The document proposes building a new convention center in Albany, New York to boost the local economy. It argues that now is the time to build due to low construction costs and a need to accommodate 19 million state residents. The center would create hundreds of construction jobs and nearly 1,000 permanent jobs. It cites examples from other cities where convention centers generated millions in visitor spending, new hotels and restaurants, and increased tax revenue. Meeting planners support the plan which includes exhibition space, a ballroom, and connections to local transportation. The goal is to make Albany a hub for conferences, tourism, and economic development.

1. “New York is open for business.”Governor Andrew M. CuomoNEW YORK STATE CONVENTION CENTER ALBANYThenowistime2011/2012

2. WHY BUILD A CONVENTION CENTER NOW?NOWCreate 300 high paying construction jobs and for the next two years

3. Historically low construction costs and finance rates

4. No additional state funds until after the center opens

5. Once complete, the center will result in nearly 1,000 impacted long-term jobs

6. 180 hospitality industry jobs to coincide with the opening of the center

7. To meet the demands of 19 million citizens of New York StateVISUALIZE NEW YORK’S FUTURE RENDERINGRENDERING

8. FINANCING AT A GLANCEACCA holds the capital cost of developing the Convention Center to the projected value of $220 million or less

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. 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. 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 maturityIMPACT ON ALBANYAlbany 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. Generate $60 million in visitor spending per year