RESOLUTION NO. 472
RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK ("ALBANY"), AUTHORIZING (1) THE EXECUTION OF A FINANCING AGREEMENT BY AND BETWEEN ALBANY AND THE DORMITORY AUTHORITY OF THE STATE OF NEW YORK (THE "AUTHORITY"), AND (2) THE EXECUTION OF A MUNICIPAL COOPERATION AGREEMENT AND RELATED AGREEMENTS IN CONNECTION WITH ALL OF THE FOREGOING
Introduced: 11/14/22
By: Audit and Finance Committee
WHEREAS, Capital District Youth Center, Inc. (the "CDYCI") is a not-for profit corporation organized for the purpose of, among other things, assisting the Counties of Albany, Rensselaer, Saratoga and Schenectady (collectively, the "Counties") and thus lessening the burdens of government by acquiring, financing, constructing, reconstructing, remodeling, enlarging, altering, repairing, operating, managing, leasing (as lessee or lessor), selling or otherwise disposing of a regional juvenile detention facility for the benefit of the Counties; and
WHEREAS, CDYCI, by resolution adopted on February 6, 1997 issued bonds (the "1997 Bonds") in the aggregate principal amount of $5,070,000 for the purpose of financing a project (the "1997 Project") consisting of constructing and equipping a regional juvenile secure detention facility known as the Capital District Juvenile Secure Detention Facility (the "Detention Facility") upon land owned by County of Albany ("Albany") and located at 838 Albany-Shaker Road, Colonie, New York (the "Land"); and
WHEREAS, pursuant to the terms of a ground lease dated as of February 1, 1997 (the "Ground Lease") by and between Albany, as landlord, and the CDYCI, as tenant, the CDYCI leased an interest in the Detention Facility consisting of (1) the Land, (2) certain improvements constructed thereon (the "Facility") and (3) certain machinery and equipment acquired and installed thereon (the "Equipment") (the Land, the Facility, and the Equipment being collectively referred to as the "Project Facility"); and
WHEREAS, on February 10, 2017, the...
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