[Adopted 3-10-2014 by Res. No. 105-2014]
A. 
By Resolution No. 243-a (2013), adopted on February 10, 2014, the Legislature authorized the formation of a local development corporation regarding the ongoing operation of the Albany County Nursing Home, and further appointed seven members of the Board of Directors.
B. 
After significant research and analysis, it has been determined that Albany County may cause the incorporation of a local development corporation (the "corporation") formed under New York State Not For Profit Corporation Law § 1411 ("Act") for purposes that include lessening the burdens of government and acting in the public interest by fostering the creation, retention and expansion of jobs and economic opportunities for the benefit of Albany County (the "County"), New York State and local economies, and assisting the County with the management and operation of underperforming assets, including but not limited to the Facility.
C. 
The Act further authorizes the Albany County Legislature, by resolution, to determine that certain real property of the County not required for use by the County may be sold or leased to such a local development corporation so formed by the County on such terms as may be agreed by the County, without appraisal or public bidding.
In furtherance of the public purposes set forth above, the Albany County Legislature proposes that the County authorize:
A. 
The incorporation of the Corporation under the Act.
B. 
Transfer of a leasehold interest in the Facility to said Corporation (the "transfer"), such leasehold interest to be memorialized within a lease agreement between the County and the Corporation and other documents related to said transfer (the "transfer documents") providing, among other things, that:
(1) 
The County would continue operation of the Facility following such transfer until such time as the Corporation obtains state approval to operate the Facility (the "operational date");
(2) 
The term of the leasehold interest shall be subject to early termination by the Corporation;
(3) 
The rent obligation of the Corporation under the transfer documents will be nominal; and
(4) 
Subsequent to the operational date, an agreement between the County and the Corporation, whereby the County would continue to furnish employees to the Corporation with respect to the Facility.
The Albany County Legislature authorizes the formation of the local development corporation to be named the "Albany County Health Facilities Corporation" in accordance with the Act, the seven members of which Corporation having been appointed by Resolution No. 243-a (2013).
This County Legislature approves the form and substance of the certificate of incorporation and bylaws as filed with the Clerk of the Legislature, all in substantially the form thereof presented to the Legislature.
The Corporation is hereby designated as an "on behalf of" issuer of the County pursuant to the Internal Revenue Code of 1986, as amended (the "Code"), for purposes of issuing bonds, notes and other obligations (collectively, the "obligations") on behalf of the County in furtherance of its purposes; provided, however, that any such obligations incurred by the Corporation shall never be a debt of the State of New York, the County or any political subdivision thereof (other than the Corporation), and neither the State of New York, the County nor any political subdivision thereof (other than the Corporation) shall be liable thereon.
This County Legislature further determines that the Facility, as an underperforming asset, is not required for use by the County, and hereby authorizes a public hearing to be held with respect to the proposed transfer, as required by the Act.