Palace Performing Arts Center Completes Purchase of Theatre Property from City of Albany
ALBANY, NY— January 2, 2018 — Palace Performing Arts Center and the City of Albany have completed the sale and transfer of the Palace Theatre property in downtown Albany, an important milestone in a long-term plan to renovate and expand the historic entertainment venue.
Palace Performing Arts Center, the nonprofit organization that operates the Palace Theatre, will pay the city $750,000 over 30 years. In addition, the organization will invest in necessary structural repairs and commence the estimated $30 million first phase of a campaign to fund major improvements to the theatre, which will benefit both patrons and performers.
The Board of Directors of Palace Performing Arts Center unanimously approved the purchase. At the same time, the Board approved a 15-year memorandum of understanding with the Albany Symphony, preserving the partnership between the two organizations and ensuring that the Albany Symphony will remain a cornerstone of the Palace’s rich entertainment mix.
“Our goal is to create a world-class arts and entertainment venue in downtown Albany, and with the support of our community and our many dedicated partners and supporters, we will succeed,” said Alan Goldberg, chair of the Palace Theatre Board of Directors. “We have a terrific challenge in front of us, an opportunity to create something that will continue to benefit the community for generations. We welcome and embrace the opportunity.”
“This is a great way to end 2017 and jump-start what we know will be an exciting and productive year ahead,” said Susan Rosko Fogarty, executive director of the Palace. “We look forward to providing great benefits to our region’s cultural and arts community and the patrons who support it. It’s an exciting time for downtown Albany and the many businesses that will benefit from the increased number and variety of events that we will be offering as we expand and improve our physical space.”
“We are delighted to continue the collaborative and longstanding partnership between the Albany Symphony and the Palace,” said Anna Kuwabara, executive director of the Albany Symphony. “The renovation and expansion of the Palace is essential to attracting world-class performers to our city and this stage and honoring our community. The Albany Symphony is excited to be an important part of the Palace’s vision of a vibrant downtown arts and entertainment district.”
The sale closed Friday afternoon. Completing the sale in 2017 was important because of changes in the federal tax laws that were enacted in late December. Purchase of the building prior to December 31 allows the Palace to pursue tax credits through the Federal Historic Preservation Tax Incentive Program under current parameters.
The Palace Board also unanimously approved the development of a Community Benefits Agreement, details of which will be determined once the final size and scope of the renovation and expansion project are established and after further discussions with local stakeholders.
“We look forward to working with our neighbors and community partners to determine how the Community Benefits Agreement can best be tailored to deliver outcomes that create opportunities and strengthen the Palace’s connections in the community,” Ms. Fogarty said.
The Palace also was the recipient of a $2.5 million Regional Economic Development Council grant announced by Governor Cuomo earlier this month.
“We’re grateful to Governor Cuomo and the Capital Region Regional Economic Development Council for their support and recognition of the Palace’s importance to the economy of downtown Albany and the Capital Region,” Ms. Fogarty said. “So many people along the way have stood with us, including our loyal members and patrons as well as our local organized labor community. There is great excitement for this transformative project.”
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