Con Center Update


By DIA, Section News
Posted on Fri May 09, 2008 at 05:26:54 AM EST

Looks like we find out in June. From the Business Review (no link)
The Albany Convention Center Authority expects to hear in early June the results of a state review of the proposed financing and cost estimates for a nearly $400 million downtown convention center.

The report from Empire State Development, which will include an analysis by the accounting firm PricewaterhouseCoopers, will be ready in early June, according to the authority's executive director, Duncan Stewart.

The state hired PricewaterhouseCoopers in late February at a cost of $50,000 to review the financial viability of building the center on Hudson Avenue near the Greyhound bus station.

The convention center authority has identified a roughly $200 million gap between the funds available for the project and the estimated cost to build the 244,000-square-foot facility, 400-bed hotel and 1,100-vehicle parking garage.
The convention center industry was tanking when gas was $2.50 a gallon. At $5.00 a gallon it is going to be that much more difficult for the industry. Airlines just added another $20 per ticket for fuel as well. If this project goes forward it will be a huge windfall for the local unions, politicians and developers. A coup. A huge moneygrab to line their pockets at the expense of the taxpayers. And then it will drag on the city and county finances until they eventually tear it down to build new housing and retail in that area because that is what the city will need in the future economy. Cities will be places that people live and work. By necessity.

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Con Center Update | 1 comment (1 topical, 0 hidden)
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by Jim Travers on Fri May 09, 2008 at 10:51:02 PM EST
http://www.bizjournals.com/albany/stories/2008/05/05/daily45.html?f=et49&ana=e_du

So, on the off-chance (?) that they report the project is financially feasible, one could only guess how much a concert ticket will five years from now, after its completion.

How much a beer will then cost is anybody's guess, but I doubt that many will be able to afford sharing a further portion of their income with the downtown restaurant and bar owners after attending an event held at the convention center.

Event tickets, dinner with the family before the show, refreshments and souveniers for the 2.9 kids, all will be very costly, undoubtably much more then it costs today. At least for those who are lucky enough to still have jobs.

Con Center Update | 1 comment (1 topical, 0 hidden)
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