Senator Steve Saland (R,I,C Poughkeepsie) today announced that the City of Poughkeepsie has been awarded $600,951 for the rehabilitation of two vacant, distressed buildings in the Cottage Street Industrial Corridor. The grant money is part of $100 million that comprises Year Two funding for the Restore New York’s Communities Initiative (Restore-NY), a program designed to aid municipalities in rehabilitating or removing obsolete or rundown commercial and residential properties, making these sites attractive to residents and businesses searching for new investment opportunities.
"The Restore NY Communities Initiative is a critical tool for creating additional economic development opportunities and improving the quality of life in communities such as Poughkeepsie," said Senator Saland. "The restoration of the Cottage Street properties is a great first step toward improving the visual landscape of the area. The City hopes to market the properties to create a center for small, creative industries, which should help foster an environment that encourages job creation and the development of a strong future economy," Saland continued.
The three-year, $300 million Restore-NY Communities Initiative was established by the State Legislature in the 2006-07 State budget and is administered by the Empire State Development Corporation (ESDC). Grants are awarded on a competitive basis to municipalities to demolish or rehabilitate qualified commercial or residential structures, making these cleared or restored sites attractive to residents and businesses. Under the program, $50 million was distributed in 2006-07, $100 million announced today in 2007-08; and $150 million will be made available in 2008-09.
"The revitalization of communities across New York State is an essential component to generating economic growth and new investment dollars. This initiative gives businesses an incentive to locate here, allowing them to fully take advantage of the tremendous economic and geographic resources that our state has to offer, Saland concluded."
More information regarding the Restore-NY initiative is available online at www.empire.state.ny.us/restoreNY.