Planning, Economic Development and Land Use Committee

ALBANY COMMON COUNCIL PLANNING, ECONOMIC DEVELOPMENT AND LAND USE COMMITTEE MINUTES Alfredo Balarin, Chair Meeting called by: Alfredo Balarin, Chair | Date: November 9, 2023 | Time: 5:36 PM Committee Members Present: Balarin, Chair ☒ Adams ☒ Zamer ☐ Hoey ☐ Clarke ☒ City Personnel Present: Shaniqua Jackson, Jake Eisland, Bryan Jimenez, Juliette Geraghty, Zvi Gomez (Albany High Intern) Speakers/Invitees: Sarah Reginelli (CEO of the IDA), Andrew Corcione (COO of the IDA) Minutes Agenda Item(s):  Capitalize Albany presentation of Industrial Development Agency and Capital Resource Corporation (IDA/CRC) 2022 Annual Report Questions and Discussion:  The Chair called the meeting to order and welcomed Sarah Reginelli and Andrew Corcione up to present.  Sarah Reginelli spoke on her and Andrew Corcione’s roles with the IDA and introduced the presentation.  Sarah Reginelli presented an overview of the IDA, including its mission/purpose, powers, funding sources, revenue, common misconceptions, and their project evaluation framework.  Council Member Balarin opened the floor for questions, there being none, the presentation continued.  Sarah Reginelli continued to present on why the IDA is necessary for development in the City of Albany.  Andrew Corcione spoke on how the IDA operates, included their review process and their project evaluation and assistance framework.  Council Member Adams asked for clarification on the Community Commitment chart, to which Andrew Corcione and Sarah Reginelli responded.  Andrew Corcione and Sarah Reginelli continued to present on project monitoring, the Board’s transparency efforts, and an internal audit of operations.  Sarah Reginelli spoke on how the IDA affects the taxing jurisdictions, including the payment distributions, impact to the City budget, and the investment created.  Council Member Balarin opened the floor for questions, there being none, the presentation continued.  Andrew Corcione presented a review of the IDA for 2022, including its operations, performance measurements, and project highlights. o Sarah Reginelli spoke on the opening celebration of the Hyatt Place Hotel taking place on November 14th.  Sarah Reginelli spoke on other activities of the IDA, including financial support for the Arbor Hill Community Center.   Sarah Reginelli further spoke on the purpose and activities of the Capital Resource Corporation (CRC), including small business grant programs such as Amplify Albany, Downtown Retail, Small Business Façade Improvement, and Neighborhood Retail.  Sarah Reginelli wrapped up the presentation and asked Council Members if there are any questions.  Council Member Adams asked about grants available for renovations to the interior of small businesses, to which Sarah Reginelli responded that the Downtown and Neighborhood Retail programs may work for interior improvements and that the Capitalize Albany staff are always on the lookout for new resources.  Council Member Adams asked if the reported number of jobs created for each project is specific to city residents or in general, to which Andrew Corcione responded that it is the total number of construction jobs but some projects may have incorporated community commitments to hire from the region or the City. o Sarah Reginelli expanded that they track the number of construction jobs created to institute a community commitments scoring system in order to set a threshold for required regional or City of Albany labor.  Council Members Adams asked about Capitalize Albany’s role in the Arbor Hill Community Center and South End Development to which Sarah Reginelli responded and spoke of Capitalize Albany putting together the application for the Downtown Revitalization Initiative.  Council Member Balarin thanked Sarah Reginelli for her service to the City and wished her well on her next career step. Public Comment: No public comment was made. Adjourn:  The Chair asked for a motion to adjourn at 6:40 PM, Council Member Adams moved to adjourn, seconded by Council Member Balarin, and the meeting was adjourned. Respectfully Submitted, Juliette Geraghty Junior Legislative Aide