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This new state–of–the–art Department of Transportation facility is located in downtown Schenectady, New York. The facility houses over 400 employees and is a keystone of Governor Pataki’s plan and that of the City leadership for the revitalization and economic development of downtown Schenectady.
The 125,000 SF four–story facility’s design reflects, complements and enhances the historic mercantile–style architecture of the downtown district. The facility design incorporates ‘green’ building principles and includes office and conference space, a DOT training facility, a radio command and weather room, loading dock, state vehicle parking, electric vehicle recharging stations, a state employee federal credit union, coffee shop/newsstand and bank.
Developer scope of services included financing, permitting and approvals, oversight of design and construction, management and lease to the State. Of six competitors in the developer selection process, only Garfield Traub was able to resolve how to streamline the procurement process and deliver the facility in the required timeframe while still taking advantage of tax–exempt financing that provides the lowest possible lease rate to the State. The initial interest rate was 2.35% under a pioneering lease–backed, short–term, variable rate financing that was the first of its kind in the State. The State will make annually appropriated lease payments for 20 years and will own the facility when the financing has been fully amortized at the end of the lease term. The development opened on time and under budget in March 2003.
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