Troy would get $650,000 for former City Hall site

TROY The city will receive $650,000 from a developer for the former City Hall site at 1 Monument Square, according to a draft agreement given the City Council.

The proposed contract between Kirchhoff Properties LLC and the city also outlines construction of an 85-space parking garage and 150,000 square feet of mixed-use commercial and retail space.

Kirchhoff Properties would buy 1.19 acres along the Hudson River, according to the proposed ordinance scheduled to be voted on at the council's Finance Committee meeting on Thursday.

The city also agrees to make "reasonable efforts" to provide $3,688,631 in state grants to assist in developing the project, according to the proposed contract.

Details of Kirchhoff's plans for the site will be unveiled to the council's Planning Committee at 5 p.m. Tuesday.

The city had the option to forgo a payment for the site in return for development of a new City Hall at the location. Last week, Mayor Lou Rosamilia said the city would not exercise this choice and would remain in its current site at the Hedley Building, 433 River St.

Also set for a vote Thursday by the Finance Committee is a $60 monthly fee for parking in the new Front Street garage that would be built as part of the project.

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Troy would get $650,000 for former City Hall site