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Committee holds public hearing on convention center undertaking; replacement reserve and administrative-fee agreements outlined
Summary
Committee heard counsel on a local law declaring the convention center expansion a public purpose and discussed replacement-reserve and administrative-fee agreements intended to share future net gains with the county; no final vote on project contracts was taken.
The Albany County Audit and Finance Committee on May 29 held a public hearing on a proposed local law that would declare the county's undertaking of convention facility projects, in conjunction with the County Convention Center Authority, to be for a public purpose.
Chair's counsel, identified in committee discussion as Mr. Debose, told the committee the local law itself declares the project a public purpose; the detailed financing and operating agreements would be brought forward later as separate resolutions for the legislature's review. Counsel described two principal components that…
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