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Albany Convention Center One Step Closer to Becoming a Reality

It's been tossed around for years, but now the state is finally taking steps to make a convention center in Albany a reality.

Governor Pataki announced today the state will invest 75 million dollars towards one of three sites.  Two are located at the bus station on Green Street in Albany.  The other, much closer to the capital, at the corner of State and Eagle. 

"In the budget I will be submitting tommorow, the state will be providing 75 million in capital toward the construction of the convention center." said Governor George Pataki earlier today.

The total cost will be 200 million dollars, but Mayor Jerry Jennings says the massive project will be worth the cost, creating new jobs and millions in revenue.  "It will include a world class hotel and convention center that will make Albany one of the premier destination centers in the nation." said Jennings.

The Convention Center authority plans on raising the money for the project by getting loans or bonds and the 85 million for the hotel complex will be bonded by authority with revenues from that hotel.  The county, through it's hotel occupancy tax, is willing to help out to allow the authority to bond the additional cost so that the entire 200 million will be in place.