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    Albany County will save approximately $1 million per year in rent by purchasing the Albany County Family Court building from Columbia Lodge, LLC for $22.8 million, which is less than an earlier appraisal. The purchase will save the county $10 million over ten years by ending rental payments. The New York State Office of Court Administration will reimburse Albany County 33% of interest costs associated with the purchase. The county legislature and expected closing date is July 1, 2012.

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    Albany County will save approximately $1 million per year in rent by purchasing the Albany County Family Court building from Columbia Lodge, LLC for $22.8 million, which is less than an earlier appraisal. The purchase will save the county $10 million over ten years by ending rental payments. The New York State Office of Court Administration will reimburse Albany County 33% of interest costs associated with the purchase. The county legislature and expected closing date is July 1, 2012.

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    14 views1 page

    Family Court Press Release2

    Uploaded by

    maryrozak
    Albany County will save approximately $1 million per year in rent by purchasing the Albany County Family Court building from Columbia Lodge, LLC for $22.8 million, which is less than an earlier appraisal. The purchase will save the county $10 million over ten years by ending rental payments. The New York State Office of Court Administration will reimburse Albany County 33% of interest costs associated with the purchase. The county legislature and expected closing date is July 1, 2012.

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    FOR IMMEDIATE RELEASE Wednesday, April 18, 2012

    Albany County to Save Millions in Rent


    Albany County will be buying the Albany County Family Court building and saving roughly one million dollars a year in rent. The agreement between Albany County and Columbia Lodge, LLC is for $22,800,000 and is less than the appraisal which was completed earlier this year. The sale of this property was anticipated in the 2012 budget, and will save Albany County approximately $1.06 million a year and $10 million over ten years, said Albany County Executive Daniel McCoy. I am pleased that we were able to come to an agreement with Columbia Development regarding the sale of the Family Court Building. As a result the county will no longer be pouring millions of dollars into a building we do not own. The New York State Office of Court Administration will reimburse Albany County 33% of the interest costs associated with buying the building. "During these difficult economic times, we in County government must look at every possible angle in order to prevent any undue burden to the taxpayers. We will continue to seek opportunities like this wherever they may exist throughout the County and continue to work together to get results for the taxpayer, stated Shawn Morse, Chairman of the Albany County Legislature. The sale of the building is contingent on approval by the County Legislature and the expected closing date will be July 1, 2012. ###

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