FINANCIAL_SERVICESPENDING

Albany Plans $1.5M Loan for St. Nicholas Hotel Redevelopment

The City of Albany is slated to approve a Memorandum of Understanding and a $1,500,000 loan at 3.0% interest, funded through the Downtown Development Authority, with SOWEGA QOF One QOZB I, LLC to redevelop the historic St. Nicholas Hotel into a 26-room hotel with a restaurant and bar. The financing includes a 2% DDA fee and closing costs, with a 30-year amortization and a balloon payment due just before year twenty.

Document date · September 1, 2026

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Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
$1,500,000 DDA Loan at 3.0% interest plus 2% financing fee
Contract type
FINANCIAL_SERVICES
Contract term
Amortized over 30 years from Closing Date with balloon payment due the day before the 20th anniversary of Closing
Renewal
DDA Loan amortized over 30 years with a balloon payment due the day before the 20th anniversary of the Closing Date; due-on-sale provision allows City or DDA to require full repayment upon transfer.
Document type
AgendaPacket
Source document
City of Albany Board of City Commissioners Agenda Packet 2026-09-01

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Albany?

Sowega Qof One Qozb I Llc was awarded this financial services contract by City of Albany, as recorded on September 1, 2026. The contract value is $1,500,000 DDA Loan at 3.0% interest plus 2% financing fee.

How much is the Sowega Qof One Qozb I Llc contract with City of Albany worth?

The Sowega Qof One Qozb I Llc contract with City of Albany is valued at $1,500,000 DDA Loan at 3.0% interest plus 2% financing fee, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in City of Albany Board of City Commissioners Agenda Packet 2026-09-01 (AgendaPacket), dated September 1, 2026 from City of Albany. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

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