metroplex Development Authority,” said Anthony Jasenski, chairman of the Schenectady County Legislature. “If signed by the governor, this legislation will help provide our economic development team with the resources needed to continue to invest in projects that expand our tax base and create jobs in Schenectady County. Additionally, this legislation would also allow us to continue to direct sales tax revenues authorized in the Metroplex enabling legislation directly to towns and villages in Schenectady County for property tax relief. Last year that amount totaled $3.6 million. We are grateful to Senator Farley and Assemblymen Steck and Santabarbara for their outstanding efforts to obtain passage of this legislation in their respective chambers.