Our Project Profile
Tax Exempt Bond Projects
Rensselaer Polytechnic Institute - Blitman Residence Dorms
CIDC secured the tax-exempt bond financing that helped bring the Howard N. Blitman Residence Commons to life. This was a $17 million transformation of a former Best Western into one of RPI’s premier upperclassmen housing facilities with over 70,000 square feet that houses 300 students. This residence dorm includes an on-site fitness center, flexible conference and multipurpose spaces for Rensselaer programs and events, and continuous shuttle service to campus. Another key feature is the modern dining facility. This project reflects our commitment to supporting community-focused development.
Capital Region BOCES - Airline Drive Academy
As part of our mission to support economic and community development through education, CIDC secured a $10 million tax-exempt bond to fund the creation of Airline Drive Academy, a purpose-built special education facility serving K–8 students in the Capital Region BOCES system. This 42,000 square foot building offer state-of-the-art learning environment for students and faculty. This project reflects our ongoing commitment to creating public infrastructure that serves long-term community needs.
Capital Region BOCES - Career & Technical Education (CTE)
CIDC secured two tax-exempt bonds totaling $56.9 million to finance the development of this state-of-the-art Career and Technical Education facility in Albany, New York. as well as The Maywood Special Education Center. This state-of-the-art, 167,000 sq ft facility consolidates and modernizes technical training for 25 high school and adult education programs from health sciences and HVAC to digital media and culinary arts. Now serving over 1,300 high school and adult students annually, the center prepares the region’s future workforce while advancing BOCES mission to strengthen community infrastructure through strategic educational investment.
Capital Region BOCES - Maywood Special Education Center
CIDC facilitated the relocation and financing of this purpose-built special education facility, replacing the antiquated Maywood School with a modern, 42,000 sq ft building on the shared BOCES campus. This facility features 21 special education classrooms, spaces for occupational therapy and physical therapy, a library, a dedicated science classroom and multiple activity areas. As part of a broader $56.9 million campus investment, which included the CTE Center, this project strengthened regional educational infrastructure and improved access across 24 Capital Region districts.
Capital Region BOCES - Administration Building
The Capital Region BOCES Administrative Offices project involved a 30,000 square foot interior refurbishment within their 142,500 square foot administration building. This modernization effort enhanced workspace efficiency, collaboration, and functionality for the region’s educational leadership. The project was financed through a $20.6 million tax-exempt bond secured by CIDC, allowing BOCES to make strategic long-term investments in its infrastructure. The renovated space features flexible work areas, updated technology infrastructure, and energy-conscious design elements, all supporting BOCES' mission to provide high-quality educational services to its member districts.
Capital Region BOCES - CTE Extension
The Capital Region BOCES Career and Technical Education Extension Center is a state-of-the-art, 46,677-square-foot facility in Albany designed to meet the growing demand for high-quality career and technical education (CTE) programs. As part of a continued expansion of the BOCES CTE network, this new center will house eight in-demand programs, including expansions of Electrical Trades, Heavy Equipment Repair and Operation, Building Trades, and Cosmetology.
The center will also become the new home for Manufacturing and Machining Technology and Digital Media Design, and will launch two brand-new programs: Plumbing Technology and New Visions: Emerging Technologies. Interest in these offerings is already high—with programs like Electrical Trades and Plumbing nearing full enrollment before the facility's official opening.
To make this project a reality, CIDC secured a $14 million tax-exempt bond, enabling the construction of this modern educational space without imposing additional burdens on local taxpayers.
Coming Soon: Champlain Valley Educational Services -(CVES) BOCES CTE Center
Currently under construction is the development of a new Career and Technical Education (CTE) Center in Plattsburgh to meet rising demand for career training and workforce development across the North Country. The project includes a 155,000-square-foot CTE center and a 12,000-square-foot accessory building, to be built on a 17-acre site adjacent to CVES’s Learning Hub Campus. The facility will provide cutting-edge learning environments for high school and adult students, fostering opportunities for skills development in alignment with the needs of regional employers. Programs at the new center will include in-demand fields such as healthcare, automotive technology, culinary arts, construction trades, digital media, welding, and more.
To fund the project, CVES partnered with the Community Initiatives Development Corporation (CIDC) who secured a $59 million tax exempt bond to pursue a cost-effective lease-build model, saving more than $20 million compared to traditional school construction.
Coming Soon: Washington-Saratoga-Warren-Hamilton-Essex (WSWHE) BOCES
CIDC is partnering with WSWHE BOCES to develop a $96 million Wilton Career & Special Education Campus (rendering above), a state-of-the-art facility designed to expand access to career & technical education (CTE), special education, and workforce training across a five-county region. The campus will be built on 25 acres, comprising three buildings totaling 290,000 square feet, including two buildings for special education (grades K-6 and 7-12) and one devoted to career and technical classes.
By consolidating existing aging campuses (Southern Adirondack, F. Donald Myers, and the special education elementary program currently in the Sanford Street School, Glens Falls), the new center both replaces older, maintenance-burdened facilities and dramatically expands capacity. Current demand outpaces supply and the project will allow more students to enroll in existing programs, support new programs, and serve all 31 school districts across the five-county area.
CIDC’s involvement lowers the upfront capital burden for BOCES, which reflects CIDC’s mission to partner with public institutions to deliver large capital projects that enable expanded service, improved infrastructure, and long-term benefit for communities.
Coming Soon: ACCA - Albany Convention Center Expansion
The $54 million expansion of the Albany Capital Center is officially moving forward, with construction beginning in September 2025 and expected completion in March 2027 (rendering above). This major investment will nearly double the center’s capacity, positioning Albany as a stronger competitor in the regional convention market.
CIDC is proud to have played a central role in securing a $38.7 million tax-exempt bond issued through the Albany County Capital Resource Corporation. The project was also awarded a $10 million grant from Empire State Development and CIDC successfully structured a financing agreement that allowed this complex project to move forward. CIDC also acquired the necessary parcels of land and will lease the expanded facility to the Albany Convention Center Authority, with lease payments dedicated to debt repayment. This financing model demonstrates CIDC’s expertise in developing creative, community-driven solutions that align public and private partners, enabling large-scale projects that drive economic growth across the region.
SBA 504 & Section 108 Projects
Culinary Crossroads at Lake Park
CIDC partnered with the Town of Lake Park, Palm Beach County, and The Bancorp to create Culinary Crossroads, a $12M mixed-use development featuring a commercial kitchen, canning facility, and coffee roastery that brings 36 new jobs and economic revitalization to the community. Culinary Crossroads, a condominium development located at 1301 10th Street, Lake Park, features three unique food-focused businesses:
Culinary Studios – rentable commercial kitchens designed to support local food entrepreneurs.
Florida Canning Company – a modern manufacturing facility providing specialty canning services.
Oceana Coffee – a café and coffee roasting operation supporting both retail and wholesale customers.
Financing & Capital Stack
The $12 million project was made possible through a complex and collaborative financing structure, which included Section 108 Loans, a Town Grant, an SBA loan, a Business Loan and owners’ equity. CIDC facilitated:
Palm Beach County Section 108 Loans:
$950,000 – Culinary Studios
$182,650 – Florida Canning Company
$200,000 – Oceana Coffee
Town of Lake Park Grant – $1,000,000
Bank Loan (The Bancorp) – $4.8 million
SBA 504 Loan – $3.2 million
Impact
Culinary Crossroads not only established a landmark destination in Lake Park but also directly created 36 new jobs, fostering workforce development and economic activity in the region. By combining entrepreneurship, community investment, and innovative financing, CIDC helped positioned the Town of Lake Park as a hub for culinary innovation and local economic growth.