Would a casino deal translate into tax relief for residents?

Updated: Friday, August 29 2014, 06:46 PM EDT
ALBANY– If you live in the city of Albany dont expect a casino deal to translate into a tax relief program for residents. Mayor Kathy Sheehan says that is out of the question, at least for now.

The money from the developer of the proposed Capital View Casino and Resort in East Greenbush would instead go to the Capitalize Albany Corporation, a not-for-profit that works closely with the city to develop the area.

The Capitalize Albany Corporation is responsible for developing the old DeWitt Clinton Hotel into a Renaissance Marriott. The company has also ushered small businesses into Albany by easing access to state funding and awarded tax credits to help develop low-income areas.

But with promises of $10 million to be dispersed over the next ten years some residents are disappointed that money isnt going toward something else.

You know, new fire trucks, new police cars, Albany resident RJ Cleary said.

Id like to see it go toward some youth programs, Albany resident Dana Biondi said.

I think jobs is a very big thing nowadays for us to be able to tend to our families, Albany resident Krystle Hannah.

Some residents were hoping for some sort of tax abatement to ease that financial burden.

Taxes are high in this area, Biondi said.

$10 million would help the deficit and help with everything going on in the city, Cleary said.

But consider this: According to the most recent US Census the population of Albany is about 100,000. Records indicate the average home value in the city is $150,000. So to spread out $1 million a year you would end up giving each family roughly ten dollars a year for ten years.

Sheehan says if economic development continues to lag in Albany that number could be lower.

Because we continue to see an erosion in our tax base, Sheehan said.

Sheehan says even the $1 million-a-year shot in the arm will not equal much relief for the city when Albany is grappling with a $171 million budget.

I liken taking that million dollars and just putting it towards our operating budget a little bit like a bailing out water from a sinking ship, Sheehan said.

Sheehan says for residents to see the most benefit– and maybe even tax abatement down the road– empty retail spaces must be filled and blighted areas must be developed. She says its the Capitalize Albany Corporation that can help with all of that.

Where our residents are really going to see tax abatement is when we can grow our tax base, Sheehan said. You know the tax rate is based on all of the value of the taxable property in the city of Albany. If we can drive up the value and the amount of taxable property in the city we all win. Would a casino deal translate into tax relief for residents?