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Technology Stocks : Intermagnetics (IMG) -- Ignore unavailable to you. Want to Upgrade?

To: Gerald Thomas who wrote (2732)	6/4/1998 9:34:00 AM
From: Gerald Thomas	Read Replies (1) \| Respond to of 3448

This one uses the word frigc... CREATIVE REUSE OF BUILDING IS POSSIBLE Ex-Maqua building is pitched for manufacturing location EDWARD FITZPATRICK Staff writer The city would get 35 to 50 new manufacturing jobs and a better-looking building at one of its main entranceways if state and local officials can entice a Latham company to lease the former Maqua building off Interstate 890 owned by local entrepreneur Vladimir ''Wally'' Spigel. Intermagnetics General Corp. is looking for a site to manufacture refrigeration equipment, chief executive Carl Rosner said. The company, which has 250 employees in Latham, is thinking of expanding its plant in Allentown, Pa., or entering a long-term lease for the now-vacant Maqua building, Rosner said. ''It depends on the facility being suitable and the financial support,'' he said. With that in mind, state and local officials are scrambling to match incentives available in Pennsylvania. If the deal works, the company would hire people for machinist and assembly jobs, Rosner said. George Robertson, president of Schenectady Economic Development Corp., said machine operators represent the single biggest group of laid-off workers from the city's largest employer, General Electric Co. The site is close to Hamilton Hill and State Street areas, where people could walk to work, Robertson said. ''We'd like to reuse a manufacturing building adjacent to inner-city neighborhoods,'' he said. ''Transportation is the biggest problem in getting jobs for low-income people. Rosner said the refrigeration equipment produced at the site might be used for Frigc, a coolant used in car air conditioners to replace outlawed Freon. Intermagnetics is trying to City officials are emphasizing how much the project could improve the I-890 corridor. The four-story, 120,000-square-foot building is recognized by the Capital District Regional Off-Track Betting Corp. signs that hang from its sides. For years, the building was used for GE printing jobs, but it now stands vacant. ''When you come in from 890, that's the first building you see in the city,'' Mayor Albert Jurczynski said. ''If they ever spruced it up to look high-tech, that would really do a lot for the city's image. The jobs are great, but the psychological impact on the city would be tremendous.'' Schenectady Councilman Gary McCarthy predicted the OTB signs would come down as part of the project. Rosner said that producing a fully equipped manufacturing site in the Maqua building would cost $5 million to $6 million. That includes the cost of renovating the 91-year-old building, which is pegged at $1.5 million to $2.5 million. Schenectady and Glenville have agreed to expand their joint economic development zone to include the Maqua building, which would lower taxes and provide benefits. Talks are under way with state legislators about including money in the state budget for the project. ''We're going to put together a package that will match or exceed (what) anyone can offer,'' McCarthy said. Democratic Assemblyman Paul Tonko's office set up a meeting that included a representative from Speaker Sheldon Silver's office, and Jurczynski has contacted Gov. George Pataki's office. Rosner said he wants to make a decision on the project within four months, and it would take six to 10 months to renovate the building. Spigel said the building is big enough to accommodate more than just Intermagnetics General. He said he also is talking to a computer company and a cosmetics firm about the site. New Search