Listen Live on  
 

99.5 The River

Today's Variety for Albany
 
 

East Greenbush casino backers reach deal with the City of Albany

 
East Greenbush casino backers reach deal with the City of Albany
Posted August 27th, 2014 @ 6:10pm by 810 & 103.1 WGY
The city of Albany has reached a tentative deal with the group backing a Vegas-style casino in East Greenbush.  
 
This will involve an annual payment of $1 million to Capitalize Albany Corporation, the city's economic development office.  The deal would also include an up-front $1 million payment.   Mayor Kathy Sheehan says the deal is also about creating jobs for Albany residents.
 
The offer appears to exceed one made recently by Renssealer mayor Dan Dwyer but unlike that proposal, any payments to Capitalize Albany would come from Saratoga Harness Racing, Inc, not from East Greenbush's local share of gambling revenue.  Also, this offer is non-exclusive.
 
Everything is, however, contingent on the East Greenbush partnership being awarded a casino license. 
 
Here's the full press release from the City of Albany:

MAYOR SHEEHAN ANNOUNCES NON-EXCLUSIVE COMMITMENT FROM CAPITAL VIEW CASINO & RESORT TO SUPPORT JOB CREATION AND SPUR ECONOMIC DEVELOPMENT IN ALBANY

 

ALBANY, NY -- Mayor Kathy M. Sheehan today announced that her office has received a commitment from Capital View Casino & Resort on a ten-year revenue sharing agreement that will support the creation of private sector jobs and help spur economic development in the City of Albany. Mayor Sheehan has delivered the written proposal to the Albany City Council for their consideration. 

 

As part of the agreement, if awarded a gaming license from the state, Capital View Casino & Resort has agreed to provide $1 million annually for ten years to the Capitalize Albany Corporation, a registered 501 (c)(3) not-for-profit organization which implements programs and resources that create, retain and attract businesses in the City of Albany. The funding will come from the developer's revenue, not from host community fees, which will remain whole.

 

In addition, Capital View Casino & Resort has made a commitment to the City of Albany to aggressively market employment opportunities to some of the city's neediest communities, including offering preferential hiring and an employee shuttle from Albany to the casino.

 

"The purpose of Governor Cuomo's Upstate NY Gaming Economic Development Act is, as the Governor said, to bring jobs and boost local economies. The commitment we are announcing today will create private sector jobs and boost Albany's economy using the private dollars generated from a new casino in East Greenbush," said Mayor Sheehan. "We know that casino development is not an end in and of itself, but merely a catalyst to spur additional economic growth throughout the region. The commitment today from Capital View Casino & Resort will achieve those goals by offering jobs to our residents and opportunity to our city."

 

"The proposal that Capital View Casino & Resort is submitting to the state is by far the strongest for the Capital Region precisely because it will benefit more than just East Greenbush, but also all of Rensselaer County and the City of Albany as well," said East Greenbush Town Supervisor Keith Langley. "I'm also proud to point out that this deal, unlike others that have been struck in the Capital Region, does not take away any revenue from East Greenbush. This will allow us to maximize the benefit of hosting a casino and drive down taxes for our residents."

 

"For more than a decade, Saratoga Casino and Raceway has operated in close partnership with Saratoga Springs, in the same way that Churchill Downs has operated their facilities in partnership – not in competition – with the local economy. We know from experience that our community's success is critical to our success," said Rita Cox, SVP of Marketing and External Affairs at Saratoga Casino and Raceway. "This agreement with the City of Albany is going to put people to work, both at our new casino and right here in the city. That's a win-win for both communities."

 

"If the goal is to create jobs and invest in the economy, this is a model agreement between a private developer and municipality. Private dollars – and not taxpayer funds – are going directly to economic development, instead of the general fund. This is the best possible way to ensure Governor Cuomo's vision of upstate revitalization is realized," said Heather Briccetti, president and CEO of The Business Council of New York State.

 

"The best way to create jobs is for private development to reinvest revenue into their local communities, which spurs economic growth and builds a stronger community," said Mark Eagan, Albany-Colonie Regional Chamber President & CEO. "This agreement not only provides new jobs for residents, but also a large infusion of funds to grow the city's economy and create even more employment opportunity."

Recommended Stories

More from 99.5 The River

*