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Board reviews land analysis; Ford parcel subdivided and middle lot sold
Summary
The IDA reported subdivision of the former Ford Motor Company parcel into three lots and sale of the middle parcel to Blue Building LLC/Albany Engineering; the narrative on the 147 Cannon Street revitalization was updated in the annual report and performance documents.
Members reviewed the IDA land analysis as of Dec. 31, 2024, which reflects recent property activity including subdivision and a sale of part of the former Ford Motor Company parcel.
"The major change between last year and this year is, we had subdivided the former Ford Motor Company parcel into 3 parcels, from 1 parcel to 3 parcels, and we sold off the middle piece to, Blue Building LLC Albany Engineering," a board member reported. The speaker added that the northern portion was sold after Dec. 31 and will be reflected in the next analysis.
Board members also noted that the annual report and performance goals were updated to reflect IDA financing tied to the 147 Cannon Street revitalization project, described in meeting documents as a redevelopment of a former junkyard.
