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Albany commission approves $2 million bridge loan term sheet for downtown development
Summary
The city commission approved a $2 million bridge loan term sheet to support Look Again LLC's downtown redevelopment, after detailed questioning about payoffs, insurance and holding costs from commissioners. The decision was recorded by roll call; the mayor voted in favor.
The Albany City Commission voted to approve a $2 million bridge loan term sheet to support Look Again LLC's planned redevelopment of four parcels on Washington Street.
City staff and representatives of the developer presented the finalized term sheet and described the project's plans for retail and partnerships, including a planned restaurant and an Albany Technical College collaboration. Orlando Rambo of Look Again Development Group, who joined the meeting to answer lenders' and commissioners' questions, said the packet of obligations reflects accrued holding costs, payoff amounts and…
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