Albany County Republican & Conservative Conference Agenda 

ALBANY, NY – Albany County taxpayers will be directly on the hook for $50 million to cover the costs of the Pine Hills Land Authority and former College of St. Rose properties if a recently introduced bill (attached) passes the Legislature in March.

 

The County purchased the entire St. Rose campus for $35 million, and an additional $5 million was required by the bank for debt service reserve. The County Legislature’s Audit and Finance Committee approved $6 million Thursday from its fund balance to cover operating expenses for the campus. The $6 million is part of the County’s three-year plan to eventually spend $9.8 million for maintaining the campus, bringing the total to an estimated $50 million. County officials said they could not guarantee the County could recoup all of its investment from the authority.

 

Legislator Mark Grimm (R-Guilderland), the Finance committee’s ranking member, called the total commitment a “risky investment,” especially since no other bidder was willing to make a bid on the entire campus. “It also seems only fair that the City of Albany pitch in and help with the financing of the project given the property is completely within the city,” Grimm added. “The City assumes no financial risk while County taxpayers shoulder all of it.”

 

Legislator Paul Burgdorf (R-Latham), the Legislature’s Deputy Minority Leader, said “$50 million for a $35 million dollar purchase just doesn’t add up, even by government standards. Due to the way any shortfalls will be covered, taxpayers who pay the most in Albany County will cover a disproportionate share to benefit the City of Albany. This burden was unfairly structured to impact suburban and rural towns and the river cities. We all want to see more private investment and opportunity in the City of Albany. However, taxpayers from Colonie, Guilderland and every other part of the County should not be put at disproportionate risk to see that happen. We strongly urge our colleagues to insure and develop bond documents and reimbursement language which will limit the exposure to County taxpayers outside the City of Albany.”

 

View debate from last night's Finance Committee meeting.