TROY, N.Y. -- In Troy, Mayor Lou Rosamilia delivered his budget address for 2014. His proposal would lower spending in the Collar City by more than $223,000, but the city would have to raise taxes after a three year property reassessment led to an overall drop in revenues.
Still, the proposed 2.76 percent tax rate falls within the tax cap.
Rosamilia says it's imperative for the city to add new properties, not just for the property taxes they generate. He highlighted upcoming projects that represent a two pronged approach to making more money for the city.
"Not only is it growth in terms of apartments, but that brings people to the city, as people come into the city, then they're gonna have disposal income. That's where we're gonna benefit from the sales tax, sharing that with the county and other municipalities," asid Rosamilia.
Those projects include renovations of the Daucy building and the Old Brick Warehouse, both of which will offer new housing.