By NICOLE ANTONUCCI
Recorder News Staff
The Flooring Authority Inc. in Amsterdam is expanding into the city's Edson Street Industrial Park and as a result will bring additional jobs to the area.
The Montgomery County Budget and Finance Committee passed a resolution to the full board Tuesday, authorizing County Executive Matthew Ossenfort to sign an agreement providing a $180,000 economic development loan to the company to assist in acquiring the facility at the park.
"The Flooring Authority approached us a while back about the building. They are currently located in the Walter Elwood Museum and they have outgrown that space," Economic Development and Planning Department Director Ken Rose said. "They have increased their work so they are looking to hire and they need to expand."
Rose said the county along with Patriot Bank have been working with the company to provide a loan that will help purchase the facility at the Industrial Park, which has been vacant for a number of years.
The total cost of the building is $400,000, of which the county and the bank will provide a $180,000 loan each, with the company responsible for the remaining $40,000.
The Industrial Development Agency will administer the county's loan, which will be payable over a 15-year period with an interest rate of 4.5 percent.
"The IDA reviewed this twice and they recommended approval at their last meeting on Thursday," Rose said.
Flooring Authority's business development manager Rosalie Faber said that without the help of from Montgomery County, they would not have been able to purchase the facility.
"We can keep money in the business to continue working capital so it helps us grow the business because we don't have to put much down," Faber said. "That allows us to hire more help, to improve the warehouse, and it allows us to go after more jobs."
According to the resolution, as part of the agreement, the company will hire 12 new full-time employees and retain the current 3.5 full-time positions over the next three years.
Ossenfort said the agreement is an example of the ongoing work being done in the economic development office to create jobs in the area.
"To see the private sector working well with the county government to create new jobs is certainly great news," he said. "It is 12 new jobs which is always a positive. Without the public-private partnership we wouldn't have these jobs."
Established in 1987, Flooring Authority Inc. is a flooring removal, resurfacing and flooring installation company providing services to businesses, general contractors, and homeowners in the Albany, Schenectady and Saratoga areas.
Contact Nicole Antonucci at email@example.com.