Money Smooths The Deal

AlbanyThere are few, if any, problems that an extra $2 million can't solve.The College of Nanoscale Science and Engineering has struck a three-way pact under which the NanoCollege will finance its latest $191 million expansion in a way that profits both the county and city.Under the plan, the NanoCollege will finance its new Zero Energy Nanotechnology building off Fuller Road with bonds issued through the Albany County Industrial Development Agency, generating a $1.9 million project fee that can be used by the IDA for future economic development.That plan would still include a $2.3 million mortgage tax exemption initially sought from the city, an official said.But the college also will make a potentially unprecedented matching $1.9 million economic development grant to the city, salving any lingering hurt from the college's withdrawal last week of a plan to finance the construction through an Albany local development corporation.The pact, announced in a joint statement, is a remarkable turnabout and caps a dizzying several days in which the college's deal with the city appeared to collapse Friday amid hard feelings and accusations of ugly politics, only to see the county swoop in and try to cash in on the city's missed opportunity."We explored many avenues to finance ZEN, and it quickly became clear that this was not only the best financial arrangement for CNSE, it was also a tremendous opportunity to support the communities where we live and work," NanoCollege CEO Alain Kaloyeros said in a statement.