Agreement Inked to create High-Tech Facility in Greene County

06-21-2007

Press Release For Immediate Release
Contact: Sandy Mathes, Greene IDA – 518-731-5500
Dave Ahl, Galesi Group – (518) 356-4445 Ext 130
Gary Homonai, IDC Architects (412) 848-2275
Date: June 21, 2007

AGREEMENT INKED TO CREATE HIGH-TECH FACILITY IN GREENE COUNTY

Greene County IDA and Galesi Group Join Forces to Develop Progressive Partnership

Earlier today the Greene County Industrial Development Agency’s (GCIDA) Board approved a letter of intent between the GCIDA and Greene Development LLC, a Galesi Group company, for the development of high-tech space at the Greene Business & Technology Park in the Town of Coxsackie. This partnership is unique in that it represents the first truly private and visionary pro-active development of clean room-type space in the Capital Region.

GCIDA Board of Directors Chairman, Dan Frank said, “Our new joint venture and partnership with the Galesi Group will generate significant, technology-based investment and the creation of desired technology related jobs. Greene County is at the heart of Tech Valley and with this significant step to aggressively market clean room space, we anticipate today’s announcement will position our site for success.”

“In the real-estate business we often say that time is money; this expression especially applies to high-technology industries. By developing a shovel-ready site specific to the needs of high-tech companies we are in a position to meet even the most aggressive project’s timeframe,” said David M. Buicko, Chief Operating Officer of the Galesi Group. “In 1969 our Chairman, Francesco Galesi, purchased three decommissioned military depots in Upstate New York and has converted them all into vibrant industrial parks. Our business is founded on the concept of taking strategic, calculated risks. This investment in Greene County is perfectly in line with our corporate strategy.”

Greene Development LLC has agreed in principle to the construction of a 60,000 +/- square foot site pad to accommodate a mixed use space including all levels of clean room specifications. As part of the agreement Greene Development has a 2-year option on the remaining 19 acres of “shovel ready” land located on Technology Drive. The Greene IDA will partner with the Galesi Group, the State of New York, and local members of the State Legislature to drive appropriate public funding for infrastructure expansions based on the overall economic impact of this project. The Greene County Office of Planning and Economic Development, a valued local partner, will assist with efforts to secure Office of Small Cities infrastructure funding and potential Empire Zone benefits.

To further strengthen this partnership the GCIDA and Galesi Group have enlisted the expert services of IDC Architects (a CH2M-HILL company). IDC is recognized by high-technology companies around the world as a leader in providing planning, architecture, engineering, construction management, and facility services. IDC’s involvement is critical to the success of this project given its practical knowledge of the industry and pre-existing relationships with potential customers.

Gary Homonai, Director of Business Development for IDC Architects and CH2M-HILL’s Northeast Region said, “Speaking from a global perspective, we applaud the initiative and creativity of Greene County and Galesi and we are pleased to be involved in the partnership. The Greene Business and Technology Park falls between IBM’s Fishkill facility and AMD’s future fab in Malta; it presents the perfect location for support services to these major operations. Now companies that need to interact with the College at Nanoscience at UAlbany and RPI will have an opportunity to locate in clean-room space within close proximity to all of these critical components.”

Currently the Greene Business & Technology Park has two tenants representing 90 jobs and $15 million worth of investment. A conservative estimate is that within a 3 – 5 year period it is anticipated that these numbers will grow to over 500 jobs and $75 million in additional capital investment. Targeted projects planned for the Park include supply-chain companies anticipated in the region to support the AMD Semi-conductor project and other technology based companies attracted to the desirable research and development assets in the region.

Wayne Speenburgh, Chairman of the Greene County Legislature added, “The Greene County Legislature has supported an aggressive approach to economic development from day one. This deal is yet another move forward in attracting technology related jobs and investment to Greene County and truly benefiting from the Tech Valley concept.”

“The Town of Coxsackie fully supports the strategy and this innovative deal structure to attract high tech companies to the Greene Business & Technology Park. Our local taxpayers have supported the IDA’s efforts with infrastructure upgrades and a PILOT sharing agreement to financially fund significant environmental and habitat protection. These anticipated jobs and new tax revenue are greatly needed and we remain dedicated partners to the development of technology related development,” emphasized Alexander Betke II, Coxsackie Town Supervisor.

Based in Rotterdam, New York the Galesi Group is among the largest real estate development companies in the State. Its extensive holdings include approximately 10 million square feet of commercial space in the Albany area as well as property in New York City, California and Austin, Texas. While the Galesi Group is primarily in the business of real estate development the company also operates property management at large scale properties, public warehousing, and oil and gas businesses. For additional information about the Galesi Group please visit its website at www.galesi.com.

The Greene County IDA has pursued an aggressive “shovel ready” strategy as an effective economic development tool and seeks uniqueness in its projects and partnerships. More information can be found about the Greene IDA, its projects and sites at www.GreeneIDA.com.