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Press release details02/13/2004Rensselaer County IDA Provides Financing for WMHT and East Campus Projects Troy, N.Y., February 13, 2004 -- The Rensselaer County Industrial Development Agency (IDA) announced funding assistance for building and renovation projects for WMHT-TV (PBS) and the East Campus at the University at Albany. The IDA has issued bonds to help finance the new headquarters of WMHT and key projects at the East Campus, including the new cancer research center. Under New York State Law, the IDA is authorized to issue tax-exempt bonds to qualifying institutions, which are at an interest rate that is generally two or three percentage points lower than the cost of borrowing money directly through a taxable transaction. WMHT will utilize the proceeds of the $5.2 million in bonds to help finance the purchase and remodeling of the former headquarters of MapInfo Corp. in the Rensselaer Technology Park, as it relocates its operations from Rotterdam to North Greenbush in Rensselaer County. As part of the renovation effort, television studio space will be added onto the 42,000-square-foot facility. The station will upgrade electrical and lighting and purchase radio and television equipment, which is needed to complete the station's efforts in switching to digital broadcasting as mandated by the Federal Communications Commission. The financing for the East Campus at the University at Albany will be used to begin site work on the new $45 million cancer research center. The IDA backed a request for $3.2 million in bond assistance for the University, part of a $10 million total package. The University will also expand the George Education Center by 40,000 square feet to accommodate the growth of the School of Public Health. "The growth of the University at Albany's East Campus in East Greenbush and the relocation of WMHT's headquarters in North Greenbush are two of many projects that will help to complement Rensselaer County's economic landscape in the near future," said County Executive Kathleen M. Jimino. "It is encouraging to see many new developments taking place, with input from partners in both the public and private sectors. In particular, we want to thank Senator Bruno for his assistance in securing economic development tools and funds for the cancer research center, for the East Campus, and for Rensselaer County." "These projects are examples of the Rensselaer County Industrial Development Agency's efforts to attract and support businesses and organizations that contribute to the greater economic health and good of our community and beyond," said Robert L. Pasinella, Jr., director of Rensselaer County Industrial Development Agency. "Exciting things are happening in Rensselaer County, and the IDA is proud to help make these projects a reality." About Rensselaer County Industrial Development Agency The Rensselaer County Industrial Development Agency (IDA) is dedicated to promoting economic development and vitality within Rensselaer County. Governed by a seven-member board, the IDA has the authority to offer sales and property tax incentives, grants, and low-cost capital to attract and retain businesses. Visit www.rensselaerlife.com for more information. Contact: Nicole Pitaniello, Media Logic, 518-456-3015 or npit@mlinc.com
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