The Eastwick Press Newspaper

Members of the Rensselaer County Legislature welcomed news of significant job creations at Regeneron Pharmaceutical in East Greenbush in 2014, and said the growth demonstrates the value of infrastructure improvements.

The Legislature approved extension of sewer lines to Regeneron that proved to be crucial for a major expansion at the pharmaceutical company’s East Greenbush campus.

Regeneron announced the creation of 265 new jobs in East Greenbush during 2014, following the sewer expansion project that was started in 2012. The project was introduced by Chair of the Legislature Martin Reid, and continued with construction during 2013.

“The news of Regeneron’s job growth during 2014 demonstrates the value of the sewer expansion approved by the Legislature. This is very good news for Rensselaer County and the Capital Region,” said Reid.

“We are hopeful there will be more job growth at Regeneron as the company continues to build a name in the pharmaceutical industry on the international stage,” added Vice Chair of the Legislature Phil Danaher.

The move to accommodate the Regeneron expansion was necessary because the expansion exceeded the amount East Greenbush’s sewer facility can handle. Incorporating Regeneron is expected to help the town with town sewer issues and capacity.

The project includes extension of a sewer pipeline from the Regeneron campus on Route 9 and 20 approximately one mile to the county sewer district pump station on Aiken Avenue in the Fort Crailo neighborhood of Rensselaer. The project is in the final stages, and much of the work was accomplished on a tight deadline.

District 2 legislators Danaher, Leon Fiacco, Rob Bayly and Kelly Hoffman have continued to make the Regeneron sewer expansion a priority.

“Regeneron is an important part of the economic climate in Rensselaer County and the Legislature is proud to have played a role in that job creation. The Sewer District is an important tool in job creation, and the Regeneron expansion is proof of that work,” said Fiacco.

Rensselaer County Executive Kathleen M. Jimino has announced that the County will proceed with a plan to refinance current debt and save the County over $1.2 million without extending the life of the bonds. This would be achieved by refinancing the current debt of approximately $12 million at a rate that is expected to be 2.2% as opposed to the 4.22% currently paid in interest.

Under a directive from the NYS Commission on Corrections the County was required to add an additional 192 cells to the jail.  To pay for the required expansion the County borrowed nearly $50 million over the course of four years to complete the construction project that also included expansion of the kitchen facilities, services area, locker rooms for Corrections Officers as well as upgraded security features and the existing jail facility.  The construction project was completed in the fall of 2011.

“Our efforts to cut costs and adhere to strict fiscal controls has been recognized by bond agencies,” said Jimino. “They have raised our rating, which gives us a better interest rate”

In April of 2014 Standard and Poors raised the County’s bond rating by stating, “We view the County’s management conditions as strong with good financial practices”.  According to Standard and Poors any entity achieving an “AA” rating means they have a “Very strong capacity to meet financial commitments”.