As I read the article on Thursday in The Albany Herald, ADICA has assumed the position that approval of the “TAD” (tax allocation district) by the electorate was a mandate to spend the money that was allocated for improvements in the TAD known as the Central Business District.
The money available should be the amount of tax collectible on the property value increase caused by the TAD project.
That is only if there is a value increase. Should the ADICA management guess wrong and if the value increase is not adequate to amortize the cost, then all of the tax digest becomes responsible for the debt. This is what concerns me.
The money’s spent are to be grants to encourage investors to spend on making “loft dwellings.”
Has any investigation been made into how strong the demand is for residential property in the second story of the buildings along West Broad Avenue?
If all of the funds to be spent were private money, I am sure the investors would think long and hard before spending their own resources.
One additional thought: If the rentals are to be used by rent-subsidy families, they do not need to be located in a business district.
A lot of data must be gathered before a sound decision can be made.