Council passes budget
The Troy City Council has approved a new 2006 budget that will increase taxes by about 1.48 percent and water rates about 3 percent. The budget will cost homeowners an average of about $27 more in property taxes and $12 more in water costs during 2006. The vote on the budget passed 8-1, with Democratic Councilman Bill Dunne dissenting.
Mayor Harry Tutunjian indicated that to get the budget as tight as it is now, over a dozen jobs were cut, saving the city over $650,000 in salaries and benefits. Despite that, health care increases went up to $10.3 million and retirement costs rose to $3.8 million. Defraying some of the increases, however, are a $1.6 million increase in sales tax revenue and $1 million more in state aid money.
Development planned
RPI and several partner companies announced plans to build a 14-acre development including retail space, office space, student housing, and apartments for low income residents. The development will take place on a hillside adjacent to South Campus.
The Congress-Ferry Street Redevelopment Project construction may begin as early as next spring, but construction is expected to last for years.
Though significant contributions are expected from both the public and private sectors, RPI has already spent hundreds of thousands of dollars to buy property there. The Troy Housing Authority, a major partner in the project, will be using its $5 million contribution to build about 70 units of Section 8 housing—rental housing intended for very low-income families receiving vouchers and aid from the city and state.
The first phase of the project will take about six months as the partners involved discuss the quantity and type of development and get zoning and planning approvals. The New York State Department of Transportation will then spend $7 million reconfiguring Congress and Ferry Streets prior to construction.
