RESOLUTION NO. 271
AUTHORIZING THE RELEASE OF A RIGHT OF REVERTER TO VARIOUS PARCELS OF REAL PROPERTY LOCATED IN THE CITY OF ALBANY
Introduced: 7/13/26
By Audit and Finance Committee:
WHEREAS, By Resolution No. 530 for 2003, this Honorable Body authorized the conveyance of 57 parcels of real property located in the City of Albany to the City of Albany for their Arbor Hill revitalization plan, and
WHEREAS, The County of Albany, as set forth in the deed for said parcels, reserved a right of reverter and re-entry of title to the 57 parcels which would be released upon the completion of conditions set in the deed indicating that rehabilitation has occurred which is satisfactory to the County, and
WHEREAS, The City of Albany was required under the reverter to demonstrate improvements exceeding the amounts the County extinguished through in-rem proceedings, totaling $590,284.65 extinguished across the 57 parcels, and
WHEREAS, In 2008, Albany Local Development Corporation documented $18,210,000 in improvements to the 57 parcels included in the Arbor Hill revitalization plan, and
WHEREAS, The Commissioner of the Department of Management and Budget has requested that the Legislature release the reverter for these parcels based upon documentation submitted to it that the required improvements were completed in a manner which is satisfactory to the County, now, therefore, be it
RESOLVED, By the Albany County Legislature that the right of reverter and re-entry to titles reserved by the County of Albany for 57 parcels of real property located in the City of Albany as indicated on the spreadsheet annexed hereto are hereby released, and, be it further
RESOLVED, That the Commissioner of Management and Budget is authorized and directed to execute a release of the right of reverter and re-entry for said parcels, and, be it further
RESOLVED, That the County Attorney is authorized to approve said document as to form and content, and, be it further
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