ADICA looks into Artpark theft and refinanced bonds

The ADICA board discusses agenda matters. / Jessica Fairley

After a suspected thief removes the door frame from the downtown Albany Artpark, officials with the Albany-Dougherty Inner City Authority have to come out of the pocket to pay for their loss.

ADICA members discovered there was a missing door frame when they went to check on the Artpark. The structure is currently under construction.

Although the theft is a setback, it won't stop progress on the project.

"We're good enough with our budget; we're going to fit it in. Nothing has changed we're on track with everything," says B.J. Fletcher, ADICA member.

ADICA officials intend to look further into the disappearance of the lost doorframe.

Also during the meeting, the ADICA's representative for the Albany Transitional Center approached the panel about refinancing the facility.

"The state has come back and said interest rates have fallen so much. San we refinance this and get some savings? The interest rate goes from almost 7 percent to just under 3 percent," says Miller Heath III, H&A Management.

This means savings for the state and the Department of Corrections who leases out the facility.

"If they are going to pay on a better schedule and lower the interest rate. It benefits everybody," says Nathan Davis, Albany City Attorney.

The benefits trickle down to ADICA.

"For ADICA as the issuer of the bonds, ADICA will receive a small fee to issue the bonds. So that also does benefit the public and the city," says Nathan Davis.

Initially it would have taken 16 years to pay for the facility, now that the bonds are being refinanced, it will take 10 years.
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