Albany Convention Center Authority Acquires Third Key Property in Six Months

May 14, 2010

ALBANY, N.Y.(February 24, 2010)  — The Board of Directors of the Albany Convention Center Authority (ACCA) today approved the purchase of a .3 acre parcel of land for the proposed New York State convention center in downtown Albany.  This purchase, the third in six months, brings the Convention Center Authority one step closer to assembling the land necessary to begin construction on this transformational project.

The parcel is being purchased from the Capitalize Albany Corporation; formerly known as the Albany Local Development Corporation. The site is currently a surface level parking lot which provides parking for approximately 45 cars off Broadway and along Hudson Avenue

“On behalf of the Capitalize Albany Corporation, we are pleased to be able to reach an agreement that will support the mission of the Albany Convention Center as well as continue to assist business development in downtown Albany,” said Kevin O’Connor Chair of the Board of Directors of the Capitalize Albany Corporation.  “The Albany Convention Center will be an important economic engine for the City and Region when completed and we look forward to its positive economic contributions to the area.”

The .3 acre parcel–being purchased for $555,000–is strategically located within the planned development site for the proposed 266,000-square-foot convention center which is expected to encompass approximately six acres. The center is expected to produce an annual fiscal benefit to the City, County, and State of $3.4 M in combined tax revenue and the associated annual economic impact from the completed convention center is estimated to be $80 M.  The agreed upon sales price was valued based upon a long term lease agreement that generates income and business activity as well as the pivotal location in the convention center plans.

“The decision to sell this asset made fiscal and economic development sense to the Corporation,” said Erik J. Smith, Vice President of Finance for the Capitalize Albany Corporation. “In addition to being a good civic partner for the Convention Center, we look forward to the business development activity that this will generate for Albany.”

This most recent investment is being made by the State of New York, at the direction of Governor David A. Paterson. In the fall of 2008, Gov. Paterson approved an allocation of $10 million through the Empire State Development Corp to fund the advancement of land acquisition, pre-construction planning, environmental investigation, archeology and historic conservation for the convention center project.

ABOUT THE ACCA
The nine-member Albany Convention Center Authority was organized in 2006 as a public benefit corporation under the New York State Public Authorities Act. The authority was created to meet an immediate need to institute a comprehensive, coordinated program of convention activities in the City of Albany. The ACCA is to provide the City of Albany with the ability to develop, renovate and undertake economic development projects in the historic downtown area to optimize the economic and social activities of city and its environs.

ABOUT THE CAPITALIZE ALBANY CORPORATION
The Capitalize Albany Corporation is a registered 501(c) (3) not-for-profit organization which implements programs and resources that create, retain, and attract business in the City of Albany.  The Capitalize Albany Corporation achieves this through its facilitation of transformational development projects identified as priorities by the corporation’s planning efforts, such as the corporation’s “Capitalize Albany” economic development strategy.

Founded in 1979, as the Albany Local Development Corporation, the organization changed its name in 2009 to better reflect its role as an economic development engine in the capital city.  The Capitalize Albany Corporation is governed by a Board of Directors with the power to control and manage the affairs and assets of the corporation. The Capitalize Albany Corporation operates as a self-sufficient entity with funding for its activities derived from several sources including loan repayments and recapitalization, real estate and project development revenues, fees for services, grant proceeds, and membership dues.

MEDIA CONTACT:
Duncan Stewart, Executive Director                  518.275.4920
Albany Convention Center Authority                 518.275.4921 fax
386 Broadway, Albany, New York 12207          dstewart@accany.com or www.accany.com