The Albany Common Council Monday night voted 12-3 to approve the transfer of the city’s ownership of the Palace Theatre to the venue’s board. The theatre’s board members proposed a 30-year payment of $750,000 to transfer the venue to the nonprofit, the Palace Performing Arts Center Incorporated.
"Based on the legislation the nonprofit would be assuming the responsibility of $4.2 million in repairs to the Palace and $750,000 in revenue to the city over the next 30 years,” said First Ward Common Councilwoman Dorcey Applyrs.
The board wants ownership in order to secure funding and grants for a planned $65 million expansion and renovation project.