When Downtown Manager Aaron Blair talks about projects completed or in the works in the inner city’s historic district — the Art Park, Pine Avenue Streetscape, canoe/kayak launches, lighting in the historic Old Northside neighborhood, renovation of the Albany Theatre — he never fails to mention the bond funding that pays for the projects.

That’s because downtown improvements, facilitated through the Albany-Dougherty Inner City Authority, are being financed by a $3.44 million bond that was put in place shortly after Albany voters approved development of a Tax Allocation District in 2008. That development tool allows city officials to collect any new taxes generated within the geographic boundaries of the TAD and use the funds to spur new development.

The bonds, which were initially issued in 2009, have allowed Blair, ADICA and local developers to move forward with improvements within the TAD now rather than relying solely on private capital or funding from the city of Albany’s general fund. Some $2.165 million into the bond funding, officials are closely monitoring outcomes to determine whether the downtown gamble is paying off.

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