Central Albany Revitalization Area (CARA)
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- Last Updated: October 26, 2018 October 26, 2018
The City of Albany has hired Angelo Planning Group and Crandall Arambula to review and suggest revisions to Albany Development Code provisions in three zoning districts in Central Albany.
Report & Plans
Budgets & Annual Financial Reports
The City Council serves as the Albany Revitalization Agency. They also serve, along with an appointed counterpart member on the CARA Advisory Board. Advisory Board members generally live or own property or businesses in the Central Albany area.
What is CARA?
The goal in establishing the Central Albany Revitalization Area (CARA) was to increase the economic vitality of the area, encourage the use of vacant and underused land and buildings, and rehabilitate structures while increasing property values both in CARA and the city of Albany. The investment of these tax increment funds is expected to increase property values, with total value growth in the renewal area over the duration of the plan expected to be $230 million. When the plan is completed, the values will be returned to the tax rolls, and the various taxing bodies that share values in Albany will receive that increase in tax collections.
Carrying out the CARA plan will require tax increment revenue. Tax increment financing may affect the property tax revenues and bond tax rates of other taxing bodies, but the effort is expected to be good for Albany.
- Attract new private investment to the area.
- Retain and enhance the value of existing private investment and public investment in the area.
- Provide a safe and convenient transportation network that encourages pedestrian and bicycle access to and within the town center.
- Preserve the Historic Districts, historic resources and existing housing in the area.
- Create a readily identifiable core that is unique and vibrant with a mixture of entertainment, housing, specialty shops, offices, and other commercial uses.
- Increase residential density in the area.
- Encourage the development of new forms of housing and home ownership.
- Enhance and protect the community and environmental values of waterway corridors in the area.
- Provide an enriching environment and livable neighborhoods.