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County faces million dollar tax revenue loss from new project

September 26, 2024 | Albany County, New York


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County faces million dollar tax revenue loss from new project
During a recent government meeting, significant discussions centered around the financial implications of a proposed project in the Town of Colony, which is projected to result in a loss of $1 million in tax revenue for both the county and the local school district. Concerns were raised about the project's readiness and its potential economic impact, particularly regarding General Environmental Impact Statement (GEIS) fees, which have yet to be estimated.

County officials clarified that the property in question has not generated tax revenue since it was acquired by the county in 1925, suggesting that the loss of revenue may not be as significant as initially presented. They emphasized that the project is seen as a good fit for the site, which is smaller and less commercially viable compared to other county properties being redeveloped for economic growth.

The meeting also addressed procedural concerns regarding the sale of the property, with some officials questioning whether a California Environmental Quality Act (CEQA) determination was necessary before proceeding. Despite these concerns, the majority of the council voted to move forward with the project, indicating a desire to collaborate with the Town of Colony to mitigate potential impacts on local services such as traffic and emergency response.

As discussions progressed, a motion to table the project for further review was not seconded, allowing the council to proceed with the vote. The meeting concluded with a decision to advance the project, reflecting a commitment to balancing development with community needs.

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Scribe from Workplace AI
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