City of Albany

Common Council
CALL FOR APPLICATIONS
City of Albany Industrial Development Agency (IDA) & Capital Resource Corporation
The Albany Common Council is seeking nominations of qualified residents of the City of Albany for the
following position:
Title of Position:
Member, City of Albany Industrial Deelopment Agency !IDA" # Capital $esource Corporation
!C$C"% one acancy
Term of Appointment:
&eres at the pleasure of the Common Council
Position ResponsibilitiesDuties:
Members of the IDA # C$C must be residents of the City of Albany and wheneer possible should
hae a general background or e'pertise in industry, business, economic deelopment, urban planning or
banking, and possess a commitment to the reitali(ation of the City) &uch members may include
representaties of local goernment, school boards or organi(ed labor) Members sere without
compensation for their serices but are entitled to the necessary e'penses incurred in the discharge of
their duties) The IDA*C$C meets on the third Thursday of the month at +, noon at the Department of
Deelopment and -lanning, ,+ .odge &treet)
IDAs are independent public benefit corporations created through &tate legislation) The powers and
duties of IDAs are set forth in Article +/0A of the 12& 3eneral Municipal .aw) The purpose of IDAs
is to promote, deelop, encourage and assist industrial, manufacturing, warehousing, commercial,
research and recreation facilities to adance 4ob opportunities, health, general prosperity and economic
welfare of the people of the &tate) The Capital $esource Corporation is a .ocal Deelopment
Corporation formed by the IDA under the 12& 1ot05or0-rofit Corporations .aw) The goerning
board of the Albany IDA also seres as the goerning board of the C$C) C$Cs are able to proide
financial assistance, consistent with the goals and ob4ecties of an IDA, for entities which are not
otherwise eligible for assistance from IDAs !i)e), ciic facilities")
To accomplish these purposes, IDAs and C$Cs offer financial incenties to attract, retain and e'pand
businesses within their 4urisdictions) 6usinesses wishing to obtain financial assistance apply to an IDA
or C$C) The assistance granted to these businesses generally includes the issuance of low interest
Industrial Deelopment $eenue 6onds and*or e'emptions from real property, mortgage recording and
sales and use ta'es) The bonds issued are not obligations of the municipality or the &tate) An IDA or
C$C receies application and administratie fees for proiding financial assistance to pro4ects) As part
of the transaction, the IDA or C$C generally would take title to the pro4ect real property) In doing so,
the IDA or C$C is not required to pay ta'es or assessments on any property acquired by it under its
4urisdiction or control or superision, or upon its actiities) 7sually, this benefit is, in effect, passed
through to the assisted business) The business typically would also agree to make payments in lieu of
ta'es !-I.8T&", which generally are significantly less than the real property ta'es which are abated) In
certain so0called 9straight lease: transactions, there will not be any financial assistance in the form of a
bond issuance, and the pass0through of ta' e'mptions may be the only benefit to the assisted business)
5inancing of an IDA or C$C sponsored pro4ect is generally in the form of a lease0purchase agreement
with a priate company) The IDA or C$C sells its bonds and uses the proceeds to acquire or construct
the pro4ect for the priate company) ;hen the pro4ect is completed, it is leased to the company for a
term equal to the term of the bonds issued) The annual payments from the company are set at an
amount sufficient to pay the annual principal and interest on the IDA or C$C bonds) &ince IDAs and
C$Cs are considered goernmental agencies, property acquired by them or under their control has ta'0
e'empt status) In many cases, the IDAs or C$Cs contract with other economic deelopment entities
for the performance and administration of IDA or C$C actiities or for marketing serices)
!tatutory Aut"ority:
IDAs: 12& 3eneral Municipal .aw, Article +/0A, Title I and &ection <=>0a of Title II
Code of the City of Albany, Chapter ?,, &ection ?,0,//
C$Cs: 12& 1ot05or0-rofit Corporation .aw, Article +?, &ection +?++
Application Re#uirement:
Applicants are requested to submit a letter of intent describing qualifications and include a current
resume to:
Cashawna -arker
&enior .egislatie Aide
Albany Common Council @ $oom ,=A
City Ball
Albany, 12 +,,=C
Tel: ?>?0D=/C
5a': ?>?0D=/+
e0mail: parkercEci)albany)ny)us
Applicants will be interiewed by a selected committee of the Common Council prior to appointment)
Deadline for Applications: Fuly C, ,=+? !Monday"
Policy Statement
The Common Council is committed to assuring that its appointments to city boards, authorities,
commissions or committees is representatie of the diersity of AlbanyGs population) Consistent with
the City of Albany Buman $ights .aw, it is the policy of the Common Council to prohibit
discrimination because of race, color, religion, se', national origin, se'ual orientation, gender, age,
disability, marital or domestic partner status in all aspects of its personnel policies, programs, practices
and operations)