ALBANY — The developer of a controversial data center project in Albany’s South End reached a legal settlement with the city in May that dramatically reduced the local property tax burden on the historic, 76-acre site, one of the largest and most secluded vacant parcels in the city.
The terms of the settlement effectively reduced the annual property tax burden for the site’s owner by more than 60%. The six-page agreement was brought to light by representatives of No Kings Collective Albany, whose initial posts about the deal this week — which included some inaccurate details, such as a claim that the city had agreed to an 83% reduction — garnered thousands of views on various social media platforms.
The deal settles a three-year legal challenge brought against the city assessor’s office by the site’s owner, Guild Ventures, which had disputed the city’s valuation of the property through what’s known as an Article 7 lawsuit in state Supreme Court in Albany…