Albany city commissioners OK funds for downtown development (Marietta: best towns, 2015)

[Airforceguy]

I hope this plan works out for Albany. It needs all the help it can get....

Subadan introduced a plan to the Albany City Commission Tuesday that will allow her, with commission oversight, to use as much as a quarter of the funding in the city’s Deal-Closing Fund to stimulate growth in the city’s central business district.

#The fund, which is one-third of the credits collected by the Municipal Electric Authority of Georgia as a hedge against deregulation that never came, have been returned to the city’s Utility Board over the last decade. It has a current balance of slightly more than $18.7 million.

#“The city has been in a staring contest over downtown redevelopment for years,” Subadan told the commission. “It’s time one of us blinks.”

#Subadan assured commissioners that safeguards have been drawn into her plan to ensure the fund is available for its primary use, creating jobs in the community. Among the safeguards she outlined:

#— Total disbursement (for downtown development) will not exceed 25 percent of the fund;

#— The outstanding balance for development will never exceed $5 million;

#— Every project funded must have a job-creation element tied to it;

#— Oversight of the funding will be through the city manager’s office;

#— If there is an immediate need for funds loaned for redevelopment, it shall be repaid in full with accrued interest from the city’s reserves;

#— Funds used are a loan and will be repaid from new taxes in the downtown Tax Allocation District at a rate of 1 percent above the interest rate being collected on the Deal-Closing Fund.

#Asked by Ward IV Commissioner Roger Marietta to hold off on a vote to give the Albany-Dougherty Economic Development Commission and the Downtown Management Authority an opportunity to look over the plan, Subadan and Ward V Commissioner Bob Langstaff pointed out that time has become a factor.

Albany city commissioners OK funds for downtown development | Albany Herald

[columbusgametro]

This is great news Albany would be a great city if they could use there civic center more wisely and attract more entertainers too it. And also bring and attract more eat in and dine restraunts too downtown. I think a lot of downtown albany's buildings are boarded up unboard them and bring business into downtown this would be the first step of bringing life back to downtown albany.

[Southern man]

I lived in Albany for a year back in 1963-64. I always look back on it as one of the best towns I have ever lived in. It must have had really poor leadership over the years since then.