Schenectady County and New York City-based Developer Move Forward with

affiliate of RD Management LLC, one of the largest privately held real estate development and management companies in the United States. The County has been working with RD Management to attract a national retailer to the site to replace the former Kmart and Albany Public Market stores that once occupied this location. The national retailer interested in the site has asked the County and RD Management to complete a number of steps to make it possible for them to consider the site for a new store.<br><br> The first step, which is now underway, is a land swap of .6 acres between RD Management and Mr. Sam Bratsos, owner of the Glenville Queen Diner, which is located at the site. The land swap will provide the diner owner with more room for parking at the western side of the site, while providing RD Management with a parcel of land located along Glenridge Road that is essential to attracting the national retailer.<br><br> The land swap has been agreed to and a closing on the real estate transaction should be completed in October. cThis is a key step in developing the site and we appreciate the support and cooperation provided by the Glenville Queen Diner so that we may move forward with our redevelopment efforts, d Chair Savage said. -more- Mr.<br><br> Sam Bratsos, owner of the Glenville Queen Diner said, "The Glenville Queen Diner has been part of the community for twenty-seven years. We are pleased to participate in this effort to bring a new tenant to the former Kmart site." In addition, the County has met with the State Department of Transportation (DOT) to discuss improvements to Route 50 in front of the site that is needed if the site is to be redeveloped. cWe have met with DOT as the national retailer has specific requirements to access the site from Route 50.<br><br> This effort may involve some Metroplex funding to accommodate improvements that are key to redeveloping this site, d said Ray Gillen, Chair of Metroplex and Commissioner of Economic Development and Planning in Schenectady County. The County was also successful, with support from Senator Charles Schumer, to allow for the construction of a new access road that will connect the County Airport to Glenridge Road. Chair Savage said, cThanks to Senator Schumer 9s support we have dramatically increased the potential for redeveloping the former Kmart site by creating new road access to the rear of the site making it more attractive to new retailers. d Richard Birdoff from RD Management said, cWe are working closely with the County to make this a shovel-ready site so that we can move forward with this national retailer the minute they are ready to sign.<br><br> We understand the community 9s strong desire to see changes at this site and we are doing everything possible at this time to redevelop this site. d County officials noted that the developer continues to pay full taxes of more than $130,000 per year while redevelopment planning is underway. Chair Savage said, cSome have suggested that we should proceed with Town grants or Metroplex grants for demolition. This should be part of the final proposed solution for the site, not an interim step as demolition would jeopardize our ability to collect full taxes on the site which would hurt County and Town taxpayers and that is not how we handle redevelopment. d Both the County and RD Management plan to finalize preparations at the site required by the national retailer by the end of 2009.<br><br> The goal is to break ground on the site in 2010 after all necessary approvals are in place. Redevelopment of the former Kmart site is just one part of the County 9s economic development efforts in the Town of Glenville. Other projects underway include development of Patriots Square; a new Airport Tech Park including the new Fortitech Building and other facilities including a new $20 million Navy Reserve Center; development at the Glenville Business and Technology Park as well as improvements to key commercial corridors.<br><br> - 30 -

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