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Legislature approves $9.8M operating appropriation and oversight for Pine Hills Land Authority campus purchase
Summary
Albany County approved a multi-year appropriation and budget amendment to provide seed operating funds and oversight for the county-owned campus acquired from bankruptcy; debate centered on cost, risk, security and plans for redevelopment of the former College of Saint Rose campus.
Albany County legislators voted to authorize appropriations and an agreement with the Albany County Pine Hills Land Authority to provide operating funds, cover debt service and establish accounting procedures for the recently acquired campus commonly identified as the former College of Saint Rose.
Commissioner Riley told the Audit and Finance Committee the approach is to appropriate several hundred thousand dollars now to seed an authority-managed revolving account; the authority will expend funds for operations and then submit expenses to the county for review and replenishment. Riley said staff chose appropriations rather than…
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