May 5, 2025BoardMeeting
BoardAlbany County Capital Resource Corporation Public Hearing
The Albany County Capital Resource Corporation conducted a public hearing regarding a proposed project for the CIC Albany Center LLC. The project involves the reconstruction, renovation, and expansion of an existing facility at 120 and 126 State Street in Albany to serve as a convention facility. The request for financial assistance includes the issuance of tax-exempt or taxable revenue bonds estimated between $38 million and $40 million, as well as mortgage recording tax exemptions. The expansion is intended to increase available event space, improve competitiveness for conferences and trade shows, and stimulate local economic growth through increased visitor spending, hotel bookings, and tax generation.