Budget To Include $75m State Investment For New Albany Convention Center And Hotel Co
GOVERNOR: BUDGET TO INCLUDE $75M STATE INVESTMENT FOR NEW ALBANY CONVENTION CENTER AND HOTEL COMPLEX
Funding to Support Development of New $200M Convention Center and Hotel Complex in Downtown Albany
Governor George E. Pataki today announced that his 2006-07 Executive Budget, which will be unveiled tomorrow, will include $75 million in new funding for the development of the new $200 million Albany Convention Center and Hotel Complex project.
“The creation of a convention center in Albany that will provide a venue for major conventions and events and attract thousands of tourists every year is one of our key regional priorities for the State’s capital city,” Governor Pataki said. “Our commitment of $75 million for the development of the Albany Convention Center and Hotel Complex will help make this project a reality and create new jobs, attract new businesses, and further promote Albany and the entire Capital Region.”
“We’re proud to partner with Mayor Jennings and local officials on this very important project for the region,” the Governor added. Senate Majority Leader Joseph L. Bruno said, “I applaud Governor Pataki for putting the necessary funding for the Convention Center in the budget. The Convention Center will prove to be an economic strength that will greatly benefit not only Albany, but the entire Capital Region. We will work closely with local officials in moving this project forward.”
Assemblyman Jack McEneny said, “The Convention Center will provide the long missing element which will finally allow Albany to truly function as the great capital city it is.”
Albany Mayor Jerry Jennings said, “Once again, Governor Pataki has acted on his pledge to make Albany the premier state capital in the nation. This convention center project will create hundreds of new jobs and generate million of dollars in new economic development that will benefit the entire Capital Region. It will also secure Albany’s position as one of the premier destination cities in the northeast. The people of Albany are enormously grateful to the Governor not only for this project, but for a legacy of attention to our great and historic Capital City.”
Funding to support the development of the new $200 million Albany Convention Center and Hotel Complex includes the State’s commitment of $75 million that the Governor will include in his 2006-07 Executive Budget, and approximately $40 million that will be supported by revenue collected from the Albany County hotel occupancy tax for the Convention Center and $85 million in private sector investment.
The Complex will feature a $115 million convention center which will contain ballroom, meeting, exhibit, and support space within the almost 300,000 square foot facility. In addition, the new facility will also feature an $85 million 400 room hotel with parking capacity for 1,000 vehicles.
The Governor’s Executive Budget will authorize the Albany Convention Center Authority (ACCA) to issue bonds that will be secured by revenues from the Convention Center Hotel.
To ensure the bonds secure a positive rating while, State aid payments to the City would be available for credit enhancement beginning in 2011. These pilot payments will also make the project more affordable. In addition, the Executive Budget will extend the current Albany pilot payments for five years through 2010-11 at $22,850,000 to maintain critical and essential city services.
In his 2004 State of the State address, Governor Pataki made the creation of the Albany Convention Center a key regional priority, and worked with the Legislature to create the Albany Convention Center Authority (ACCA) later that year.
The Albany Convention Center Authority is the lead agency responsible for site selection and the overall planning for the new Convention Center in Downtown Albany. The nine members of the Convention Center Authority board are comprised of three appointments by the Governor, one by the Senate, one by the Assembly, two by the Mayor of Albany and two by the Albany County Executive.
