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The Albany Waterfront future, as envisioned by Albany residents. Blue markers indicate areas residents want converted to, or preserved as, open space. The area enclosed by the blue line represents the approximate space most residents would allow to be developed to generate tax revenues.
By Barbara Grady
A two year study aimed at figuring out what Albany residents wish for the city’s 190 acre waterfront concluded this week with a report to the City Council indicating most people want a major expansion of public park space.
The “Voices to Vision” community engagement found that 62 percent of residents who participated want to expand open space by at least 75 acres, according to Fern Tiger Associates, which did the study. That would mean a total of 163 acres of parkland, wetlands, trails and supporting structures at Albany’s waterfront, an area that now includes the Albany bulb, the Golden Gate Fields race track and parking lot and the Eastshore State Park plateau.
However, ‘Voices to Vision” also found that half of participants hope that enough development occurs on the waterfront to maintain current tax revenue generated from the site: approximately $1.7 million now received from Golden Gate Fields.
Of course, any community vision depends on a developer’s inclination to follow that idea or a local government’s willingness to implement it. Right now, 102 acres of the waterfront is privately owned by Golden Gage Fields racetrack owner Magna Entertainment Corp. The bulb is owned by the city and the plateau by the state. Magna, which has been in Chapter 11 Bankruptcy proceedings since last year, has entered an agreement to give Golden Gate Fields to its largest shareholder, MI Developments Inc., in exchange for repayment of debt. MI is a real estate operating company which manages commercial and industrial developments. However, any major new development on the Golden Gate Fields property would require a zoning change and therefore city approval. That is why the city sought to determine residents’ interests.
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