IDA/CRC News

$10.5 Million Investment To Bring Nearly 100,000 Sq. Ft. Of Additional New Warehouse Space Online In Albany
April 18, 2024

A 93,000 sq. ft. warehouse/distribution facility will be constructed at 48 Corporate Circle on the last vacant lot within the industrial park. The flexible distribution facility’s design will allow it to support a range of layout options from use under a single user or all the way up to eight tenants. Made possible with City of Albany Industrial Development Agency (IDA) support, the project will provide a boost to local taxing jurisdictions and is anticipated to create at least 48 construction and 10 permanent jobs. It’s projected to have a county-wide economic impact of more than $2 million during its construction. Read more.

$46.3 Million Investment To Construct Affordable Housing Development That Will Support Veterans And Seniors At Risk Of Homelessness
April 18, 2024

A $46.3 million investment is set to bring a 120-unit affordable housing development supporting seniors and veterans to 64 Colvin Avenue in Albany. The project will generate additional revenue to the local taxing jurisdictions and is estimated to create at least 100 construction and nine permanent jobs. It’s estimated to have a county-wide economic impact of more than $1 million during its construction alone. Read more.

$80 Million Investment To Renew Site Of Vacant Red Carpet Inn Into Affordable Housing Development
January, 18 2024

Replacing the underutilized and vacant Red Carpet Inn, an $80.9 million investment will bring a 185-unit affordable housing development to 500 Northern Boulevard nearby the northern edge of Arbor Hill and surrounding neighborhoods. The project will generate additional revenue to local taxing jurisdictions and is estimated to create at least 200 construction jobs. It’s estimated to have a county-wide economic impact of nearly $80 million during its construction alone.

The vacant Red Carpet Inn is a shuttered 48-room motel, its three structures totaling more than 100,000 sq. ft. will be demolished to allow for the construction of two four-story buildings totaling 233,084 sq. ft. The Northgate Landing development will be home to 185 affordable housing units for households with incomes ranging from 30 to 80 percent of the area median income. On-site amenities for its tenants include a fitness center, community room, bike storage and nearly 200 parking spaces. Read more.

$4.3 Million Investment To Transform Vacant Office Building Into Newly Renovated Multifamily Apartments
November16, 2023

A 28,000 sq. ft. commercial office building will be converted into 25 market rate apartments at 102 Hackett Boulevard between Marwill Street and St. James Place. In 2021, the building became partially vacant and was fully vacated in 2023 after attempts to attract new tenants. The currently underutilized space is now being acquired by Antonio Manfredi of Midtown Albany, LLC. This will be the developer’s seventh City of Albany project.

Made possible with City of Albany Industrial Development Agency (CAIDA) support, the $4.3 million project is projected to create 40 construction jobs and is planned to be completed in late-2024. Read more.

New $3.5 Million Renaissance Renovation Project Will Strengthen Hotel Operations
September 21, 2023

A new $3.5 million investment into downtown’s Renaissance Albany will bring needed improvements to the 203 room, 180,000 sq. ft. Renaissance by Marriot hotel’s public spaces and rooms. The planned renovation will allow the hotel to maintain its branding and strengthen its operations. The project will generate additional revenue to local taxing jurisdictions and is projected to support the retention of 91 jobs and create at least 18 construction jobs. Read more.

$6.5 Million Investment To Redevelop Vacant Center Square Building Into Multifamily Residential
September 21, 2023

Jankow Companies will soon begin construction on its newest multifamily residential apartments project in Albany, it will be converting 324 State Street into 29 market-rate apartments. This $6.5 million investment will bring the property back on to tax rolls. The project is projected to create 20 construction, and two permanent jobs. Read more.

$8.1 Million Investment To Convert And Expand Vacant Downtown Office Building Into Mixed-Use Multifamily Residential
July 27, 2023

Jankow Companies will soon begin construction on its first downtown Albany multifamily residential project. Two additional floors will be added to the vacant 21,000 sq. ft. three-story office building located at 48 North Pearl St. transforming the property into five stories featuring 20 apartment units and 14,000 sq. ft. of retail space.

This $8.1 million investment is projecting the creation of 80 construction and 18 full-time equivalent jobs, once completed the project is anticipated to have an annual countywide economic impact of more than $2 million. Read more.

City of Albany Industrial Development Agency Performs Favorably Among Statewide Counterparts in State Comptroller’s Annual IDA Performance Report
June 20, 2023

The City of Albany Industrial Development Agency (CAIDA) found that the Agency performed favorably among its statewide counterparts in 2021 according to the most recent annual IDA performance report issued 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 active projects that have been catalyzed by assistance through the City of Albany IDA. Supported City projects in total were valued at $1.14 billion, which is 28% greater than the average total investment created by IDAs statewide (excluding NYC).
Regarding payments in lieu of taxes (PILOTs) for the year, the City of Albany IDA facilitated $5.6 million of payments from projects to local taxing jurisdictions.
On a per project level, the City of Albany IDA’s project exemptions are $152,615 which is $54,918 less per project compared to the statewide average. That is 26% lower than the average exemption per project on a statewide level (excluding NYC).

$12 Million In Additional Investment To Revitalize 61 N. Pearl St., 66 State St., Bringing 42 More Apartments To Downtown Albany
July 22, 2021

Furthering Impact Downtown Albany plan implementation Redburn Development Partners is moving forward with two additional historic redevelopment projects in downtown Albany at 61 N. Pearl St. and 66 State St. after experiencing strong demand for nearly 300 recently completed apartments as part of its $80 million downtown investment.

With support from the City of Albany Industrial Development Agency, Redburn’s latest $12 million invested in downtown will boost revenue for local taxing jurisdictions, create at least 75 construction jobs, create one and retain eight permanent jobs. The projects will include 42 market-rate residential apartments and 23,300 sq. ft. of commercial space, strengthening downtown’s vibrancy. Construction is expected to begin this summer on both projects and conclude in early 2022. Read more.

City of Albany Industrial Development Agency Performs Favorably Among Statewide Counterparts In State Comptroller’s Annual IDA Performance Report
June 30, 2021

The City of Albany Industrial Development Agency found that the Agency performed favorably among its statewide counterparts in 2019 according to the most recent annual IDA performance report issued 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 active projects that have been catalyzed by assistance through the City of Albany IDA. Supported City projects in total were valued at $1.03 billion, which is 37% greater than the average total investment created by IDAs statewide (excluding NYC).
Regarding payments in lieu of taxes (PILOTs) for the year, the City of Albany IDA facilitated $4.8 million of payments from projects to local taxing jurisdictions.
On a per project level, the City of Albany IDA’s project exemptions are $138,839 which is $64,960 less per project compared to the statewide average. That is 32% lower than the average exemption per project on a statewide level (excluding NYC).
The City of Albany IDA’s net tax exemptions were 75% lower per job gained than the average for IDAs statewide, 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 3,036 — nearly twice the average for IDAs statewide.
The City of Albany IDA also ranked favorably when measuring efficiency. In both expenses per job gained ($263) and expenses per project ($9,402) the IDA performed more efficiently, with lower expenses than the statewide averages by $6,834 per job and $26,554 per project respectively.

View Press Release

Issuance Of Tax-Exempt Bonds Supports Retention Of More Than 200 Jobs And Maximizing Resources For KIPP: Albany Community Public Charter Schools
May 20, 2021

With support from the City of Albany Capital Resource Corporation, financing made possible in part with the issuance of tax-exempt bonds will support KIPP: Albany Community Public Charter Schools (KIPP Albany) — allowing the charter school network to redirect resources into enhancing its educational programming and support more than 200 existing staff positions.

On Thursday, the City of Albany CRC board approved Equitable School Revolving Fund, LLC’s (ESRF) application for assistance in the form of the issuance of tax-exempt bonds totaling up to $31 million. The up to $310,000 in fees collected by the CRC for the transaction are anticipated to be used to fund future strategic revitalization initiatives. Read more.

$17.9 Million Investment To Transform 413 North Pearl St. Bringing 80 Apartments To Albany Warehouse District
March 18, 2021

Redburn Development Partners is moving forward with an historic redevelopment project at 413-25 North Pearl St. after experiencing strong demand for nearly 300 recently completed apartments as part of its $80 million investment in downtown.

With support from the City of Albany Industrial Development Agency, Redburn’s latest $17.9 million undertaking will boost revenue for local taxing jurisdictions, create at least 75 construction and 2 permanent jobs, and bring 80 market-rate residential apartments and 13,500 sq. ft. of commercial space to the warehouse district. Construction is expected to begin in spring of 2021 and conclude in early 2022. Read more at CapitalizeAlbany.com.

Revitalization of 1.62-Acre Midtown Western Avenue Site To Bring New Energy And Opportunities To Pine Hills Neighborhood
March 18, 2021

Complementing investment surrounding the University at Albany’s downtown campus and supporting new mixed-use development opportunities, a $27.3 million investment into a 1.62-acre site located at the intersection of Quail Street and Western Avenue will restore the site’s economic activity through new construction of a five-story mixed-use residential commercial retail development. Made possible with support from the City of Albany Industrial Development Agency, over the next 20 years, the property is estimated to generate $4,492,446 to the local taxing jurisdictions, nearly three times what is projected under the site’s current use.

The project will create at least five permanent and 150 construction jobs — during construction the project is estimated to generate a county-wide economic impact of $33.6 million and an annual operational impact of more than $2.2 million. Read more at CapitalizeAlbany.com.

Additional $24 Million Investment and 61 Affordable Housing units To Further Arbor hill Revitalization
January 21, 2021

Home Leasing has committed to the revitalization of six additional properties along Clinton Avenue in Albany’s Arbor Hill neighborhood. With support from the City of Albany Industrial Development Agency, its planned $24 million phase-two project will boost revenue for local taxing jurisdictions, create at least 150 construction and 17 permanent jobs, add 61 more affordable housing units along Clinton Avenue, and 12,000 sq. ft. of commercial space dedicated to the Albany Center for Economic Success (ACES). ACES is a subsidiary of the Community Loan Fund of the Capital Region which works to support successful ownership of sustainable businesses among people of color, women and low-income individuals by providing technical assistance and incubator services. Read more.

Market-Rate 80-Unit New Construction Residential To Rise n Albany’s Clinton Square Neighborhood
October 22, 2020

The $22.7 million project will be constructed on the site of a 1.38-acre parcel used as a parking lot at 745 Broadway in the heart of Albany’s Clinton Square neighborhood. Made possible with support from the City of Albany Industrial Development Agency (IDA), this investment is projected to generate $3.2 million for local taxing jurisdictions over its PILOT period alone — boosting revenue more than three times anticipated without this new investment.

On Thursday, the City of Albany IDA board approved an application to provide assistance to Broadway 915, LLC in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. By 2043 alone, the property is estimated to generate $3,202,648 to the local taxing jurisdictions, more than three times what is projected under the site’s current use. Upon completion of the project’s PILOT period it’s estimated to generate $490,239 annually for local taxing jurisdictions. Read more.

City of Albany Industrial Development Agency and Capital Resource Corporation Present 2019 Year In Review Report To Albany Common Council
September 21, 2020

The City of Albany Industrial Development Agency (CAIDA) and Capital Resource Corporation (CACRC) presented its 2019 Year in Review report to the Albany Common Council. This report was presented to the Council to highlight past projects and the organizations’ effectiveness in fulfilling their missions and in ensuring efficiency and transparency.

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 21 projects assisted by the CAIDA from 2017-2019 were previously vacant, underutilized and/or tax-exempt. Assistance by the CAIDA catalyzed more than $373 million in estimated capital investments from 2017-2019.
Projects closed, between 2017-2019 alone are poised to generate more than $35 million to taxing jurisdictions over the term of their PILOTs
Furthermore, from 2017-2019, the CAIDA assisted projects that are expected to support an estimated more than 1,500 construction jobs, more than 200 permanent or retained jobs and related indirect and induced investments.
The CACRC, from 2016-2019, assisted 7 civic facility projects that resulted in new or continued investments in the City of Albany of more than $111 million. During that same time period, CACRC assisted projects are expected to generate an estimated 8,762 permanent or retained jobs.
From 2017-2019 the CAIDA has assisted the development of 442 affordable housing units
In 2019 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.

Press release available here.

$35 Million Mixed-Use Western Avenue Project To Significantly Boost Revenue For Local Taxing Jurisdictions
September 18, 2020

A $35.7 million project will transform 30,000 sq. ft. of vacant commercial space at 1211 Western Avenue and return activity to the site— creating a 190,968 sq. ft. complex encompassing 136 multi-family apartment units, 1,840 sq. ft. of commercial retail space and an internal garage with 150 parking spaces. Made possible with support from the City of Albany Industrial Development Agency (IDA), this investment is projected to generate more than $8.2 million for local taxing jurisdictions over its PILOT period — boosting revenue more than a dozen times anticipated without this new investment. Read more.

City Of Albany Industrial Development Agency Performs Favorably Among Statewide Counterparts In State Comptroller’s Annual IDA Performance Report
July 21, 2020

The City of Albany Industrial Development Agency found that the Agency performed favorably among its statewide counterparts in 2018 according to the most recent annual IDA performance report issued 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 active projects that have been catalyzed by assistance through the City of Albany IDA. Supported City projects in total were valued at $912 million, which is 28% greater than the average total investment created by IDAs statewide (excluding NYC).
Regarding payments in lieu of taxes (PILOTs) for the year, the City of Albany IDA facilitated $6 million of payments from projects to local taxing jurisdictions.
On a per project level, the City of Albany IDA’s project exemptions are $194,118 which is $94,533 less per project compared to the statewide average. That is 33% lower than the average exemption per project on a statewide level (excluding NYC).
The City of Albany IDA’s net tax exemptions were 67% lower per job gained than the average for IDAs statewide, 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 3,209 — more than twice the average for IDAs statewide.
The City of Albany IDA also ranked favorably when measuring efficiency. In both expenses per job gained ($235) and expenses per project ($8,867) the IDA performed more efficiently, with lower expenses than the statewide averages by nearly $2,908 per job and $28,000 per project respectively.

Read the announcement’s press release, here.

City Of Albany IDA/CRC Board: Call For Applications
July 14, 2020

The City of Albany Common Council is seeking applications from qualified residents of the City of Albany for the available City of Albany Industrial Development Agency (IDA) & Capital Resource Corporation (CRC) Board Member position.

Members of the IDA & CRC must be residents of the City of Albany and whenever possible should have a general background or expertise in industry, business, economic development, urban planning or banking, and possess a commitment to the revitalization of the City. Such members may include representatives of local government, school boards or organized labor. Members serve without compensation for their services but are entitled to necessary expenses incurred in the discharge of their duties. The IDA/CRC meets on the third Thursday of the month at 12:15 PM at the offices of Capitalize Albany, 21 Lodge Street.

Applicants will be interviewed by a selected committee of the Common Council prior to appointment.

CLICK HERE FOR APPLICATION INFORMATION

Deadline for Applications: Friday, July 31, 2020

City Of Albany Industrial Development Agency Launches New Project Search Tool
April 14, 2020

As part of its ongoing efforts to enhance transparency and streamline access to information, the City of Albany Industrial Development Agency (CAIDA) announced it has developed and launched a new searchable project database that better organizes its project- related documents. Read more.

New Mixed-Use Development At 563 New Scotland Avenue To More Than Triple Revenue Generated To Local Taxing Jurisdictions
January 16, 2020

The New Scotland Village project will bring 188 market-rate rental units and approximately 15,000-square feet of retail/commercial space to a neighborhood commercial corridor. Made possible with support from the City of Albany Industrial Development Agency (IDA), developer Jankow Companies’ New Scotland Village is projected to generate more than $12 million for local taxing jurisdictions over its PILOT period — more than tripling revenue than anticipated. Read more.

New 427 Washington Avenue Apartments To Support Midtown Neighborhoods’ Growth
November 21, 2019

Complementing new investment surrounding the University at Albany’s downtown campus and plans for the new home of UAlbany’s College of Engineering and Applied Sciences, this $2.6 million investment will remove neighborhood blight through construction of a new 3.5-story building with 16 apartment units. The project will create 85 construction jobs — during construction the project is estimated to generate a county-wide economic impact of $3.8 million. Made possible with support from the City of Albany Industrial Development Agency, over the next 20 years, the property is estimated to generate $706,983 to the local taxing jurisdictions, more than four times what is projected under the site’s current use. Read more.

Redburn Development Partners’ $80 Million Investment Downtown Progresses
October 17, 2019

$12.3 million will be invested into the transformation of 39 and 45 Columbia Street as part of Redburn Development’s more than $80 million total investment into downtown Albany. The $7 million project at 45 Columbia Street will take what is currently a 78,000 sq. ft. vacant parking garage and create 27 market-rate apartments with 125 parking spaces. The $5.3 million project at 39 Columbia Street will take what is currently a 60,000 sq. ft. office building and create 39 market-rate apartments and a 15,000 sq. ft. commercial space, current office tenants will be retained. On Thursday the City of Albany Industrial Development Agency approved applications to support these two projects which will create nearly 60 construction jobs and more than 50 full time jobs. Read more.

City of Albany Industrial Development Agency and Capital Resource Corporation Present 2018 Year in Review Report to Albany Common Council
September 11, 2019

The City of Albany Industrial Development Agency (CAIDA) and Capital Resource Corporation (CACRC) presented its 2018 Year in Review report to the Albany Common Council. This report was presented to the Council to highlight past projects and the organizations’ effectiveness in fulfilling their missions and in 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 CEO of the City of Albany Industrial Development Agency and Capital Resource Corporation Sarah Reginelli. “Over the last five years alone CAIDA-assisted projects spurred more than $500 million of investment throughout City of Albany neighborhoods.”

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 15 projects assisted by the CAIDA from 2016-2018 were previously vacant, underutilized and/or tax-exempt. Assistance by the CAIDA catalyzed $223 million in estimated capital investments from 2016-2018.
Projects closed, between 2016-2018 alone are poised to generate more than $25 million to taxing jurisdictions over the term of their PILOTs
Furthermore, from 2016-2018, the CAIDA assisted projects that are expected to support an estimated 810 construction jobs, 144 permanent or retained jobs and related indirect and induced investments.
The CACRC, from 2016-2018, assisted 6 civic facility projects that resulted in new or continued investments in the City of Albany of over $172 million. During that same time period, CACRC assisted projects are expected to generate an estimated 8,702 permanent or retained jobs.
From 2016-2018 the CAIDA has assisted the development of more than 420 affordable housing units
In 2018 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.

View the announcement’s press release

11 Stories Of 90 State Street To Transform Into 154 Downtown Residential Units
August 22, 2019

A $23.1 million investment will support a large-scale residential conversion in the heart of downtown Albany, further strengthening the central business district’s density and downtown residential strategy implementation. The project is estimated to create 89 construction jobs, support four retained and create one full time job. The project will generate $3.1 million more in revenue to local taxing jurisdictions over the next 20 years than anticipated to have been collected without this new investment. Read more.

132-Room Hotel As Part of Quackenbush Square Development To Transform 1.67-Acre Former Brownfield Site In Downtown Albany
June 20, 2019

A new $30.4 million investment will transform a highly visible site along Broadway. As part of Pioneer Companies’ large mixed-use Quackenbush Square development project, a new 132-room hotel will strengthen the connection between downtown Albany, Clinton Square and the warehouse district, support nearby businesses and area attractions. The hotel is estimated to create 100 construction jobs, 25 full-time permanent jobs, generate an economic impact of more than $13 million during construction, and more than $600,000 annually once completed. Over the next decade alone the project will generate $2.7 million more in revenue to local taxing jurisdictions anticipated to have been collected without this new investment. Read more.

Renewal of Dana Ave Properties To Further Park South Revitalization
June 20, 2019

A 36-unit, 45,000 sq. ft. apartment building will rise at 86 Dana Avenue. The project is estimated to create 160 construction jobs. As redevelopment continues to spread beyond blocks east of where Albany Medical Center and Tri-City Rentals collaborated on 268 new market-rate apartments, this new construction project would serve as a second installment of The Reserve at Park South apartments and marks another significant Park South Urban Renewal Plan implementation milestone. In 2018, located across the street at 85 Dana Avenue, a similar 30-unit, 40,000 sq. ft. building, The Reserve at Park South was completed. Read more.

Rehabilitation of Vacant 251 North Pearl Street Supports City of Albany Neighborhood Revitalization
June 20, 2019

Supported by the City of Albany Industrial Development Agency and by the City of Albany through the Restore New York Communities Initiative, vacant 251 North Pearl Street will be renovated and transformed into the new and permanent home of the Capital Repertory Theatre (theREP). The $9.5 million investment is estimated to create six permanent and 69 constructions jobs. When completed the theater’s 33,000 sq. ft. new home — a 300-seat theatre, equipped with a box office, café, 70-seat black box theatre, costume shop and administrative offices — will be immediately adjacent to the Ida Yarborough homes, operated by the City of Albany Housing Authority. The new theater will allow theREP to expand its programming, with up to 100 more annual events attracting an additional 10,000 patrons, and to expand its robust educational offerings, which currently reach more than 17,000 students from 64 schools in 39 communities. Read more.

City of Albany Industrial Development Agency Performs Favorably Among Statewide Counterparts in State Comptroller’s Annual IDA Performance Report
May 30, 2019

The City of Albany Industrial Development Agency found that the Agency performed favorably among its statewide counterparts in 2017 according to the most recent annual IDA performance report issued 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 active projects that have been catalyzed by assistance through the City of Albany IDA. Supported City projects in total were valued at $875 million, which is 25% greater than the average total investment created byDAs statewide (excluding NYC).
Regarding payments in lieu of taxes (PILOTs) for the year, the City of Albany IDA facilitated $5.25 million of payments from projects to local taxing jurisdictions.
On a per project level, the City of Albany IDA’s project exemptions are $124,674, which is $88,566 less per project compared to the statewide average. That is 42% lower than the average exemption per project on a statewide level (excluding NYC).
The City of Albany IDA’s net tax exemptions were 75% lower per job gained than the average for IDAs statewide, 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 4,230 — more than twice the average for IDAs statewide.
The City of Albany IDA also ranked favorably when measuring efficiency. In both expenses per job gained ($160) and expenses per project ($87,986) the IDA performed more efficiently, with lower expenses than the statewide averages by nearly $4,550 per job and $30,338 per project respectively.

Second Phase of $78 Million Transformative Downtown Albany
Project Under Way
May 16, 2019

The second $34.5 million phase of a transformative $78 million investment in downtown Albany is under way with the mixed-use renovation of the historic Kenmore Hotel building at 76 North Pearl Street. Announced by Governor Cuomo in December — Redburn Development Partners will invest $78 million to renovate and rehabilitate seven prominent buildings in downtown Albany.

Redburn Development Partners will transform the vacant 196,000 sq. ft. Kenmore building into 123 market-rate apartments and 36,000 sq. ft. of commercial space. The project will create 24 permanent jobs and 113 construction jobs. Redburn Development is aiming to have the street front retail portion ready for this summer and plans to have the project completed by the fall of next year.

A project made possible with City of Albany IDA support, on Thursday, the Board approved assistance in the form of New York State sales and mortgage recording tax exemptions. Redburn Development will pursue the 485-a program through the City assessor’s office. Redburn Development will also pursue state and federal historic tax credits. Read more.

Issuance Of Tax-Exempt Bonds Supports Retention Of More Than 60 Jobs
April 18, 2019

The Albany Leadership Charter High School for Girls currently leases the property at 19 Hackett Boulevard for use as a charter school and has entered into a real property purchase and sale agreement for acquisition of the property. With its financing in place to support the institution’s property acquisition, the Albany Leadership Charter High School for Girls can ensure the institution will not need to relocate in the future, supporting the retention of 57 full-time, and six part-time staff.

On Thursday, the CRC board approved an application for assistance in the form of the issuance of tax-exempt bonds. The transaction brings $100,000 worth of investment to the City of Albany as the CRC board may utilize administrative fees collected as funding for future strategic initiatives. The CRC has utilized funds for multiple strategic community revitalization initiatives. Read more.

Four Points by Sheraton Hotel Adds To New Development, Streetscape Improvements at 351 Southern Boulevard
March 22, 2019

A new $13.3 million hotel will be constructed at 351 Southern Boulevard, complementing 351 Diamond Development, LLC’s $10 million Mt. Hope Commons development currently under way at the 9W site. Made possible with support from the City of Albany Industrial Development Agency, Mukura Inc. plans to begin constructing a 60,000 sq. ft., four story Four Points by Sheraton hotel in May. The project will take what is currently a vacant 1.8 acre parcel and create 106 hotel rooms with an indoor pool, fitness room, a bar and lounge. The project will create 25 permanent jobs, and 100 construction jobs. Read more at CapitalizeAlbany.com.

First Phase Of Transformative $78 Million Downtown Albany Project Under Way
February 22, 2019

The first $21.5 million phase of a transformative $78 million investment in downtown Albany is under way beginning with the renovation of a vacant 112,000 sq. ft. office building, 16 Sheridan Avenue. Announced by Governor Cuomo in December — Redburn Development Partners will invest $78 million to renovate and rehabilitate seven prominent buildings in downtown Albany.

Supported in part by the City of Albany Industrial Development Agency — the $78 million estimated project’s $21.5 million first phase will transform the former Knickerbocker News’ 16 Sheridan Avenue headquarters into ‘The Knick’ — 132 market-rate apartments and 3,500 sq. ft. of retail space planned for a restaurant. On Thursday the City of Albany IDA board approved an application to provide assistance to 16 Sheridan Avenue, LLC in the form of New York State sales tax exemptions. Redburn Development Partners is pursuing assistance from the City of Albany’s 485a tax abatement program. The project will create 12 permanent jobs and 130 construction jobs, interior demolition has started with construction to begin soon. Redburn Development plans to have the project at 16 Sheridan Avenue completed by fall 2019. Read more.

$51.6 Million Investment in Albany To Boost Revenue Generated More Than Four Times For Local Taxing Jurisdictions
November 15, 2018

An assemblage of property at the intersection of Sandidge Way (formerly Loughlin Street) and Fuller Road totaling 6.49 acres will be the site for construction of seven residential apartment buildings including a total of 252 apartment units. With this investment — the property will produce 4.47 times or more than $8.8 million more revenue generated to local taxing jurisdictions anticipated to have been collected without this new investment. Creating seven permanent and 165 construction jobs, during construction the project is estimated to generate a county-wide economic impact of more than $60 million and $1.5 million annually once completed. Read more.

Reinvestment In Strategic Programming Is Strengthening Neighborhoods Throughout The City of Albany
October 18, 2018

At its Thursday board meeting, the City of Albany Capital Resource Corporation (CRC) approved $25,000 more to support the Amplify Albany Grant Program. Administered by Capitalize Albany Corporation, the program is designed to create and expand programming that is driving foot-traffic throughout City neighborhoods and commercial districts. To date the City of Albany Capital Resource Corporation has invested $125,000 in this program — 30 grant awards totaling $94,083 has leveraged more than $290,000 in new or expanded programming investment and has supported foot-traffic of more than 25,000 participating in programming and attending events in neighborhoods throughout the City. Read more.

Morris Street Apartment Building Poised to Further Park South Revitalization
October 18, 2018

An important element in Park South Urban Renewal Plan implementation, this $5.3 million investment will remove neighborhood blight through construction of a new five story building with 28 market-rate apartment units. Creating two permanent and 40 construction jobs — during construction the project is estimated to generate a county-wide economic impact of more than $7.3 million and $1.3 million annually once completed. The investment in the property will boost its revenue produced to local taxing jurisdictions more than eight times. Read more.

New Mixed-Use Development to Bring Affordable Housing and New Amenities to Central Avenue Business District
October 18, 2018

A new $25.1 million investment will bring 74 affordable housing units, a primary care center and accessible services to 526 Central Avenue through partnership with Whitney Young Health and Equinox. The newly constructed 108,400 sq. ft. five story mixed-use development will strengthen the Central Avenue business district and support 47 permanent jobs and 65 construction jobs — during construction the project is estimated to generate a county-wide economic impact of more than $28 million and more than $5 million annually once completed. Over the next 30 years alone it will generate $5.5 million more in revenue to local taxing jurisdictions anticipated to have been collected without this new investment. Read more.

City of Albany Industrial Development Agency and Capital Resource Corporation Present 2017 Year In Review Report to Albany Common Council
August 23, 2018

On August 22, the City of Albany Industrial Development Agency (CAIDA) and Capital Resource Corporation (CACRC) presented its 2017 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.

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 11 projects assisted by the IDA from 2015-2017 were previously vacant, underutilized and/or tax-exempt. Assistance by the IDA catalyzed more than $168 million in estimated capital investments from 2015-2017.
Projects closed, between 2015 – 2017 alone are poised to generate more than $25 million to taxing jurisdictions over the term of their PILOTs — an increase of nearly five times the revenue anticipated to have been collected without these new investments.
Furthermore, from 2015-2017, the IDA assisted projects that are expected to generate an estimated 651 construction jobs, 498 permanent or retained jobs and related indirect and induced investments.
The CRC, from 2015-2017, assisted 6 civic facility projects that resulted in new or continued investments in the City of Albany of over $187 million. During that same time period, CACRC assisted projects are expected to generate an estimated 9,333 permanent or retained jobs.
Since 2015 the City of Albany IDA has assisted the development of more than 137 affordable housing units
In 2017 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 IDA compared favorably among its New York State counterparts across all indicators in the most recent New York State Comptroller’s report.

View the announcement’s press release

New Central Avenue Mixed-Use Development To Restore Historic Property And Bring 36 Apartments Online
July 19, 2018

A new $4.6 million investment is projected to create 55 jobs (52 constructions and 3 permanent), revitalize a historic building at the corner of Central Avenue and Lark Street that has been vacant for a decade, and bring new mixed-use development that will strengthen the Central Avenue business district and surrounding Lark Street commercial corridors.

A project made possible with support from the City of Albany Industrial Development Agency, the City of Albany IDA board approved an application to provide financial assistance to West Mall Office Center, LLC in the form of New York State sales and mortgage recording tax exemptions. The project also qualifies for the City of Albany’s 485a tax abatement program — with the program’s completion, the property will generate more than $160,000 more for local taxing jurisdictions annually. Read more.

City of Albany Industrial Development Agency Performs Favorably Among Statewide Counterparts In State Comptroller’s Annual IDA Performance Report
June 21, 2018

The City of Albany Industrial Development Agency found that the Agency performed favorably among its statewide counterparts in 2016 according to the most recent annual IDA performance report issued 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 $977 million, which is 51% greater than the average total investment created byDAs statewide (excluding NYC).
Regarding payments in lieu of taxes (PILOTs) for the year, the City of Albany IDA facilitated $4.27 million of payments from projects to local taxing jurisdictions.
On a per project level, the City of Albany IDA’s project exemptions are $70,216, which is $107,566 less per project compared to the statewide average. That is 60% lower than the average exemption per project on a statewide level (excluding NYC).
The City of Albany IDA’s net tax exemptions were 86% lower per job gained than the average for IDAs statewide, 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 5,139 — nearly three times the average for IDAs statewide.
The City of Albany IDA also ranked favorably when measuring efficiency. In both expenses per job gained ($150) and expenses per project ($8,662) the IDA performed more efficiently, with lower expenses than the statewide averages by nearly $2,837 per job and $38,154 per project respectively.

9W Project to Bring New Development, Streetscape and Transportation Improvements
May 17, 2018

A new $10 million investment at 351 Southern Boulevard will create 60 jobs (30 construction and 30 permanent) and provide new neighborhood amenities. Portions of this project will have direct public infrastructure benefits. A new traffic light with a left hand turn signal will be installed to create a safer intersection for traffic and pedestrians. Sidewalks will be constructed along route 9W and Mount Hope Drive along the project’s perimeter. Two CDTA bus stops will be installed, enhancing bus transit access. Read more.

Underutilized Space at 420 Broadway to Take Shape as Seven New Apartments Above Albany’s Long-Standing Coulson’s
April 19, 2018

In recent years, new investment has strengthened downtown Albany’s Broadway, today a walkable retail destination in the downtown core. The fabric of the downtown neighborhood continues to evolve as new retail and downtown living opportunities come online. Retaining Coulson’s News and Deli on its first floor, the renovation of 420 Broadway will transform the building’s currently underutilized upper floors into seven one-bedroom market-rate apartments.

A project made possible with support from the City of Albany Industrial Development Agency, on Thursday the board approved an application to provide financial assistance to 420 Broadway Albany, LLC, in the form of New York State sales and mortgage recording tax exemptions. The project also qualifies for the City of Albany’s 485a tax abatement program — with the program’s completion, the property will generate more than four times the revenue to local taxing jurisdictions. Read more here.

363 Ontario Street Project to Reinvest in Pine Hills Neighborhood
$16.2 Million Investment to Include Apartments, Retail, and an additional $3.6 Million to Taxing Jurisdictions
March 1, 2018

A redevelopment plan for Albany’s Playdium Bowling Center will reinvest $16.2 million into the 1.8 acre parcel located at 363 Ontario Street in Albany’s Pine Hills Neighborhood. The completed project will immediately double payments to local taxing jurisdictions, and is projected to generate $4.76 million in payments in lieu of taxes over the life of the PILOT. Based on the current assessment, the property would only have generated $1.13 million in taxes. The project will provide new neighborhood amenities, support eight permanent jobs and create an estimated 85 construction jobs. Construction could begin as early as this spring. Read more here.

Plan for First Downtown Residential New Construction Project Progresses
January 19, 2018

A new construction project at 760 Broadway will transform the vacant property, bring new revenue to Albany’s taxing jurisdictions and create a total of 88 new apartment units. Due to the discovery of site constraints during the project’s initial site work, design changes were needed and the project’s progress was delayed. The project is now expected to be completed in the fall of 2019. Read more.

Extensive Rehabilitation Project to Infuse Albany Neighborhoods with New Energy
$47.8 Million Investment to Develop More Than 200 Mixed-Income and Affordable Housing Units Will Revitalize 70 Historic Row Houses and Two Vacant Parcels Along Clinton Avenue
December 21, 2017

Home Leasing has committed to rehabilitating 210 units of housing in the Arbor Hill neighborhood and along Clinton Avenue and Ten Broeck Triangle. Local momentum caught the Rochester based developer’s attention, nearly 100 new affordable homes recently came online in Sheridan Hollow—implementation of a comprehensive neighborhood revitalization strategy redeveloped the Sheridan Hollow neighborhood into a mixed-use, mixed-income sustainable neighborhood of choice. New investment in downtown is building momentum and catalyzing further growth in surrounding neighborhoods.

“This is just the beginning, we’re building that connection. New investment is making its way into the neighborhoods surrounding downtown and infusing them with energy,” said Capitalize Albany Corporation president and City of Albany Industrial Development Agency CEO Sarah Reginelli. “To ensure these communities maintain their affordability, affordable housing projects will continue to be a priority for the City of Albany IDA. This rehabilitation will add to the 500 affordable housing units already assisted in the past three years alone.”

A project made possible with support from the City of Albany Industrial Development Agency, on Thursday the Board approved an application to provide financial assistance to Home Leasing in the form of real property tax abatements. Over the next 30 years, the properties are estimated to generate $2.56 million to the local taxing jurisdictions—for the past 11 years local taxing jurisdictions have received no property taxes. Click here for more information.

Refinancing Of Civic Facility Revenue Bonds Supports Albany Medical Center
October 19, 2017

With a current lower interest rate available, Albany Medical Center identified significant savings through the refinancing of its active civic facility revenue bonds that can serve the institution. The refinancing will save Albany Medical Center approximately $2.1 million over 30 years.

Since 2010, the City of Albany Capital Resource Corporation (CRC) has served as a resource for Albany’s not-for-profits, which include anchor institutions like Albany Medical Center. 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.

“The refinancing is further strengthening one of Albany’s most supportive anchor institutions,” said City of Albany Capital Resource Corporation CEO Sarah Reginelli. “The Corporation is a critical resource for our area not-for-profits and they’re encouraged to continue inquiring regarding assistance.”

On Thursday, the CRC board approved an application for assistance in the form of the refinancing of Albany Medical Center’s previously issued 2006 and 2007 civic facility revenue bonds. The approved refinancing transaction involves the issuance of $41,515,000 total in bonds. The transaction brings approximately $100,000 worth of investment to the City of Albany as the CRC board may utilize administrative fees collected as funding for future strategic initiatives.

Over the past two years, the CRC has utilized funds for multiple strategic community revitalization initiatives. Read more.

City of Albany Industrial Development Agency And Capital Resource Corporation Present 2016 Year In Review Report To Albany Common Council
September 28, 2017

Click Here To View The Announcement Press Release

On September 27, the City of Albany Industrial Development Agency (CAIDA) and Capital Resource Corporation (CACRC) presented its 2016 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.

Click here to read the full report. 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 23 projects assisted by the IDA from 2014-2016 were previously vacant, underutilized and/or tax-exempt. Assistance by the IDA catalyzed more than $292 million in estimated capital investments from 2014-2016.
Projects closed, between 2014-2016 alone, are poised to generate more than $25 million to taxing jurisdictions over the term of their PILOTs.
Furthermore, from 2014-2016, the IDA assisted projects that are expected to generate an estimated 1,258 construction jobs, 1,074 permanent or retained jobs and related indirect and induced investments.
The CRC, from 2014-2016, assisted 6 civic facility projects that resulted in new or continued investments in the City of Albany of over $178 million. During that same time period, CACRC assisted projects are expected to generate an estimated 500 construction jobs and 739 permanent or retained jobs.
Since 2014 the City of Albany IDA has assisted the development of more than 470 affordable housing units
In 2016 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 IDA compared favorably among its New York State counterparts across all indicators in the most recent New York State Comptroller’s report.

Condemned Dana Ave Properties’ Renewal To Buoy Further Park South Revitalization Confirming Promise Of Neighborhood Plan
September 21, 2017

Click Here To View The Announcement Press Release

A 30-unit, 40,000 sq. ft. apartment building will rise between New Scotland Avenue and Knox Street. This new construction project marks a significant Park South Urban Renewal Plan implementation milestone as redevelopment will spread beyond blocks east of where Albany Medical Center and Tri-City Rentals collaborated on 268 new market-rate apartments on Morris Street and Dana Avenue.

A project made possible with support from the City of Albany Industrial Development Agency, on September 21 its board approved an application to provide financial assistance to RECKDE, LLC, in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. This $5.1 million project is estimated to create 35 construction jobs and completion is planned for mid-2018. Next year local taxing jurisdictions will receive more than double the taxes currently received. Over the next 20 years, the properties are estimated to generate $1,358,542 to the local taxing jurisdictions—an increase of more than $1 million or more than five times the revenue anticipated to have been collected without this new investment. Once its PILOT agreement concludes the project is projected to produce $196,923 in real property taxes annually.

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.”

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

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.

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.

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.

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.

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

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.