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.

Metroplex Chairman Ray Gillen urged the board to allow the early repayment because of River Stone’s outstanding record of payments and so that the partners could re-invest some of their profits back into the facility. He indicated that River Stone also intends to refi nance its private loan to allow further investment.

River Stone opened for business in September 2003. Sgarlata said paying back the Metroplex loan early was in the best interest of the business.

“It was just a good smart thing to do,” he said.