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Albany Museum of Art presenters outline $25.1M plan and bridge‑loan strategy
Summary
Museum representatives updated commissioners on an MOU and funding stack for a $25.1 million downtown relocation and expansion, reporting $10 million in historic tax credits already committed and a requested $8 million bridge loan to cover construction cash flow.
Representatives of the Albany Museum of Art (AMA) presented an update to the commission Sept. 2 on the museum's planned relocation downtown and the terms of a memorandum of understanding the commission previously approved.
Presenters reported a current project budget of $25,100,000 and described a funding stack that includes $10,000,000 in historic tax credits (reported as secured), the city's previously committed $4,000,000, $3,000,000 from…
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