Albany County committee backs local law and two resolutions to structure payments, reserves for convention center expansion

The Albany County Audit & Finance Committee on June 26 voted to report out a local law and two companion resolutions that lay out how the county will receive and distribute portions of hotel occupancy tax revenues tied to the Albany Convention Center Authority's planned expansion.

Majority counsel, who presented the package to the committee, said the measures "provide kind of the structural sort of architecture" for an agreement between Albany County and the Convention Center Authority and described how the county would act as a backstop for monthly debt reserve payments while not serving as the bond issuer.

The package consists of (1) Local Law D for 2025 establishing the legal framework for the arrangement, (2) a reserve fund replenishment agreement (resolution number cited in the agenda), and (3) an administrative services funding agreement that defines fee mechanics and allocations. The committee voted to report the local law and approved the two resolutions; the meeting record shows…