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IDA/CRC News

Refinancing Of Civic Facility Revenue Bonds Supports Albany Law School
April 20, 2017

Click Here To View The Announcement Press Release

With a current lower interest rate available, Albany Law School identified significant savings through the refinancing of its active civic facility revenue bonds that can serve the institution. The refinancing will save Albany Law approximately $1.8 million over 20 years. Located in Albany’s Park South neighborhood, Albany Law School is one of the oldest independent law schools in North America with more than 160 years of experience in law education.

Since 2010, the City of Albany Capital Resource Corporation (CRC) has served as a resource for Albany’s not-for-profits, including its world-class higher-education institutions. In utilizing the local option, the City of Albany CRC, for the issuance of tax-exempt civic facility revenue bonds—Capital Region anchor institutions are investing back into the community.

On Thursday, the CRC board approved an application for assistance in the form of the refinancing of Albany Law School’s previously issued 2007 civic facility revenue bonds. The approved refinancing transaction will involve the maximum issuance of $14,000,000 in bonds. The CRC collects .25 percent on bonds refinanced through the Corporation and this transaction will bring $35,000 worth of investment to the City of Albany as the CRC board may utilize this funding for future strategic initiatives. Read more.

 

City of Albany Industrial Development Agency Performs Favorably Among Statewide Counterparts in State Comptroller’s Annual IDA Performance Report
March 28, 2017

Click Here To View The Announcement Press Release

The City of Albany Industrial Development Agency found that the Agency performed favorably among its statewide counterparts in 2015 according to the recent annual IDA performance report issued this week by State Comptroller Thomas P. DiNapoli. According to the report:

  • A strong investment in the City of Albany’s economy is shown through the total value of projects that were catalyzed by assistance through the City of Albany IDA. Supported City projects in total were valued at $1.32 billion, which is 58% greater than the average total investment created byDAs statewide.
  • Regarding payments in lieu of taxes (PILOTs) for the year, the City of Albany IDA facilitated $4.35 million of payments from projects to local taxing jurisdictions.
  • On a per project level, the City of Albany IDA’s project exemptions are $83,116, which is $120,004 less per project compared to the statewide average. That is 59% lower than the average exemption per project on a statewide level.
  • In relation to job creation, the City of Albany IDA’s net tax exemptions per job gained were also 79% lower than the average for IDAs statewide, and this is without negatively impacting job creation numbers. Estimated net job changes from Albany IDA supported projects were shown to have a net job change of 5,766—nearly 3 times the average for IDAs statewide.
  • The City of Albany IDA also ranked favorably when measuring efficiency. In both expenses per job gained ($131) and expenses per project ($7,974) the IDA performed more efficiently, with lower expenses than the statewide averages by nearly $1,730 per job and $23,548 per project respectively.

 

“We look forward to the Comptroller’s report which serves as an annual resource. Each report’s analysis helps us to evaluate our activity in relation to our statewide counterparts,” said Sarah Reginelli, CEO of the City of Albany Industrial Development Agency. “The City of Albany IDA has consistently been implementing recommended best practices. We can critically look at our activities through an outside source allowing us to improve our processes, procedures and application evaluation methods further.”

 

New Life for Long Energy Site with More than 70 Market-Rate Apartments Coming to Albany’s Hudson/Park Neighborhood
February 16, 2017

Located between Albany’s Washington Park, Lincoln Park and downtown Albany, the Hudson/Park Neighborhood is known for its location convenience, nearby parks and cultural diversity. As part of an adaptive re-use plan to transform the Long Energy site properties and warehouse building at 160 Myrtle Ave—the Long Energy site in the Hudson/Park Neighborhood will be converted into a new apartment complex called @HudsonPark. The complex will make 75 market-rate units available for new neighborhood residents.

At its February board meeting, the City of Albany Industrial Development Agency Board approved an application to provide financial assistance to At Hudson Park, LLC, in the form of New York State sales and mortgage recording tax exemptions. The project is estimated to create 50 construction jobs and two permanent jobs.

Led by Capital District Real Estate Investment Team, developers plan to maintain historic aspects of the site. The project will involve the redevelopment of the approximately 1.3 acre Long Energy properties into 75 market-rate apartment units. Currently the property consists of 44,378 square feet of warehouse and storage space and 13,523 square feet of office space with additional space for parking. The residential conversion will result in 10 one bedroom, 33 flats and 32 loft apartment units in addition to approximately 50 parking spaces on site. Read more.

 

Capital Resource Corporation Assists Community Loan Fund in Securing $3.5 million in New Economic Development Funding for the Capital Region
February 3, 2017

Community Loan Fund’s Announcement Press Release

In October of 2016, the Community Loan Fund of the Capital Region (CLFCR) was notified that it had won a highly competitive $1.75 million grant from the U.S. Treasury Department’s CDFI Fund. The catch was that the award, which would primarily be used for lending capital, had to be matched dollar-for-dollar by the end of January 2017.

With the help of the City of Albany’s Capital Resource Corporation (CRC), SEFCU, KeyBank Foundation, NBT Bank and many other organizations and individuals, the grant was matched in its entirety.

“We are so appreciative of all of our partners who came through to help us draw down these in their entirety. We literally had 4 months to raise the remaining matching funds. It was an important opportunity for the Capital Region that will result in some high-impact community development projects,” said Linda MacFarlane, Executive Director of CLFCR. “Because of this additional $3.5 million, CLFCR will be able to finance, on average, an additional 25 units of affordable housing, an additional 15 small businesses, create or retain an additional 200 jobs, and provide free business counseling and training to an additional 500 individuals.”

The City of Albany CRC granted the Community Loan Fund $250,000 for its revolving loan fund under an agreement that dedicates leveraged funds 2 to 1 to projects in the City of Albany—making $750,000 in loans available to local small businesses and community development projects. In addition, KeyBank Foundation and SEFCU each granted $50,000, and NBT Bank granted $25,000.

 

Quality New Storage Facility Will Serve as Critical Amenity amid Residential Growth in Albany Neighborhoods
January 26, 2017

In recent years more than 300 new apartment units have come online in Albany’s downtown and warehouse district alone as implementation of the Impact Downtown Albany strategic plan continues. There are nearly 500 more residential units in the pipeline for downtown and in the past year more than 100 new units have come online in Albany’s Park South neighborhood. The development of a new high-grade self-storage facility at 40 North Russell Road led by the Rosenblum Companies will serve as a critical amenity to current and incoming Albany residents. The project will also provide multiple community benefits including the availability of storage, free of charge through a partnership with a local non-profit organization that provides assistance to under-served populations in the community. In addition, the nearby service road which connects to Westgate Plaza will be resurfaced and maintained by the Rosenblum Companies. The project is estimated to create two permanent jobs and 31 construction jobs.

On January 26 the City of Albany Industrial Development Agency Board approved an application to provide New York State sales and mortgage recording tax exemptions to assist ValuSpace Albany, LLC in this project. This new construction project, a $6.3 million 90,000 sq. ft. high-grade three-story temperature controlled self-storage facility will contain approximately 650 storage units, a rental office and retail space for the sale of moving and packing supplies. Read more.

 

Capital Resource Corporation Partners with Community Loan Fund on Small Business Assistance—Corporation Grant to Leverage $750,000 for City of Albany Ventures
December 15, 2016

The City of Albany Capital Resource Corporation (CRC) approved new small business programming in partnership with the Community Loan Fund of the Capital Region at its Thursday board meeting. The City of Albany CRC granted the Community Loan Fund $250,000 for its revolving loan fund under an agreement that dedicates leveraged funds 2 to 1 to projects in the City of Albany—making $750,000 in loans available to local small businesses and community development projects.

The Community Loan Fund, a 501(c)(3) Community Development Financial Institution (CDFI) was chosen to receive a $1.75 million grant from the U.S. Treasury Department’s CDFI Fund. The award requires a dollar-for-dollar match enabling CDFI’s to leverage private capital. With the match required by January 15, the Community Loan Fund approached the City of Albany CRC for assistance at its December finance committee meeting to help secure those resources. Including the City of Albany CRC’s assistance, the Community Loan Fund has raised $1.5 million in capital to date and is in need of additional investment from the community in order to meet the $1.75 million match on time.

“The City of Albany came through at a critical time for us. We literally had 3 months to raise the remaining matching funds. We truly appreciate CRC’s support,” said Community Loan Fund Executive Director Linda MacFarlane. “We’re reaching out to Albany County, financial institutions and other supporters to raise the remaining $250,000. This is an important opportunity for the Capital Region; we don’t want to leave any federal funds unmatched.”

“The board took action on a unique opportunity that maximizes the use of Corporation resources to support small businesses,” said Capital Resource Corporation CEO Sarah Reginelli. “Establishing programming to support local economic and community development is a priority for the board, and being able to assist a community focused institution that does such tremendous work throughout our Region made this a win-win.”

Read More In The Announcement’s Press Release

 

Nipper to Soon Have Neighbors as Redevelopment of 991 Broadway Converts Space to 75 Residential Units 
December 15, 2016

The mixed-use conversion of the Nipper building (991 Broadway) in Albany’s warehouse district to 75 apartments and 7,750 sq. ft. of ground-floor commercial space is phase one of a planned four-phase, $70 million development project. On Thursday, the City of Albany Industrial Development Agency Board approved an application to provide financial assistance to Nipper Apartments, LLC. in the form of New York State sales and mortgage recording tax exemptions. The project is estimated to create nearly 20 permanent and 70 construction jobs.

The building’s first commercial tenant, announced in August, the Good Market is a modern day food hall inspired by the Ferry Building Marketplace in San Francisco, Chelsea Market in New York City and Reading Terminal in Philadelphia that will be located in the Nipper Building’s ground-floor space. Planning to open in late spring, the multi-vendor space will include businesses selling fresh meat, produce, baked goods, cheese, prepared food and more.

Led by developer Bill Barber, in total the four phase plan will include approximately 150 additional apartments in a set of newly constructed buildings with retail space and multiple levels of indoor parking.

Also making this project possible, Empire State Development Corporation granted the redevelopment project $500,000 as part of Governor Cuomo’s Regional Economic Development Council awards in Round VI. The Capital Region was a top performer—receiving $83.1 million in total—with City of Albany projects awarded $5.58 million.

Complementing Nipper Apartments and creating an estimated 50 construction jobs, Barber’s redevelopment of nearby 960 Broadway is revitalizing a property formerly home to the Rodgers Liquor Co., which has been left vacant for two decades. Made possible by the City of Albany IDA, the 4-story abandoned warehouse will be converted into 24 market-rate apartments featuring ground floor restaurant space accessible from Broadway.

Click here for an announcement press release and more information. 

Nipper Phase 1 Rendering

OLDER POSTS

Public Information Session on City of Albany Industrial Development Agency Project Evaluation and Assistance Framework
November 29, 2016

WHEN: December 6, 2016 at 3:30 p.m.

LOCATION: 21 Lodge Street, Albany, NY 12207

A public information session regarding the City of Albany Industrial Development Agency’s Project Evaluation and Assistance Framework will be held on Dec. 6. City of Albany IDA applicants requesting deviations with applications deemed complete after January 1, 2017 will benefit from being analyzed through a Framework that adds a new level of transparency and predictability to the process.

The Project Evaluation and Assistance Framework is designed to encourage catalytic commercial real estate investments in the City of Albany for project applicants seeking deviations from Uniform Tax Exemption Policy assistance. The Framework ensures that projects receiving assistance meet baseline requirements and have a significant impact on the local economy and positive benefit to the community.

 

City of Albany IDA Assistance Supports Thurlow Terrace Apartments Renovation and Affordable Housing Status Extension 
November 17, 2016

With assistance provided by the City of Albany Industrial Development Agency, a new owner will renovate the existing 136 units of section 8 affordable housing located at 2 Thurlow Terrace in Albany’s Washington Park neighborhood. The assistance also offsets costs, allowing Capital District Apartments, LLC to continue the property’s function as affordable housing. Nearing its expiration, through a new agreement the property will maintain its affordable housing status for the next 40 years. The 9-story 85,000 sq. ft. structure was built in 1979. Renovations will include needed repairs and updating many amenities for the safety and improved quality of life of its tenants.

On Thursday, the City of Albany Industrial Development Agency board approved an application to provide financial assistance in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements for the $21.6 million rehabilitation of 2 Thurlow Terrace, which will create 75 construction jobs. The assistance will ensure that the building remains affordable for the next 40 years, and does not affect the monthly payments for tenants due to City of Albany IDA assistance, but it will increase the revenue provided to Albany’s taxing jurisdictions by 30%.

Read more here.

City of Albany to See First Residential New Construction as Market for Downtown Living Progresses
October 20, 2016

New construction projects located at 191 North Pearl Street and 760 Broadway will transform the two vacant properties, bring new revenue to Albany’s taxing jurisdictions and create a total of 118 new apartment units.

Together, these strategically-located projects will increase the density of the growing urban center, catalyze interest and make mixed-use reuse of vacant and abandoned properties more marketable in Albany’s warehouse district and surrounding neighborhoods. Each apartment complex will also be accessible to the Capital District Transportation Authority’s (CDTA) future River Corridor Bus Rapid Transit (BRT) line which will connect to Route 32 from downtown Albany and the warehouse district.  Both projects are anticipated to start construction in 2016

On Thursday, the City of Albany Industrial Development Agency board approved applications to provide financial assistance in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements for the development of the two groundbreaking new construction endeavors.

“Each of these projects presents incredible opportunities,” said City of Albany IDA Board Chair Tracy Metzger. “As a board we balance the needs of our community with the opportunity for further investment. These projects meet the principles of our City’s strategic initiatives which include the Albany 2030 comprehensive plan and the Impact Downtown Albany strategic plan. Unique, high-impact projects like the one at 760 Broadway will catalyze additional smaller-scale projects like The Wilson at 191 North Pearl. From these investments we will see 130 construction jobs and significant economic spinoff from additional residents.”

Read More Here

 

Albany Industrial Development Agency and Capital Resource Corporation Present 2015 Year in Review Report to Albany Common Council
September 30, 2016

On September 29, the City of Albany Industrial Development Agency (CAIDA) and Capital Resource Corporation (CACRC) presented its 2015 Year in Review report to the Albany Common Council. This report was presented to the Council to highlight past projects and the organizations’ effectiveness fulfilling each entity’s mission and ensuring efficiency and transparency.

“Supported by IDA assisted projects, the City of Albany is experiencing a great deal of momentum. These transformational projects are catalyzing continued capital investments and job growth,” said Sarah Reginelli, CEO of the Albany Industrial Development Agency and Capital Resource Corporation.

Highlighted in this year’s report both the CAIDA and CACRC have assisted with the transformation of vacant, underutilized and/or tax-exempt properties into income producing properties.

  • All 27 projects assisted by the IDA from 2013-2015 were previously vacant, underutilized and/or tax-exempt.
  • Assistance by the IDA catalyzed more than $344 million in estimated capital investments from 2013-2015.
  • Projects approved in 2015 alone are poised to generate more than $7.5 million to taxing jurisdictions over the term of the PILOTs.
  • Furthermore, from 2013-2015, CAIDA assisted projects that are expected to generate an estimated 1,502 construction jobs, 1,517 permanent or retained jobs and related indirect and induced investments.
  • The CACRC, from 2013-2015, assisted 6 civic facility projects that resulted in new or continued investments in the City of Albany of over $140 million. During that same time period, CACRC assisted projects are expected to generate an estimated 400 construction jobs and 1,022 permanent or retained jobs.
  • In 2015 the CAIDA and CACRC filed all appropriate reports and documents in a timely manner; all meeting schedules, materials and minutes were made publicly available on the albanyida.com website. The CAIDA, compared favorably among its New York State counterparts across all indicators in the most recent New York State Comptroller’s report.

To view the announcement press release. click here. To read the 2015 report, click below.

2015 Report Cover

 

New 277 Room Student Housing Facility Set to Support Growth at Albany’s World-Class Institutions

September 9, 2016

Aspen Albany is the newly constructed 277 room, four-story student housing facility at 1475 Washington Avenue. After breaking ground at the site of the project last summer, Aspen Albany has opened the doors for its first fall semester. City of Albany Mayor Kathy Sheehan was joined by GSX Solutions’ project team members, Aspen Heights management, and the City of Albany Industrial Development Agency in celebrating the completion and grand opening of Aspen Albany. The $28 million project created more than 200 construction jobs.

A project made possible by assistance from the City of Albany Industrial Development Agency, the newly constructed Aspen Albany is a state of the art student residence offering features that provide student residents with a level of security, privacy, data connectivity, fitness facilities, environmental sensitivity, and sustainability that are unique to the Albany market area. It is located in close proximity to Albany’s nearby world-class institutions and public transportation routes. Read more.

 

Community Vision & Revitalization Effort Transforming Albany’s Sheridan Hollow Neighborhood
August 24, 2016

Albany’s Sheridan Hollow neighborhood is undergoing an incredible transformation. Housing Visions Consultants, Inc. hosted a ribbon cutting ceremony marking the completion of construction of Sheridan Hollow Village, which will createed 57-affordable rental apartments for families and individuals. Sheridan Hollow Village is part of the comprehensive neighborhood revitalization strategy to redevelop the Sheridan Hollow neighborhood into a mixed-use, mixed-income sustainable neighborhood revitalization endeavor. Made possible by assistance from the City of Albany Industrial Development Agency, this project is in partnerships with Habitat for Humanity Capital District and the Touhey Home Ownership Foundation to effect broad change to the Sheridan Hollow community by creating opportunities for affordable new construction home ownership, quality rental housing, retail and commercial investments, streetscape improvements, enhanced public safety and public park restoration. All together, the project will create nearly 100 housing units, plus new commercial and office space for the neighborhood. To read more click here.

Sheridan Hollow - 8.24.2016 (37)

 

Newly Restored 400 Hudson Avenue Adds to Quality Affordable Housing in Albany at Royce on the Park
July 7, 2016

Capitalize Albany Corporation joined Royce Mulholland, President and CEO of The Mulholland Group and Albany Mayor Kathy Sheehan along with City of Albany IDA board members, other state and local elected officials to celebrate the grand opening of Royce on the Park, a newly restored and upgraded senior and disabled community living apartment building located at 400 Hudson Avenue in Albany’s Pine Hills neighborhood.

A project made possible by City of Albany IDA assistance, the building when acquired offered 179 units, TMG added an additional three units along with renovating the property in order to bring the structure in line with today’s codes and standards. Read more.

IMG_1496

 

Look Up on North Pearl and Pine Streets to Find the Growing Downtown Neighborhood’s Next Apartments
June 16, 2016

Chris Maddalone and Seth Meltzer of Maddalone & Associates are prepared to renovate 99 Pine Street’s upper floors, bringing approximately 35 new market-rate residential units to the heart of downtown Albany. The renovation and partial conversion will take place on the property’s third, fourth and fifth floors transforming old office space into residential units totaling 34,000 square feet. The building will maintain its current commercial tenants. In total the 5-story property on the corner of streets North Pearl and Pine consists of three buildings which have been combined internally over the years, totaling approximately 101,700 square feet composed of retail and office space.

On June 16 the City of Albany Industrial Development Agency Board approved an application to provide New York State sales and mortgage recording tax exemptions to assist with the $6.7 million renovation and partial conversion of the property. Read more here.

 

City of Albany Industrial Development Agency Performs Favorably Among Statewide Counterparts in State Comptroller’s Annual IDA Performance Report
June 10, 2016
View Announcement Press Release

The City of Albany Industrial Development Agency found that the Agency performed favorably among its statewide counterparts in 2014 according to the recent annual IDA performance report issued this month by State Comptroller Thomas P. DiNapoli. According to the report:

  • A strong investment in the City of Albany’s economy is shown through the total value of projects that were catalyzed by assistance through the City of Albany IDA. Supported City projects in total were valued at $1.39 billion, which is more than double the average total investment created byDAs statewide.
  • Regarding payments in lieu of taxes (PILOTs), the City of Albany IDA generated $5.1 million, or 28% more payments to its taxing jurisdictions than its statewide counterparts. A 15% percent increase from payments received in 2013.
  • On a per project level, the City of Albany IDA’s project exemptions are $152,176 less per project compared to the statewide average. That is 72% lower than the average exemption per project on a statewide level.
  • In relation to job creation, the City of Albany IDA’s net tax exemptions per job gained were also 72% lower than the average for IDAs statewide, and this is without negatively impacting job creation numbers. Estimated net job changes from Albany IDA supported projects were shown to be much greater, with 5,318 jobs created – more than three times the average for IDAs statewide.
  • The City of Albany IDA also ranked favorably when measuring efficiency. In both expenses per job gained ($129) and expenses per project ($6,604) the IDA performed more efficiently, with lower expenses than the statewide averages by nearly $4,000 per job and $31,000 per project respectively.

“We look forward to the Comptroller’s report which serves as an annual resource. Each report’s analysis helps us to evaluate our activity in relation to our statewide counterparts,” said Sarah Reginelli, CEO of the City of Albany Industrial Development Agency. “The City of Albany IDA has consistently been implementing recommended best practices. We can critically look at our activities through an outside source allowing us to improve our processes, procedures and application evaluation methods further.”

 

Emergent Warehouse District’s First Mixed-Use Project to Take Shape
May 19, 2016

Abar Construction, led by developer Bill Barber will redevelop 960 Broadway in Albany’s warehouse district, revitalizing a property formerly home to the Rodgers Liquor Co., which has been left vacant for two decades. The 4-story abandoned warehouse will be converted into 24 market-rate apartments featuring ground floor restaurant space accessible from Broadway.

This $6 million mixed-use residential reuse project will buoy the warehouse district’s ongoing transformation as other proposed mixed-use retail and residential projects in the district are taking shape or just beginning the development process. On Thursday, the City of Albany Industrial Development Agency Board approved an application to provide financial assistance to 960 Broadway, LLC., in the form of New York State sales and mortgage recording tax exemptions. Including construction, the project is estimated to create more than 50 jobs.

When completed, the existing 4-story, 53,000 square foot brick warehouse will have been renovated to include 24 market-rate rental apartments on its upper three floors and approximately 3,000 square feet of ground floor restaurant space with an entrance on Broadway. The existing 2-story addition on the south side of the building will be renovated into 2,000 square feet of additional commercial space.

Read the announcement’s press release by clicking here, or learn more at www.CapitalizeAlbany.com.

960 Rendering

 

101 New Student Housing Units Set to Support Growth at Albany’s World-Class Institutions
April 21, 2016

The City of Albany Industrial Development Agency board approved an application to provide financial assistance in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements for the development of a new private student dorm facility proposed by GSX solutions. The project will be located at 1385 Washington Avenue. The $30.5 million project will create nearly 100 construction jobs and complements a similar project being built at 1475 Washington Avenue, which broke ground last summer.

A 7-year PILOT (payment in lieu of taxes) agreement was approved. Over the life of the PILOT agreement alone the project is estimated to generate $1,996,201 in real property taxes, an increase of $1,636,618 over the revenue anticipated to have been collected within the same timeframe had the project not been approved. Once the PILOT agreement concludes, the project is projected to produce $522,396 in real property taxes annually for the local taxing jurisdictions.

“The City of Albany is home to some of the Region’s most innovative institutions, which are catalyzing economic activity all around us,” said Sarah Reginelli, City of Albany Industrial Development Agency CEO and President of Capitalize Albany Corporation. “As local institutions continue to attract talent to the Capital Region and expand their student population, these projects will help meet the increasing demand for student housing and assist in attracting top talent.”

Read the announcement’s press release by clicking here or learn more at www.CapitalizeAlbany.com.

1385 Conceptual Rendering

 

Grant Programs Backed By Capital Resource Corporation to Support Retail Business Growth in Albany Announced
March 23, 2016

Capitalize Albany Corporation announced the launch of two groundbreaking grant programs to benefit the City of Albany’s various commercial districts and its downtown’s retail market. Funding for the two grant programs was made possible by the City of Albany’s Capital Resource Corporation. Learn more by clicking here.

 

Steuben Street Market at 58 North Pearl Street Celebrates Grand Opening
January 29, 2016

Yesterday the Steuben Street Market celebrated its grand opening inviting City leaders and stakeholders to participate in a formal ribbon cutting ceremony. With approximately 600 items on shelves, customers are seeing bread, fresh and frozen meats, dairy products, sandwiches, smoothies and other food items serving downtown visitors and the growing residential population.

The Market is located on the first floor of the Steuben Place Apartments at 58 North Pearl Street, a $4.9 million mixed-use conversion project made possible by assistance from the City of Albany Industrial Development Agency, Capitalize Albany Corporation and New York State. Omni Development turned the vacant Class C office building into 29 studio, one bedroom and two bedroom units with ground-level retail space. To read more about the Steuben Street Market and its grand opening, visit Capitalize Albany Corporation’s website here.

 

Unveiling of the Lofts at 733 Broadway
November 5, 2015

Previously a vacant property, Norstar Development invested more than $5 million in the project, with assistance by the City of Albany Industrial Development Agency, transforming the 45,000-square-foot, three-story building into a mixed-use space comprised of 29 one and two bedroom units and approximately 2,500-square-feet of ground floor retail space. A formal ribbon cutting was held to celebrate the conversion and formal opening of The Lofts at 733 Broadway. For more information and photos, visit Capitalize Albany Corporation’s website here.

 

Steuben Place Apartments Unveiled
October 26, 2015

The $4.9 million conversion at 40 Steuben Place transformed a vacant Class C office building into 29 studio, one bedroom and two bedroom units with ground-level retail space. A project made possible through City of Albany IDA assistance, the IDA provided New York State sales and mortgage recording tax exemptions and real property tax abatements. A formal ribbon cutting was held to celebrate the revitalization and formal opening of the Steuben Place Apartments. For more information, visit Capitalize Albany Corporation’s website here.

Steuben Place - Side

 

 

Renaissance Albany Welcomed To Downtown
October 21, 2015

Revitalization of the former DeWitt Clinton hotel is completed. A ribbon cutting ceremony was held on October 21 and the Renaissance Albany hotel officially opened its doors. A project made possible through City of Albany IDA assistance, the IDA provided New York State sales and mortgage recording tax exemptions and real property tax abatements. For more information, visit Capitalize Albany Corporation’s website here.

Renaissance - Cutting the Ribbon

 

Renovations to Former Philip Livingston Magnet Academy Completed
Livingston School Apartments: 103 New Units of Affordable Senior Housing in the City of Albany
September 24, 2015

The now completed nearly $30 million project, transformed this property which was vacant for more than three years, into 103 new units of affordable housing in the City of Albany. A project made possible through City of Albany IDA assistance, the IDA provided New York State sales and mortgage recording tax exemptions and real property tax abatements. A formal ribbon cutting was held to celebrate the revitalization and formal opening of this historic property. For more information, visit Capitalize Albany Corporation’s website here.

 

Albany Industrial Development Agency Implements Strategic Transition Plan
Structured long-term plan and response enhances Albany Industrial Development Agency effectiveness and efficiency 
July 21, 2015

The City of Albany Industrial Development Agency is winding down implementation of its Strategic Transition Plan, which begun in February. The Plan, an effort to make policy and administrative enhancements to increase the Agency’s effectiveness and efficiency, was developed out of an internal assessment of procedures completed by Agency staff in late 2014. Announced today, the Agency shares recent results of the implemented Plan.

“The City of Albany Industrial Development Agency constantly strives to stay up-to-date on state and national best practices,” said Sarah Reginelli, CEO of the Albany Industrial Development Agency. “Recent staff and Board turnover made this an opportune time to undertake an in-depth assessment of our practices and policies and incorporate best practices and enhancements. These enhancements will strengthen the organization’s application, deliberation and monitoring procedures.”

Administrative and policy updates recently enacted by the Agency’s Governance Committee as part of the Agency’s Strategic Transition Plan enhance operations of the Agency, bring the IDA into compliance with recent reform legislation, align policies and procedures with best practices recommended by the Office of the New York State Comptroller and the New York State Authorities Budget Office. Recently enacted enhancements include:

  • Clawback Policy – A policy enabling the recapture of project benefits such as sales tax exemptions, mortgage recording tax exemptions and/or payments in lieu of taxes (PILOTs) when projects fail to deliver on projected public benefits such as job creation/retention.
  • Project Monitoring and Enforcement Policy Update – A policy updated to monitor both the progress of projects towards meeting their projected public benefits and the accuracy of the Agency benefits provided.
  • Conduct and Notifications of Public Hearings Policy Update – A policy updated to clarify and incorporate new policy and procedure requirements.

In addition to these and numerous other policy and administrative updates, Agency staff is currently in the process of developing a project evaluation matrix to further enhance and standardize the application and deliberation process.

To view the official announcement press release, click here.

 

Albany Industrial Development Agency and Capital Resource Corporation Present 2014 Year in Review Report to Albany Common Council
July 17, 2015

Yesterday, the City of Albany Industrial Development Agency (CAIDA) and Capital Resource Corporation (CACRC) presented its 2014 Year in Review report to the Albany Common Council. This report was presented to the Council to highlight past projects and the organizations’ effectiveness fulfilling each entity’s mission and ensuring efficiency and transparency.

“The City of Albany is currently experiencing a great deal of momentum. We are seeing transformation taking place due to IDA assisted projects, catalyzing continued capital investments and job growth,” said Sarah Reginelli, CEO of the Albany Industrial Development Agency and Capital Resource Corporation.

Highlighted in this year’s report both the CAIDA and CACRC have assisted with the transformation of vacant, underutilized and/or tax-exempt properties into income producing properties.

  • All 25 projects assisted by the IDA from 2012-2014 were previously vacant, underutilized and/or tax-exempt.
  • Assistance by the IDA catalyzed more than $230 million in estimated capital investments from 2012-2014.
  • Projects approved in 2014 alone are poised to generate more than $15 million to taxing jurisdictions over the term of the PILOTs.
  • Furthermore, from 2012-2014, CAIDA assisted projects that are expected to generate an estimated 1,400 construction jobs, 1,170 permanent or retained jobs and related indirect and induced investments.
  • The CACRC, from 2012-2014, assisted 5 civic facility projects that resulted in new or continued investments in the City of Albany of over $95 million. During that same time period, CACRC assisted projects are expected to generate an estimated 500 construction jobs and 79 permanent or retained jobs.
  • In 2014 the CAIDA and CACRC filed all appropriate reports and documents in a timely manner; all meeting schedules, materials and minutes were made publicly available on the albanyida.com website.

The CAIDA also outlined progress made on its 2015 Strategic Transition Plan to enhance operations. To see the official announcement press release, click here. To read the full 2014 Year in Review report, click below.


Statement From Chair Tracy Metzger In Response to A Request for Funding to Support Upstate Revitalization Initiative Growth Strategy
June 18, 2015

At today’s board meeting the City of Albany Industrial Development Agency passed a resolution in response to a request for funding. The IDA pledged to fund up to $100,000 to support development of the Capital Region Economic Development Council’s regional growth strategy, which will be utilized to compete in Governor Andrew Cuomo’s Upstate Revitalization Initiative.

“We absolutely support the development of a regional growth strategy, and with an opportunity like this we want to ensure that the Capital Region is as ready as it can be to compete for the half-billion dollar prize,” said Tracy Metzger, Chair of the Albany Industrial Development Agency’s Board of Directors. “This was an opportunity for us to act like a region. As the Capital city, it’s even more important that we demonstrate our leadership as we look to move the region forward.”

 

1852 Vacant Historic Building to Be Restored as Downtown Albany Residential
June 18, 2015

The City of Albany Industrial Development Agency board approved an application to provide financial assistance to Cass Hill Development Cos. The IDA will provide New York State sales and mortgage recording tax exemptions and real property tax abatements to assist with the redevelopment of a vacant historic and dilapidated property which will be restored into 21 luxury market-rate apartments in downtown Albany. For more information about this project, visit Capitalize Albany Corporation’s website here.

 

One Columbia Place

One Columbia Place

 

City of Albany Industrial Development Agency Compares Favorably Against Statewide Counterparts in State Comptroller’s Annual IDA Performance Report
June 18, 2015

The City of Albany Industrial Development Agency found that the Agency compared favorably amongst its similar statewide counterparts according to the recent annual IDA performance report issued in May by State Comptroller Thomas P. DiNapoli.

“We look forward to the Comptroller’s report annually, each report’s consistent analysis helps us to evaluate our activity in relation to our statewide counterparts,” said Sarah Reginelli, CEO of the Albany Industrial Development Agency. “We can critically look at our activities through a third party source allowing us to improve our processes, procedures and application evaluation methods further. I am happy to report that the City of Albany is performing favorably across all measured indicators and has consistently been implementing recommended best practices.”

To read more, view the announcement press release here.

 

Redevelopment Project to Bring 400 Jobs as Broadway Warehouse District Corridor Looks to Transform
June 3, 2015

The City of Albany Industrial Development Agency board approved an application to provide New York State sales and compensating use tax exemptions for a redevelopment project at 833 Broadway along the Broadway corridor of Albany’s warehouse district.  To learn more about this project visit Capitalize Albany Corporation’s website here.