June 23, 2010

Capitalize Albany Corporation and Albany Parking Authority Team Up to Offer New Incentives

Albany, NY – Mayor Jennings today announced that the Capitalize Albany Corporation and the Albany Parking Authority (APA) are teaming up to offer business and real estate development tools designed to spur investment and job creation in the City of Albany.

The programs are intended to target high impact, large-scale transformational projects in Albany. As part of these initiatives, the Capitalize Albany Corporation unveiled a $2 million loan program aimed at projects in the City of Albany that will have a direct impact on attracting investment, creating jobs and redeveloping underutilized properties.

The Capitalize Albany Real Estate Loan Program will offer below market, fixed rate loans up to 40 percent of a total project cost.  The loans may be used for construction, fixed asset financing, as well as rehab costs related to tenant “fix ups” for new business locations or residential conversion projects. The program is aimed at projects that invest in underutilized or vacant properties and create economic opportunities in the City of Albany.

Doing its part to provide developers and employers with tools for growth, the Albany Parking Authority unveiled two new programs to encourage development in the City of Albany.  For organizations looking to move or expand into the City of Albany, APA will be offering incentives for developers or businesses who sign longer-term agreements – from one to ten years – to receive discounts of 50% on the price of parking in APA garages, resulting in a cost of only $70 per month.

In addition, APA introduced its “2 Bucks, 2 Blocks, 2 Easy” program which will provide nighttime parking for a flat fee of $2 in APA’s well lit, clean and safe Columbia Street garage – just 2 blocks from the Pearl Street entertainment district.  This low rate also applies at the Green Hudson and Quackenbush garages, and is in place 7 days per week, except during special events.

“The City of Albany is a premier place to do business, invest and access job opportunities” said Albany Mayor Gerald D. Jennings.  “We need to make sure that we continue to support economic development, even during these challenging fiscal times. As State programs dwindle, it is even more important for us to have the tools in place at the local level to keep our Capital City’s economic engine running strong.”

The Capitalize Albany Real Estate Loan Program will add to the number of economic development programs that the Capitalize Albany Corporation administers. The Real Estate Loan Program will be in addition to the revolving business loan fund that is already available. This new loan fund represents the largest financial commitment to date for the independent, financially self sufficient non-profit corporation.

“The Capitalize Albany Real Estate Loan Program is designed to offer access to help transformational projects happen in the City of Albany” said Michael J. Yevoli, President of the Capitalize Albany Corporation.  “Our community has limitless opportunities and tremendous building stock, I look forward to the results of today’s announcement. I thank Mayor Jennings for his vision and unwavering commitment to economic development in the City of Albany.  The Mayor challenged us to do something dramatic and this program is expected to be an essential development tool at a critical time.”

The Capitalize Albany Corporation will begin reviewing applications for projects immediately.  For more information on this program or to find the online application and others please visit:

“The Albany Parking Authority is committed to working with the business community in the City and understands parking needs play a major role in making decisions about where to invest,” said Michael T. Klein, Executive Director of the Albany Parking Authority.  “We took action and are offering unprecedented new incentives to make it even more attractive for people to visit and for businesses to locate within the City of Albany.”

“The relationship between parking and cities has always been very important, “ said Shawn Conrad, CAE, Executive Director, International Parking Institute, the  largest trade association representing the parking industry. “This new parking incentive program that has been developed as a collaborative effort between the city of Albany and the Albany Parking Authority is a wonderful example of how innovative approaches to parking can help generate new income, stimulate the economy and use existing land wisely and in keeping with a model for sustainable, economically-sound solutions.  I have no doubt that cities across America will be looking to this example set by Albany.”

This announcement comes on the heels of other recent financial incentives that have been initiated in Albany.  In May, Mayor Jennings announced the 485-a program, a tax abatement program which applies to structures in the City that are converted from commercial to mixed use. The assessment of the existing building (pre-development) is held in place for the first eight years following conversion, and beginning in year nine, 25 percent of the increase phases in each year until full assessment in the 13th year.

In March, the City also announced the formation of the Capital Resource Corporation (CRC) which will help to offer conduit financing for not-for-profit organizations.  These new programs, along with various other initiatives and incentives, are a testament to the fact that Albany is, and has always been, a business friendly environment.


About Capitalize Albany
The Capitalize Albany Corporation is a registered 501(c) (3) not-for-profit organization which implements programs and resources that create, retain, and attract businesses 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 2010 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.

About Albany Parking Authority
The Albany Parking Authority was established in 1983 as a public benefit corporation under the New York State Parking Authority Law.  The APA manages three parking garages in downtown Albany, nine surface parking lots and more than 2,000 parking meters throughout the City.  For more information about parking availability or to purchase parking in the City of Albany, please visit