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"It must be remembered that there is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage, than the creation of a new system. For the initiator has the enmity of all who would profit by the preservation of the old institutions and merely lukewarm defenders in those who would gain by the new ones." Machiavelli
Albany's Revitalization Delivery SystemBy DIA, Section News
So have you made it through the Recapitalize Albany report yet? I recommend working your way through it. Miriam Axel Lute has a review over at her blog that makes some good points. She looks at these things a bit differently than I do so go read hers because I won't be saying the same things. This will be the first of several posts here about the report. There is a lot of good stuff in there for us to talk about. However, today I want to expand on one small piece of how our neighborhoods will be revitalized according to the report. On Page 26 of the report we get to Recommendation 2 of the Neighborhood Group.
Recommendation 2: Support existing efforts to create a Strategic Properties Acquisition Fund.You probably didn't know there were existing efforts to do this but we'll get to that later. Here is what it will do: Once constituted, the Strategic Properties Fund will use this pooled capital to strategically purchase vacant land and structures that can be assembled to create reuse developments with impact. Initial acquisition target areas include the South End, Arbor Hill, Park South and other areas as opportunities arise. Acquired properties will be sold to proven local developers for rehabilitation and resaleSo the main idea is to buy up blocks of buildings and lots in these neighborhoods and then sell them to "proven" local developers. So, who will be buying the buildings and deciding who the proven local developers? Capital Housing Development Fund Company (Cap City) is a citywide community housing development organization that would administer the fund. The group was chosen for their expertise, capacity and access to resources. Cap City is currently working to develop a joint venture between national non-profit lending institutions, local banks and the Charitable Leadership Foundation.Now you might be thinking? Who? Cap City? Expertise? I haven't heard of them. If they've got such a great track record I wonder who their Executive Director is? Hmmm. Looks like the successful candidate won't be starting until July. The Capital City Housing Development Fund Company, Inc (“CCH”), a city-wide Community Housing Development Organization in Albany, seeks an Executive Director to start in June 2007.Can you choose an organization for their expertise when they don't exist? Because there is no such company listed at 54 State Street which is where we're supposed to be sending our resumes. I wonder who is reviewing resumes for the Exec Director position. The position’s expected to be filled by July 1, 2007. Please forward resumes or direct questions to Brien O’Toole, using the contact information above or email:Hey, I recognize that name. That's Brien O'Toole. Didn't realize he'd left the Enterprise Community Company that worked for banks. Oh, I guess he hasn't. Interesting how he is the one deciding who will decide how our neighborhoods get bought up and handed over to "proven developers." You are supposed to send your resume for this job to Mr. O'Toole at Suite 201, 54 State Street. There is no such company listed at 54 State Street at Suite 201. That is where the Community Preservation Corporation has their offices. So why would O'Toole be working out of offices for the Community Preservation Corporation? Could it be because they funded the report that his Enterprise Organization did in 2004 that recommended that the city's neighborhood development be handled by The Capital City Housing Development Fund Company, Inc (it didn't exist back then either). This study was made possible by generous funding from the following: The Community Preservation Corporation, Charter One, Fleet Bank/BOA, HSBC, J.P. Morgan Chase, Key Bank, M&T Bank, Evergreen Bank, SEFCU, and J.P. Morgan Chase. We very much appreciate their commitment to Albany’s neighborhoodsNext time I see anyone from one of those banks in one of our neighborhoods I'll be sure to thank them (Is the Trolley ride an annual event?) So what does the Community Preservation Corporation do? CPC is a nationally recognized leader in helping developers finance and build affordable multi-family housing.You know what else they do, right? CPC Resources, Inc. (CPCR) is a for-profit subsidiary of The Community Preservation Corporation (CPC). It was created in 1992 to develop affordable housing in underserved communities throughout New York and New Jersey. CPCR intervenes directly to save vital community properties, and invests to catalyze development in up and coming neighborhoods. It often partners with local developers, non-profits and community groups on new or renovation projectsNow, back to that report's recommendations. The revived Capital City Housing Development Fund Company should be able to play an active role in acquiring and packaging properties for development in a relatively short time frame. Strategic properties would be acquired from the County or from private owners and assembled for redevelopment. Builder/developers would be contracted to rehabilitate existing units and build new units on vacant land and to market the units. Payment would be made for completion and sale, rewarding performance.So, the Recapitalize Albany group has decided after much thought that they should inact the previous recommendations of a group (Enterprise) that is funded by banks and construction companies. Those recommendations include buying up city blocks and handing them over to "proven" developers. They also recommend that the new entity should be staffed by "consultants" which just so happens to be their line of work. And now you can send your resume directly to those consultants at the office of the bankers who funded the study that recommended all this if you think you are qualified to be Executive Director for this project. Please note there are absolutely no residency requirements for this position and no prior knowledge of Albany. In the fancy Enterprise report for the banks that the Recapitalize Albany team just copy and pasted for their own recommendations, the term for all this is a "Revitalization Delivery System". Sounds pleasant. Update [2007-6-11 12:26:19 by DIA]: In an effort to try to make this easier to read I have changed it a bit. It's also interesting to note that 54 State Street is home to Turner Construction who are donors to the Enterprise Community Organization. I'm sure they will be considered a "proven" developer.
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Related Links+ has a review+ won't be starting until July. + the report that his Enterprise Organization + Also by DIA |
All trademarks and copyrights on this page are owned by their respective companies. Comments are owned by the Poster. The Rest © 2005 The Management