New York DOT Region 1 Headquarters
As part of New York Governor George Pataki's plan for revitalization of downtown Schenectady, this 125,000-square foot, four-story facility's design reflects, complements and enhances the historic mercantile-style architecture of the downtown district. Our team was chosen from six competing development teams on the merits of our ability to complete the project on a fast-track basis. Lengthy public procurement procedures could have delayed the delivery of the building by up to three years, but we streamlined procurement in order to deliver the facility in a much shorter timeframe.
This process included tax-exempt financing that funds were raised through the placement of a tax-exempt certificate with a single investor. The State will fully own the facility debt-free when the certificate has been fully amortized at the end of the 20-year term. This variable rate tax-exempt certificate lease-purchase financing was the first of its kind in the State of New York, and resulted in a projected savings to the State of between $12 to $13 million over the life of the lease.