For Immediate Release: October 16, 2008

Greene County Awards Quantum Fund Loan to
Coxsackie Waterfront Properties to Develop 4 Mixed-Use Parcels

Scribner Hollow, Cameo's and Cagnin Fitness Projects Also Underway

CATSKILL, New York (October 16, 2008) – The Greene County Legislature has awarded a Quantum Fund loan of $260,000 to Coxsackie Waterfront Properties, LLC to help renovate four properties into a mixed-used development that will include a new inn, restaurant, apartments, offices and retail space on the Coxsackie waterfront, it was announced here today.

Coxsackie Waterfront Properties has acquired four adjacent properties – One Mansion Street, 49 Reed Street, 45 Reed Street and an adjoining vacant lot – and plans to restore and refurbish the historic three-story brick buildings in a project projected to cost more than $1.2 million. The company is owned by Thomas Giamboi, a successful retired businessman from Austin, Texas, who is a native New Yorker.

"Greene County is delighted to be investing in this Coxsackie redevelopment project with our Quantum Fund," said Wayne C. Speenburgh, Chairman of the Greene County Legislature. "Thomas Giamboi has a clear vision and plan about how to breathe new life into these properties to create new jobs and to attract new visitors to our area."

"This is an exciting day for Coxsackie," said Charles Martinez, Greene County Legislator. "The investment in our downtown continues the momentum created by our business parks and recognizes the special value of this historic riverfront community."

"The Quantum Fund loan is an integral part of why I decided to invest in Greene County," said Mr. Giamboi. "This project represents a substantial financial investment and I don't think I could have made the math work without this low-interest loan."

"It was also very important to me that everyone in Greene County was very business friendly and that I was welcomed and my project embraced," he continued. "I liked the fact that Greene County has a loan fund to invest in its future and has a shared vision about smart growth."

Plans call for a new restaurant to be created at 45 Reed Street with a deck in the rear of the building that will allow for outdoor seating with stunning views of the Hudson River. The second and third floors will be remodeled to create eight comfortable rooms for the inn, all with private baths, bay windows, porches and river views.

At One Mansion Street, the existing tenants will remain, while the back portion of the building will become a commercial kitchen for the restaurant and the third floor will be renovated as an apartment with river views. A new tenant will be sought for the vacant first floor at 49 Reed Street and the second floor will be renovated as offices.

Giamboi "rediscovered" the Hudson Valley after retiring two years ago and visiting family and friends in the area. "I had forgotten how beautiful it is here," he recalled. "It's really a hidden gem with a natural beauty that just can't be replicated easily." With his sister and brother-in-law Maria and Rich Rosado, he soon bought the Glen Falls House in Round Top, which has been a traditional Catskill resort since 1902.

Convinced he wanted to invest further in the area, Giamboi started crisscrossing Greene, Ulster, Putnam and Dutchess counties looking for communities where he could "make an impact," he said. He explained that Coxsackie had all the attributes he was looking for: it was on the Hudson River, it had its own Thruway exit and was only 15 minutes from the Hudson train station, it had the right mix of commercial and residential development and it had not completely matured yet.

"I really believe that downtown Coxsackie has the character and the right attributes to become a very vibrant place in a couple of years," he commented. "I think it's going to be a real winner, so I took the plunge."

Demolition work at the Coxsackie buildings has already begun with the restaurant and inn projected to open by May 2009 in time for the summer tourist season.

Scribner Hollow, Cameo's and Cagnin Fitness Projects Use Quantum Fund Loans

The loan to Coxsackie Waterfront Properties is the fourth Quantum Loan the Greene County Legislature has approved since the summer. Totaling $275,000, the other three loans were awarded to Scribner Hollow, Cameo's and Cagnin Fitness.

"We are delighted to be using our revolving loan fund to help these Greene County businesses grow," said Karen Deyo, Chairperson of the Government Operations Committee of the Greene County Legislature. "In today's economy, low-interest loans can make all the difference in a company's long-term success – whether they're just getting going or have been in business for decades."

Cameo's Restaurant in Athens plans to double its seating with the help of a $135,000 Quantum Fund loan that helped owner Joshua Lackie buy the building where his restaurant currently rents space at the southwest corner of Washington and Second Street. By adding approximately 1,000 square feet of adjacent space, Mr. Lackie will be able to add an additional 70 seats to his Italian restaurant, which also does a brisk take-out and delivery business for pizza and pizza-related items. Plans call for transforming the current dining room into a small bar/bistro with a full liquor license. The expansion will also allow the restaurant to accommodate private parties when it is complete next spring.

"It was a very easy process getting the Quantum Fund Loan," Mr. Lackie recalled, noting that Greene County Planning and Economic Development staff assisted him with the paperwork. "The fact that both the county and the bank were helping to finance the project is what really make it work so smoothly. There were no hurdles," he commented.

Scribner Hollow Lodge, in Hunter, was awarded an $80,000 Quantum Loan fund to help with extensive renovations and expansion of its catering facilities for weddings and other special events. Although the resort's Prospect Restaurant has earned a stellar reputation for its gourmet food and wine dinners, the dining facility was too small for many functions, according to owner Guy Chirico. The renovation, which included new HVAC, fixtures and equipment, created a bold new décor featuring a fireplace, Tiffany lighting and Stickley furniture. The investment will allow the resort to become a year-round destination for weddings, large corporate meetings and other catered events, Mr. Chirico said.

Cagnin Fitness was awarded the third Quantum Fund loan: $60,000 to help renovate a former church on Main Street in Catskill into a gym called Snap Fitness. Part of a fast-growing nationwide franchise of fitness centers that allow 24/7 access with a secure key card system similar to those used to gain access to ATMs in bank vestibules, the gym will offer cardio, strength and other equipment, along with a tanning facility, lockers and a massage room. A motion-activated, remote control camera provides around-the-clock surveillance and people working out in the gym can also activate a two-way voice security system when the center isn't staffed.

"The fitness industry is one of the fastest growing businesses in the U.S.," said Sandro Cagnin, who is buying the building from its previous owners. "I liked the concept of Snap Fitness, because the key to getting people to exercise is to make it really fast, affordable and convenient for them at a place that is around the corner from your office or on your way home from work," he commented. He noted that the Snap Fitness franchise has been highly successful with nearly 900 centers slated to open in the U.S. and Canada before the end of the year, bringing the total number to approximately 2,000.

Cagnin, a graduate of the Culinary Institute of America and resident of Rhinebeck, New York, who has been working in the hotel business in France for the past several years, scouted locations in a number of bigger towns in the Hudson Valley before coming across the former church building in Catskill. "We did our homework on demographics and the competition and decided we could do well here," he recalled. "We really liked what we saw happening on Main Street."

"We were welcomed with open arms by Greene County and that made a big difference to us," Mr. Cagnin continued. "Their attitude and the Quantum Fund loan said to me that the county is committed to the success of my business."

Construction is now under way to retrofit the church, including reinforcing some of the floors to carry the weight of the heavy equipment. Cagnin hopes to have a soft opening by December 15 and be open for business by January 1 when people flock to fitness centers to fulfill New Year's Resolutions.

A variety of memberships will be offered starting at $45 per month with no contract required. For details, visit www.snapfitness.com/catskillny or call (518) 943-3232.

For more information on Quantum Fund loans, contact Greene County Planning and Economic Development at (518) 719-3290 or visit www.greeneeconomicdevelopment.com.

Greene County Department of Planning and Economic Development

Warren Hart, Director, AICP

411 Main Street Catskill NY 12414 Phone: (518) 719-3290 Fax: (518) 719-3789

business@discovergreene.com www.greenebusiness.com