ADICA invests more money into downtown redevelopment - WALB.com, Albany News, Weather, Sports

ADICA invests more money into downtown redevelopment

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Tommy Gregors, ADICA Board Member Tommy Gregors, ADICA Board Member
ALBANY, GA (WALB) -

The Albany Dougherty Inner City Authority board approved giving another $450,000 to the private development company in charge of downtown redevelopment.

The money will be used to attract tenants to empty buildings in the 100 block of Front Street and surrounding areas. Shandon Development won't get the money until it secures $1.1-million in private funding. The money will be used to bring long vacant buildings near the river up to code.

"To bring those buildings up to code, a good bit of money has to be spent,” said Tommy Gregors, ADICA Board Member. “There's buildings that need new roofs, electrical, utilities need to be added. There's a large investment in just bringing them up where they can be occupied."

ADICA leaders say Shandon has secured leases from some new retailers, but nothing they're ready to announce yet. They also expect Shandon to have its part of the money by the end of September. ADICA's portion will come from the Tax Allocation District which sets aside some property tax revenue from the downtown area to be used specifically to improve downtown.

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