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University Gardens

By   /   November 9, 2011  /   Comments

If Albany leaders can’t find a use for a failed development in East Albany… they may have to repay 500-thousand dollars to the federal government.

Brush and trees still stand on this land off Frank Postell Sr. Street that by now, was supposed to be home to low to moderate income housing.

That hasn’t happened… And now the bank is foreclosing on the property.

Other than acquiring the land… nothing’s been done with the 8.7 acres of land, near the sand dunes.

What happened to the $500,000, Liberty Partners Albany Land LLC, was awarded by the city to do the development?

10:23:32 (Latoya Cutts, Director of DCED) It was their idea to use those tax credits to help fund the development, they were not successful or their application for tax credits was not asuccessful application.

09:53:19 (Nathan Davis, City Attorney) They’re probably what is politely referred to as under-capitalized meaning they wouldn’t have the assets to pay.

There you have it in a nutshell…We awarded a half-million dollars to an underfunded group, who could only proceed, if the group successfully secured even more federal money to complete the development.

Now, a developer would have to overcome the two liens on the land, as well as have funding for a viable project. City leaders will meet in November to craft some sort of plan to send to HUD by their deadline November 21.

This is just not the way we should be doing business.

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