To: Justa Werkenstiff who wrote (1 ) 8/3/2005 5:00:25 PM From: sat2000 Respond to of 10065 Justa Werkenstiff you see this? Schenectady renewal zone approved for federal tax credits Wednesday August 3, 1:31 pm ET Congress has approved an expansion of the city of Schenectady's Renewal Community area, allowing federal tax credits to be granted to new employers. Mayor Brian Stratton said Wednesday the city will be able to more than triple the size of the Renewal Community zone from the current configuration. The congressional allocation will allow the granting of up to $12 million each year through 2009 of federal tax credits for employers establishing jobs in the target area. Employers can qualify for credits of up to $1,500 per employee under the Renewal Community program. Stratton credited New York Sens. Charles Schumer and Hillary Rodham Clinton with shepherding the allocation for Schenectady through Congress. The program for Schenectady was approved by Congress at the same time as a similar Renewal Community expansion in the city of Corpus Christi, Texas. Now to be included in Schenectady's Renewal Community zone will be all of downtown Schenectady, the Vale and Central State street neighborhoods to Route 7, portions of Schenectady's riverfront including the Alco Plant and the Riverside Tech Park, the former Big N property, portions of the General Electric Co. plant, part of Mont Pleasant, and lower Eastern Avenue. Stratton said officials will also couple Renewal Community incentives with those under the Empire Zone and Metroplex programs to provide even more opportunities for companies to benefit by moving jobs to Schenectady. Published August 3, 2005 by The Business Review ******************************************************* Steve Thompson