ALBANY, Ga. (WALB) -Albany leaders have approved a $2 million short-term loan to fund the redevelopment of vacant buildings along Washington Street downtown.

The project calls for converting the properties into a food hall, approximately 16 apartments, a restaurant, and space for Albany Technical College programs. The loan will allow the developer to purchase the properties and begin early work while securing full funding.

One commissioner votes no

Commissioner Chad Warbington was the only commissioner to vote against the loan, raising concerns about a lack of financial transparency. He questioned why the city is approving a $2 million loan when the properties are only appraised at a combined $1.1 million.

Warbington also made a motion to loan $1.4 million instead, but ultimately it died, as there was no second motion.

Albany Downtown Manager Lequrica Gaskins says the loan documentation will be brought forward for review.

“There are some questions specifically about the term of the loan — not necessarily questions about the project,” Gaskins said. “Seems like the Mayor and Commission really support the project and certainly the downtown. Very excited about what this project can mean specifically for that part of the downtown, because as you can see nothing has transpired in that area for quite some time. So we’re excited about what this can mean.”

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