The Next Step

• Archeological / Historical -commission archeological study with site sampling as required by accepted criteria; compile historical material and report of relevance to project development and decision making

• Security, Control and Monitoring Systems - Systems for the use of canal and associated amenities. Definition of public versus private spaces

• Canal Flow and Level Control Systems - locks, flood gates, design elevation of waterline in relation to adjacent street/sidewalks/open grounds

• Traffic Impact Analysis -based on reconfigured street systems and 1-787 freeway ramps/access roads

• Utilities Relocation Feasibility - water, wastewater, storm drains and other utilities

• Flow Augmentation and Control from Other Water Sources -Empire State Plaza water system, Patroon Creek, other

• Sedimentation and Dredging - particularly as it affects the upper harbor/marina scheme

Based on rough take-off quantities in different functional elements. Below is a preliminary list of elements:

• Site Acquisition, if essential to project

• Demolition, site preparation

• Utility relocation by specific affected utilities identified on site

• Highway/bridge and pier construction, reconstruction and relocation

• New canal construction by individual component items - walls, channel, gates, locks, control systems

• Marine-oriented items such as docks, piers, slips

• Amenities such as kiosks, entry/control buildings

• Sidewalk/plaza area improvements by broad types

• Comprehensive lighting system and its overall control console and housing

• Public concessions, bathrooms and other amen

A comprehensive impact analysis on the local and regional economy should be part of this study. Such a study could include, but not limited to:

• Short-term construction impact; construction and related seIVice job gains, job losses and other negative disturbance impact on local business, traffic disturbance impact

• Permanent short and long-term direct impact on employment, retail, services and tourism

• Indirect short and long-term impact based on local multiplier

• Local and state net property and other tax impacts, short and long-term

• Induced impact for new development and redevelopment in the adjacent areas -quantification of such potential impacts by site/building/activity type, gross leasable areas, volume of activity and employment generation, local net property and other tax impacts.

Proposed Capital Project Funding & Organizational Structure

Based on capital cost and economic analysis, a proposed project financing scheme is to be advanced identifying public and private funding sources by specific type; type of bond financing and how underwritten, forecast operations balance sheet for a minimum period of twenty years (include forecasts of user charges and revenues, revenues from leasing of retail and other spaces; forecasts of O&M costs by sub-unit of canal system; include annualized debt service in expense column). Review and analysis of need for creation of a special purpose organizational entity for project development and on-going operations management (ie Albany Canal Corporation) - if deemed appropriate, its organizational structure, charter/mandate, roles, responsibilities and accountability to the local government entity.

A comprehensive environmental impact assessment needs to be prepared, integrating the findings from the above sections, to cover the full scope of the proposed project.

Cost & Timetable

Based on the above scope of work that needs to be undertaken in Phase II, a project cost estimate needs to be prepared. On schedule, a comprehensive study, as outlined above, is likely to require a minimum of eight months to complete, including review and formal approvals.