ADICA downtown property purchase heads to Albany City Commission for approval

ALBANY — The Albany-Dougherty Inner City Authority provided the first step toward what board members hope will be true downtown development at its board meeting Wednesday, approving an intergovernmental agreement that sets the stage for the city of Albany to complete the purchase of property along Front Street and Pine Avenue.

The Albany City Commission, at a special called meeting Tuesday, is expected to sign off on the $219,000 agreement that, combined with $400,000 in ADICA funding available for the project, is designed to kick-start efforts to bring viable businesses downtown.

ADICA President/CEO Latoya Cutts said Thursday the intergovernmental agreement was needed on $219,000 of the $619,000 purchase price of property at 115-133 Front Street and 100-112 Pine Avenue because that amount would come from a $5 million revolving portion of the city’s Job-Enhancement Fund.

“The City Commission must approve separately any project that uses that funding source,” Cutts said.

ADICA Board Chairman Thelma Johnson said after Wednesday’s board meeting that the agreement, which comes after completion of a required environmental assessment, should pave the way for private participation in development of the downtown district.

“Once this is approved, we have to start looking for projects that can be true catalysts for downtown development,” Johnson said. “We’re not excluding anyone, but I don’t think the true mom-and-pop businesses are what will succeed, given the vetting we’ll do with each interested prospect.

“We’re looking for prospects with a strong business plan in place, businesses that will use the incentives the city can offer and their own capital to create a true public-private partnership. Those are the kinds of catalysts that create spin-off businesses, that provide a positive synergy that can lead to development of a new Albany.”

City Attorney Nathan Davis told the ADICA board the environmental study included tests that showed an underground storage tank was not present on the property. A map used by the engineering firm conducting the survey had indicated that such a storage tank might exist.

“With your approval and the city’s subsequent approval, we can move forward with a planned closing on the property on Oct. 26,” Davis said. “Risk Management is prepared to have an insurance policy on the property in place by the 26th.”

Also at Wednesday’s meeting, Cutts discussed requests for proposal that had been sent out for possible development of the city-owned Albany Heights property; plans for a ceremony to re-open the Broad Avenue bridge, which the ADICA president said was expected “in the latter part of October or early November,” and a planned follow-up downtown survey that would be conducted by Albany State University students.