Downtown redevelopment project seems likely - WALB.com, Albany News, Weather, Sports

Downtown redevelopment project seems likely

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By Wainwright Jeffers - bio | email

ALBANY, GA (WALB) - Albany Dougherty Inner City Authority board members reaffirmed their support of a multi-million dollar downtown redevelopment project.

Destiny Development Group wants ADICA to front up to $2 million of a $12 million project to turn the bus station into retail space, convert the Heritage Bank into office space, and build a gas station on an empty lot.

The board put their support in writing to allow the company to secure money from other sources.

"ADICA may lose money in the beginning in getting these projects started, but the idea is they are putting the property back on the tax roll at an increase value and the tax payers will benefit from in the long run because of the increased property taxes," Phil Cannon, ADICA Board Member.

It's not a done deal yet, and board members express concerns about some of the development group's requests including getting the loan from ADICA at no interest.

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