“New York is open for business.”<br />Governor Andrew M. Cuomo<br />NEW YORK STATE <br />CONVENTION CENTER ALBANY<br />The...
WHY BUILD A CONVENTION CENTER NOW?<br />NOW<br /><ul><li>Create 300 high paying construction jobs             and for the ...
Historically low construction costs and finance rates
No additional state funds until after the center opens
Once complete, the center will result in nearly 1,000 impacted long-term jobs
180 hospitality industry jobs to coincide with the                      opening of the center
To meet the demands of 19 million citizens of New York State</li></li></ul><li>VISUALIZE NEW YORK’S FUTURE <br />RENDERING...
FINANCING AT A GLANCE<br /><ul><li>ACCA holds the capital cost of developing the Convention Center to the projected value ...
The ACCA will issue $157 million in tax-exempt bonds combined with the $63 million balance of the Empire State Development...
The Albany Convention Center Authority (ACCA) commits its dedicated portion of the revenue from the Albany County Hotel/Mo...
NYS has committed an annual subsidy, currently estimated to be $9 million, beginning after the center opens equal to the a...
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Acca pp draft 10 17 11 final animated

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NY State Convention Center Albany - The Time is Now

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Acca pp draft 10 17 11 final animated

  1. 1. “New York is open for business.”<br />Governor Andrew M. Cuomo<br />NEW YORK STATE <br />CONVENTION CENTER ALBANY<br />The<br />now<br />is<br />time<br />2011/2012<br />
  2. 2. WHY BUILD A CONVENTION CENTER NOW?<br />NOW<br /><ul><li>Create 300 high paying construction jobs and for the next two years
  3. 3. Historically low construction costs and finance rates
  4. 4. No additional state funds until after the center opens
  5. 5. Once complete, the center will result in nearly 1,000 impacted long-term jobs
  6. 6. 180 hospitality industry jobs to coincide with the opening of the center
  7. 7. To meet the demands of 19 million citizens of New York State</li></li></ul><li>VISUALIZE NEW YORK’S FUTURE <br />RENDERING<br />RENDERING<br />
  8. 8. FINANCING AT A GLANCE<br /><ul><li>ACCA holds the capital cost of developing the Convention Center to the projected value of $220 million or less
  9. 9. The ACCA will issue $157 million in tax-exempt bonds combined with the $63 million balance of the Empire State Development (ESD) Grant
  10. 10. The Albany Convention Center Authority (ACCA) commits its dedicated portion of the revenue from the Albany County Hotel/Motel Occupancy Tax, and all operating revenue from the center when open
  11. 11. NYS has committed an annual subsidy, currently estimated to be $9 million, beginning after the center opens equal to the annual debt service on the bonds until the bonds are paid at maturity</li></li></ul><li>IMPACT ON ALBANY<br />Albany has long been unable to provide adequate convention and meeting space for organizations and residents looking to conduct business in New York State, specificallythe state’s capital. As a result, convention business is going elsewhere. The Capital Region is losing an estimated $20 million in potential business each year. <br /><ul><li>Generate $60 million in visitor spending per year
  12. 12. Fiscal impact: $3.7 million in additional tax revenue
  13. 13. Establish intermodal transportation center in conjunction with Capital District Transit Authority (CDTA)
  14. 14. Private full-service hotel development
  15. 15. Reduce downtown parking shortages</li></li></ul><li>WHAT’S HAPPENED ELSEWHERE<br /><ul><li>Opened on January 27, 2011: 90,000 attendees in partial first fiscal year accounted for $1 million in event revenue at more 140 events
  16. 16. 200,000 attendees projected for 2011-2012 fiscal year with $3.5 million in event revenue
  17. 17. The positive impact on local restaurant business, and an existing shortage of dining options, has spurred additional restaurant openings</li></ul>Irving Convention Center at Las Colinas<br /><ul><li>The success of the convention center permitted the sale of the hotel to a private sector owner; hotel room inventory in the area went from 1,000 to 2,300 rooms due to demand
  18. 18. Spurred major growth in hotel, retail and restaurant sectors within walking distance of the convention center
  19. 19. Significant increase in tax revenue for the state and city as a direct result of visitor spending, and from adjacent development, which was a result of convention center events</li></ul>Rhode IslandConvention Center<br />
  20. 20. WHAT’S HAPPENED ELSEWHERE<br /><ul><li>From 2006-2010 the convention center hosted 1,100 events, with more than 1.2 million attendees, that booked 148,000 rooms in seven hotels bringing in more than $30 million in total revenue
  21. 21. The average convention delegate spends $278 per day, and stays 3.6 days, which equates to more than $1,000 spent per delegate
  22. 22. Convention center is located near the XL Center allowing for synergies with sports events</li></ul>Connecticut Convention Center<br /><ul><li>In its second year (2009-2010), the venue hosted more than 443,000 attendees at 366 events, with staff salaries of $2.7 million
  23. 23. Also in its second year, the convention center hosted 30% more events, and 60% more attendees than originally forecasted for a direct economic impact of more than $31 million
  24. 24. In the summer of 2011, 7,000 people staying in downtown hotels accounted for $2.7 million dollars worth of direct economic impact to the community</li></ul>Raleigh Convention Center<br /><ul><li>In 2009, the convention center hosted 2.5 million visitors
  25. 25. Growth of six residential developments, with more than 800 residents, have an estimated combined purchasing power of more than $32 million annually
  26. 26. Between 1998 and 2008, assessed property values increased per square foot by 267% compared to a 22% increase in all of downtown </li></ul>Greater Columbus Convention Center<br />
  27. 27. WHERE WE ARE TODAY<br /><ul><li>Master Planning
  28. 28. Archeology Phases
  29. 29. New York's State Environmental Quality Review Act (SEQRA)
  30. 30. MOU Public Partnering Outline with CDTA for Intermodal/Parking Facility
  31. 31. Simplified Plan of Finance
  32. 32. MOU with ACCVB in conjunction with website for ramp-up marketing including professional press kit (electronic and hard copy)
  33. 33. Environmental Studies</li></ul>Task<br /><ul><li>Confirm private hotel and initial developer interests
  34. 34. Building Program
  35. 35. Land Acquisition
  36. 36. Site Plan, Survey, Preliminary Utility & Geotech
  37. 37. Concept Design</li></ul>75%<br />0%<br />50%<br />25%<br />100%<br />Percent Complete<br />
  38. 38. WHAT ARE MEETING PLANNERS ASKING?<br /><ul><li>60,000 square-feet of dedicated exhibition space
  39. 39. 25, 000 square-feet Main Ballroom with seating for 3,000
  40. 40. 22,500 square-feet of fully dividable meeting space
  41. 41. LEED® certified technologies</li></ul>Will the convention center be state-of-the-art?<br />Is there accessible parking & loading docks?<br /><ul><li>Privately run, full-service nationally known hotel
  42. 42. Attached 1,200 space parking garage
  43. 43. Enclosed connection to Times Union Center and from the hotel parking at Broadway to the Capitol building</li></ul>Sufficient meeting space?<br /><ul><li>Convenient access to air/rail/highway
  44. 44. Prime downtown location with proximity to key Albany landmarks/government/medical facilities, College of Nanoscale Science and Engineering, Rensselaer Polytechnic Institute (RPI), GE, GLOBALFOUNDRIES, Albany Medical Center and St. Peter’s Health Care Services
  45. 45. Multiple local attractions rich in diverse culture</li></li></ul><li>GLOBALFOUNDRIES<br />ALBANY: THE FUTURE<br />ALBANY: AN ECONOMIC ENGINE<br />PROJECTED<br />2012<br />TIMES UNION CENTER<br />ALBANY INTERNATIONAL<br />AIRPORT<br />1998<br />COLLEGE OF NANOSCALE<br />SCIENCE AND ENGINEERING<br />1990<br />2001<br />NEW YORK STATE CONVENTION CENTER ALBANY<br />
  46. 46. ENJOY ALL ALBANY HAS TO OFFER <br />VISIT<br />MEET<br />WORK<br />PLAY<br />the possibilities ARE<br />NOW <br />WWW.ACCANY.COM<br />
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