Albany commission authorizes staff to negotiate $2 million bridge-loan term sheet for downtown Look Again project

The Albany City Commission on March 10, 2026 authorized staff to negotiate a term sheet consistent with a $2,000,000 bridge loan to support the downtown "Look Again" redevelopment project, following hours of presentations, legal analysis and questioning about appraisals, related-party transactions and safeguards.

City Manager Terrell Jacobs told commissioners the bridge loan request is aimed at preventing foreclosure and allowing the developers to complete predevelopment work needed to pursue tax-credit financing and permanent lending. "We are here today in regards to specifically to discuss Look Again," Jacobs said, framing the urgency: the developers said they face imminent action by a seller-financier if short-term funding is not secured.

The commission’s legal adviser provided the central warning that shaped debate. Jamie Garner, the attorney working with the city, said the loan involves related-party transfers that require a defensible valuation to avoid a possible gratuities-clause violation of the Georgia Constitution. "We cannot allow an acquisition cost that exceeds what the reasonable value is," Garner said, citing…