Mayor Jennings Receives Report from Re-Capitalize Albany Committee
05 Jun 2007
by: Johnathan Pierce - Pierce Communications (518) 427-1186
ALBANY, NY — Mayor Gerald D. Jennings today received a series of recommendations developed by the Re-Capitalize Albany Advisory Committee designed to develop an updated economic development strategy for the City of Albany.
The Re-Capitalize Albany effort is focused on three key areas to help better position the City as a destination for 21st century employers and employees: Development, Neighborhood Revitalization & Planning and Education.
“I am exceptionally thankful for the significant amount of work and deliberation that has gone into the development of this report and recommendations. The committee members have worked to develop a roadmap for future economic development in the City of Albany,” said Mayor Jennings. “I am looking forward to reviewing the concepts and recommendations in this inclusive report and to implementing action strategies.”
The Re-Capitalize Albany Advisory Committee – co-chaired by Dr. R. Mark Sullivan, President of The College of Saint Rose and Thomas Geisel, President of KeyBank–appointed three sub-committees to help lead the effort:
- Education Subcommittee – Chaired by Sullivan, focuses on identifying the role that the business community can play in improving education in the City of Albany.
- Development Subcommittee – Chaired by John Egan, Commissioner of the New York State Office of General Services, prioritizes development projects and resources, recommend solutions for the adaptive reuse of commercial building stock and develops strategies to further promote Albany as a destination for visitors, residents, investors and developers.
- Neighborhood Revitalization and Planning Subcommittee – Chaired by Robert Curley, Chairman of Citizens Bank of New York, identifies critical factors impacting neighborhoods, including homeownership, public-private partnerships, planning and development, public safety and other quality of life issues.
The Sub-Committees have discovered that while significant strides have been made in creating an environment for sustainable growth, many challenges remain. The Sub-Committees have focused on developing programmatic solutions to these challenges, which build upon the foundations of previous efforts. The result is a Re-Capitalize Albany initiative, which is designed to advance the City to a new level of economic and neighborhood redevelopment by crafting strategies to boost the “human face” of the city (see attachment for a list of all recommendations).
“I am proud of the work that has been accomplished in the development of these recommendations. Our committees have worked hard and now present to the Mayor a number of meaningful and creative ideas to help generate growth for the 21st Century and beyond,” Co-Chair Tom Geisel said.
“So much is already happening in our City. Albany is emerging as the hub of economic vitality in upstate New York. With these ideas, and the momentum already generated, our City will grow, and our residents will prosper,” stated Co-Chair Dr. Mark Sullivan.
Capitalize Albany has been the economic development strategy for the City of Albany. The program began in 1994, was revised in 2001, and was designed to create and develop an environment that attracts both public and private investment in large-scale transformational development projects, that will materially improve the economic well-being of the City of Albany. This approach has been instrumental in bringing more than 200 development projects totaling more than $2 billion in investment. The Albany Local Development Corporation (ALDC) is the primary entity responsible for assisting the City of Albany in the implementation of the
Re-Capitalize Albany strategies and recommendations.