Capital District Times

Albany Mayor Kathy Sheehan recently addressed the New York State Senate Finance and Assembly Ways and Means committees, emphasizing the importance of recurring funding for Albany's Capital City. She expressed gratitude to Governor Hochul for her commitment to this cause.

In her testimony, Mayor Sheehan urged lawmakers to make both Capital City Funding and the Empire State Plaza PILOT payment permanent. She also advocated for these payments to increase annually according to the allowable levy growth factor, known as the tax cap.

Mayor Sheehan highlighted that New York State owns property in Albany valued at approximately $7.3 billion, which surpasses the city's entire taxable property base. If half of this state-owned property were taxable, Albany could gain over $33 million in tax revenue—$16 million more than current obligations under State Public Lands Law.

She praised Governor Hochul's proposal to invest $400 million in Downtown Albany, describing it as a transformative opportunity. This would be New York State's largest investment in Albany's Downtown since creating the Empire State Plaza. Mayor Sheehan called on state legislators to include this proposal in their budget plans.

Additionally, she pointed out that most of Albany’s workforce comprises state employees who reside outside city limits. The post-COVID shift towards remote work has impacted local businesses since only about half of these workers are present daily in their offices downtown. To address this challenge, Mayor Sheehan proposed using the $400 million investment to reimagine Downtown Albany by converting empty office spaces into residential units and enhancing amenities.