Report to ACCA Board 11-25-13: The Albany Capital Center

Presentation
Site Market Study Building Program Budget Finance Plan Schedule

Linking Downtown Albany..

1.3 Acre Parcel at Eagle and Howard Streets Connection to the ESP and the Times Union Center

Market Study:
No State Subsidy required $2 Million annual revenue in first full year of operation: 2017 $900,000 annual fiscal benefits from: sales, use, and personal income taxes flowing to the City, County and State 157 permanent jobs created 114 construction related jobs on average, for 22 months HUB linking ESP, The Egg and the Times Union Center Timed to enter an expanding market for meeting and ballroom functions.

Building Program:
82,000 SF facility on two levels 3 level 250 space parking garage

Building Program 1st Floor

Porte Cochere on Eagle Street 6,300 SF Pre-Function Space 25,000 SF Multi-Purpose Room Administrative & Storage Space Total 41,000 SF

TO EMPIRE STATE PLAZA

Building Program 2nd Floor

9,700 SF Pre-Function 9,000 SF Meeting Rooms 10,000 SF Junior Ballroom 3,500 SF Kitchen Administrative and Storage Space Total 41,000 SF

TO EMPIRE STATE PLAZA

Building Program Parking

3 Levels 250 Spaces Access via Howard Street Connection to Times Union Center Parking Garage

TO EMPIRE STATE PLAZA

Project Budget:
Architecture, Engineering Furnishings, Fixtures & Equipment and Contingency: Land Acquisition & Construction: Total:

$10.1 Million $56.4 Million $66.5 Million

Finance Plan: 2014 - 2016

Sources: Cash-on-Hand: Hotel Tax Receivable thru 12-31-16: ESD Grant Balance: Total all sources: Uses: ACCA Operations thru 12-31-16: ACCA Leases/Upkeep Design & Construction: Total all uses: Delta

$3.0 Million $3.1 Million $62.9 Million $69 Million

$1.5 Million $0.75 Million $66.5 Million $68.75 Million $300,000 +/-

Proposed Schedule:
Initiate Design/Programming December 2013 SEQR Complete: April 2014 Early Bid Packages April 2014 Site Plan Review: May 2014 Land Acquisition: May 2014 Construction Substantially Complete: July 2016