Bond Issuance To Support Albany Medical Center Improvements and Expansion of Emergency Department

September 18, 2025

View Announcement Press Release 

Capital Resource Corporation Issuance to Support Reinvestment In local Strategic Initiatives

Financing made possible with the issuance of up to $425 million in both tax-exempt and taxable bonds will support Albany Medical Center (AMC) — as it advances plans to expand its adult emergency department.

The up to $425 million bond issuance made possible with support from the City of Albany Capital Resource Corporation (CRC) will progress the refinancing of existing debt, AMC’s 2014 bonds previously issued by the CRC, while also issuing new bonds to support upcoming strategic improvements. With this financing, Albany Medical  Center is now positioned to begin work on expanding its emergency department from just over 24,000 sq ft. to approximately 30,000 sq. ft. The $25 million expansion includes plans to increase the number of care rooms and treatment bays while also redesigning the  triage area to enhance patient care and safety.

Today, the City of Albany CRC board approved Albany Medical Center’s application for assistance in the form of the conduit issuance of taxable and tax-exempt bonds totaling up to $425 million. The transaction brings new investment to the City of Albany as the CRC board may utilize administrative fees collected as funding for future strategic economic development initiatives.

Since 2016 the CRC has utilized funds to support multiple strategic community revitalization initiatives including the City of Albany Small Business Façade Improvement Program; the Amplify Albany, Downtown Albany Retail and Neighborhood Retail grant programs administered by Capitalize Albany Corporation.

Since 2010, the CRC has served as a resource for Albany’s non-profits, and area institutions. In utilizing the local option, the City of Albany CRC, for the issuance of tax-exempt bonds — Capital Region institutions are investing back into the community.