Central Albany Revitalization Area (CARA)
- About this page:
- Last Updated: June 19, 2018 June 19, 2018
The City of Albany has hired Angelo Planning Group and Crandall Arambula to review and suggest revisions to Albany Development Code provisions in three zoning districts in Central Albany.
Report & Plans
Budgets & Annual Financial Reports
The City Council serves as the Albany Revitalization Agency. They also serve, along with an appointed counterpart member on the CARA Advisory Board. Advisory Board members generally live or own property or businesses in the Central Albany area.
|Program||Annual Program Allocation||Timing||Focus Area||CARA Funding Amount||Overall Project Cost||Minimum Private Match|
|$5,000||Ad-hoc||Anywhere in the CARA boundary||Equivalent of first consultation visit||n/a||n/a|
|Focus Area Loan||$300,000||Three times per year; competitive; March, July, and November.||Three focus areas:
Downtown, East waterfront, East Salem Avenue neighborhood.
|Minimum of $15,000; up to 20% of the project.||Minimum of $75,000||50% of project|
|Historic Homebuyer Loan||$80,000||Ad-hoc||Hackleman Historic District||$10,000 – $80,000||Minimum of $20,000||50% of project|
|Small Grant||$25,000||Twice per year; competitive;
February and September.
|Anywhere in the CARA boundary||$1,250 – $5,000||$2,500 – $10,000||50% of project|
|Storefront Revitalization Grant||$50,000||Three times per year; competitive; March, July, and November.||HD, CB, LE, and MS Zoning||$2,500 – $10,000||$5,000 – $20,000||50% of project|
The Fine Print
- CARA can only fund work begun after funding approval by the ARA (any work complete prior to this approval is ineligible for reimbursement.)
- CARA Programs may not be combined; however applicants may apply for different funding for additional projects, but additional requests may be given lower priority than new projects.
- If CARA’s total assistance to the project is greater than $750,000, prevailing wage for the project may apply.
- Proposed improvements must be approved by the Albany Revitalization Area Agency (ARA) and will be subject to the CARA Design Guidelines. Projects may require approval by the City of Albany Landmarks Advisory Commission or other entities.
- All programs, except architectural assistance, small grants, and storefront revitalization, would be subject to the new 10% holdback policy.
- Land-use, Landmarks Advisory Commission approval must be complete prior to first draw.
- Applicants should consult with a tax professional to fully understand the tax consequences of agency grants or loans.
- Use of local contractors and products is encouraged!
- All members of the LLC and their spouses must sign as personal guarantors.
What is CARA?
The goal in establishing the Central Albany Revitalization Area (CARA) was to increase the economic vitality of the area, encourage the use of vacant and underused land and buildings, and rehabilitate structures while increasing property values both in CARA and the city of Albany. The investment of these tax increment funds is expected to increase property values, with total value growth in the renewal area over the duration of the plan expected to be $230 million. When the plan is completed, the values will be returned to the tax rolls, and the various taxing bodies that share values in Albany will receive that increase in tax collections.
Carrying out the CARA plan will require tax increment revenue. Tax increment financing may affect the property tax revenues and bond tax rates of other taxing bodies, but the effort is expected to be good for Albany.
- Attract new private investment to the area.
- Retain and enhance the value of existing private investment and public investment in the area.
- Provide a safe and convenient transportation network that encourages pedestrian and bicycle access to and within the town center.
- Preserve the Historic Districts, historic resources and existing housing in the area.
- Create a readily identifiable core that is unique and vibrant with a mixture of entertainment, housing, specialty shops, offices, and other commercial uses.
- Increase residential density in the area.
- Encourage the development of new forms of housing and home ownership.
- Enhance and protect the community and environmental values of waterway corridors in the area.
- Provide an enriching environment and livable neighborhoods.