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Proposed State Convention Center a Step Closer to Providing Economic and Employment Benefits to the Capital Region with Signi

August 27, 2010

Media Contact:
Duncan Stewart, Executive Director
Albany Convention Center Authority
The R.B. Wing Building
386 Broadway, Albany, NY 12207
Office: 518.275.4920 Fax: 518.275.4921
Email: dstewartaccany.com
www.accany.com

FOR IMMEDIATE RELEASE
August 27, 2010

ALBANY, N.Y. — The Albany Convention Center Authority (ACCA) announced today the purchase of three acres of additional land, bringing to 75 percent the total land needed now under its control for the proposed $220 million New York State Convention Center.

“With the commitment and continuing support of Governor David Paterson, we move closer yet to beginning a project that will provide over 300 well-paying construction jobs over a two year period, and offers a momentous opportunity for economic growth in this region at a time when we need it the most,” said ACCA Board Chairman Gavin Donohue.

When completed the Convention Center will bring more than $60 million in annual revenue to the Capital Region, and provide $3 million in fiscal benefits New York State, Albany County, and the City of Albany.

“The Convention Center remains an economic development priority for Albany County and for the entire region. This land acquisition is another milestone in making a first class convention center a reality. I commend the Authority for continuing to make progress on this critical project,” said Albany County Executive Mike Breslin.

The ACCA purchased the land and buildings for $5.9 million from City Square Associates, LLC/The Mercer Companies, a commercial and residential property management firm. “With this purchase, the convention center is one step closer to realizing the goal of a world-class facility coming to downtown Albany. I am confident that the progress made this year, coupled with the continued support from New York State, will signal the breaking of ground in the not-too-distant future,” said Mayor Gerald D. Jennings.

In addition to providing space for convention center needs, portions of the land which faces Broadway, one of Albany’s historic thoroughfares, paves the way for the construction of a privately operated full service hotel, as well as the development of an intermodal/parking facility. The transportation hub, as being discussed by the ACCA and Capital District Transportation Authority (CDTA), will serve both local and interstate buses and accommodate current and projected parking needs with a 1,200 car parking structure.

“Critical to the ongoing effort to provide much needed convention center space for the Capital Region, this purchase also allows this authority to resume the cataloging of history as archeology begins again within the footprint of the center,” said Assemblyman John McEneny, D-Albany.

With the remainder of the current $10 million New York State grant, the ACCA will continue to acquire and control land needed for the convention center project and resume archeology with in the study area. As more of the original $75 million grant becomes available, land acquisition and design can be finalized while waiting for a start date to be announced by New York State.

“We are very pleased to be able to play a part in the Albany Convention Center project. It’s been our position for several years that we believe this project, when done right, will be a benefit to the City of Albany and the entire Capital Region. It is especially important in tough economic times that public and private sector entities come together to create projects that will boost the economic climate and be for the betterment of their communities. We look forward to seeing this Convention Center project take shape and become all that it has the potential to become,” William Bantz, Principal, City Square Associates and The Mercer Companies.

ABOUT THE ACCA:
The Albany Convention Center Authority was organized in 2006 as a public benefit corporation under the New York State Public Authorities Act. The authority was created to meet an immediate need to institute a comprehensive, coordinated program of convention activities in the City of Albany. The ACCA and its nine member executive board are to provide the City of Albany with the ability to develop, renovate and undertake economic development projects in the historic downtown area to optimize the economic and social activities of the city and its environs.