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GLENVILLE
River Stone Manor a Metroplex success story
BY JUSTIN MASON Gazette Reporter
Reach Gazette reporter Justin Mason at 395-3113 or jmason@dailygazette.net.

    River Stone Manor has been a success story for the Metroplex Development Authority.
    In 2002, Angelo “Skip” Sgarlata and Thomas Monteparo purchased the 150-year-old manor along the Mohawk River with plans to convert it into a state-of-the-art banquet facility. In addition to securing a $1.5 million private loan, the duo was able to borrow $494,860 from Metroplex and $380,000 through the state’s Small Cities program.
    So far, the business venture has paid dividends. River Stone now employs 75 part- and full-time employees at the Amsterdam Road facility, which can accommodate banquets of up to 350 people.
    “Business is very good,” Sgarlata said. “It’s been up every year.”
    And that’s partially why River Stone decided to pay off its loan to Metroplex ahead of schedule. The authority’s Board of Directors Wednesday approved the early repayment, which landed Metroplex a net profit of $42,140.
    The original project included building a new access road, a 146-spot parking lot, lighting improvements and sidewalks, among many other upgrades. The loans also helped construct a two-story, 9,300-square-foot banquet house with a commercial kitchen and amenities.
    The original loan was to be paid off over an eight-year term at 6 percent interest. To date, River Stone has never missed a payment, according to the authority. ..............>>>>...................>>>>................http://www.dailygazette.net/De.....r01603&AppName=1

The River Stone Manor is NOT a metroplex success story! The River Stone Manor would have been a success WITHOUT the plex! The River Stone Manor is a success story all of their own!!!!!!

I disagree here, Bumble...Love or hate Metroplex, it is safe to say that the Riverstone is an example of Metroplex doing EXACTLY what it should be doing...investing in responsible businesses and actually getting the money back!

I'm sure if anyone talked to Skip (I'll see him next week and ask) he would say the same.

Somethings not right here. There is def more to this story.

This puff piece stinks to high heaven. Metrograft is desperate for positive news after the huge protests about Key Bank going permanently off the tax rolls {for Mercury Morris' catering hall?-lol} and the failure to do anything at Robinson's Ditch which was supposed to be a retail mall.

     We can add the Silver Diner and old DSS to the long list of failures. After the Key Bank debacle many people are finally saying enough.

So are they admitting no one can succeed without socialist intervention and  metroplex help because the economy is so sh!tty in Schenectady, NY?

No they are saying that free enterprise will dictate the right businesses that will survive, not handouts of taxpayer money to create phony facades and ribbon cuttings.

The plex takes 'risks' with our money. There was no risk involved with the River Stone Manor. The owners already are a success story.

It is the 99% of the risks that have been a disaster. The ones that the gazette will never report. Sorry but the River Stone Manor is clearly not the penance for their multitude of failed ventures. If the plex, as a whole, was such a sucess....the county should have one of the lowest taxes in the state/country. Instead they are the highest!!!!

I say Kudos to the River Stone Manor......not to the plex.

Exactly Bumble