The special act establishing the Agency was
approved July 24, 1976.
The name of the Agency is the "City of Schenectady
Industrial Development Agency."
Facts establishing a need for an Industrial
Development Agency in Schenectady include:
A. For the past decade, Schenectady, especially its Central
Business District, has suffered the consequences of decreasing investment.
Retail stores have closed and businesses have moved, resulting in
the reduction of the real property tax base through both in rem foreclosures
and certiorari actions.
B. Industrial and commercial firms in other sections
of the City have moved from the City or closed operations. This has
contributed to higher unemployment in Schenectady.
C. The City of Schenectady Industrial Development Agency
will be charged with the task of revitalizing the City's economy by
making efforts to retain those industrial and commercial firms presently
located in the City, attempting to create in Schenectady an economic
climate attractive to new firms, and reversing the trend of increasing
numbers of vacant and deteriorating buildings in the downtown and
thereby decreasing the unemployment rate.
[Added 5-18-1987 by Ord. No. 87-42; amended 5-22-2000 by Ord. No. 2000-04; 5-23-2011 by Ord. No. 2011-12]
There will be seven members of the Schenectady
Industrial Development Agency appointed by the City Council. Each
member of the Agency shall serve at the pleasure of the Council and
shall continue to hold office until a successor is appointed and has
qualified. No person may be appointed to serve as a member of the
Schenectady Industrial Development Agency unless that person resides
within the City of Schenectady.