State Senator Thomas P. Morahan (R-C-I-WF, New City) today announced that the Village of Spring Valley has been awarded $ 2.5 million for the rehabilitation/restoration of Main Street. 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 throughout New York State," said Senator Morahan. "The restoration and redevelopment of properties in the Main Street area is a great first step toward improving not only the visual landscape, but it also generates optimism among residents, and helps to foster an environment that encourages job creation and the development of a strong future economy."
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.
"This substantial amount of money will be well-utilized in Spring Valley. I want to thank all the parties involved in helping us secure these funds, particularly Senator Thomas Morahan," said Spring Valley Mayor George O. Darden.
"The revitalization of our communities across New York State is an essential component to generating economic growth and new investment dollars," said Senator Morahan. "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."
More information regarding the Restore-NY initiative is available online at www.empire.state.ny.us/restoreNY/