Economic Development
In the past 10 years, economic development efforts have brought more than $9 billion of investment to the City of Albany. The City's health care and educational institutions are investing and expanding in unprecedented ways. Downtown Albany has experienced a renaissance with $35 million in new residential units, the expansion and updating of premier entertainment destinations, and new world-class dining locations. Albany's diverse neighborhoods are being revitalized, from the Hudson River waterfront on the eastern border to Albany's globally-rare Pine Bush Preserve on the western border.
The City of Albany continues to be a prime destination to invest and create business. Albany is home to many fine commercial establishments and government partnerships, world-renowned hospitals, and educational and research institutions. These assets help create a strong economic climate which provides Albany with a competitive advantage in attracting new businesses.
Capitalize Albany Corporation
Capitalize Albany Corporation - one of Albany's catalyst for economic growth - facilitates transformational development projects, serving as the City of Albany's economic development arm. A registered 501 (c)(3) not-for-profit organization implementing programs and resources to create, retain, and attract business in the City of Albany.
Powered by investors composed of Albany's community and business leaders, Capitalize Albany Corporation (CAC) manages and coordinates all local economic development functions. CAC works alongside the Industrial Development Agency (IDA) and the Capital Resource Corporation (CRC) under a professional services agreement, which allows CAC to match projects with the right tools and resources.
Industrial Development Agency (IDA) / The Capital Resource Corporation (CRC)
The IDA and CRC assist in local development by acquiring, constructing, improving, maintaining, or equipping eligible projects. Any project undertaken by either entity must advance job opportunities, health, general prosperity, and the economic welfare of the people of the City of Albany. The assistance offered may include conduit bond financing, tax exemptions, and abatement. To obtain assistance, applicants must satisfy eligibility requirements and demonstrate a need for assistance.
Contact Information
Contact Capitalize Albany Corporation at 518-434-2532 or email Capitalize Albany Corporation.
Contact the Albany IDA/CRC at 518-434-2532 or email Albany IDA/CRC.
Public-Private Budgetary Cooperation
In April 2010, the City's Common Council created the Commission on Public-Private Budgetary Cooperation (Ordinance 42.31.10). The Commission's powers and duties consist of providing a report with findings and recommendations regarding exempt properties and public-private partnerships. Read the Public-Private Budgetary Cooperation Final Report (PDF).