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Governor Cuomo Announces $200 Million Available For Fifth Round of The Downtown Revitalization
Initiative
Published: July 28, 2021 at
08:00 a.m.
By: Press Release from Governor Cuomo’s Office (July
27, 2021)
Governor Cuomo
Announces $200 Million Available For Fifth Round
of The Downtown Revitalization Initiative
Each REDC Region
Will Award $20 Million—Two Communities Will Each Receive a $10 Million
Award or One Community Will Receive a $20 Million Award
Unprecedented
Level of Support for Communities to Mark Fifth Anniversary of DRI as
New York State Rebuilds from COVID-19 Pandemic
Guidance
Available on DRI
Website
Governor Andrew
M. Cuomo today announced $200 million is available for the fifth round of
the Downtown Revitalization Initiative. DRI Round 5 will provide these
funds to communities across the 10 Regional Economic Development
Council regions to bring new life to their downtowns through a
comprehensive strategic planning process, followed by the implementation of
key projects. The fifth round is being launched as New York State rebuilds
its economy from the effects of the COVID-19 pandemic.
"We're
marking the Downtown Revitalization Initiative's fifth year by doubling
down on our commitment to help reimagine communities across the state,
especially as we prepare for a post-pandemic future," Governor
Cuomo said. "The DRI is a cornerstone of New York's comprehensive
economic development strategy to drive investment and job creation in
downtowns across the state. Our investments will support new and existing
businesses, drive new mixed-use developments and bolster the arts and
cultural venues to help attract residents and visitors for years to
come."
"Vibrant
downtowns and Main Streets are vital for every community across New York to
thrive," said Lieutenant Governor Kathy Hochul, chair of the statewide Regional Economic
Development Councils. "As we launch the fifth round of
our Downtown Revitalization Initiative, we
will continue to promote smart growth strategies
that advance transit-oriented development, spur economic and cultural
investment, and give small businesses a much-needed boost."
As part of DRI
Round 5, each REDC region may receive up to two awards for a total of $20
million awarded per region. REDCs will decide whether to nominate two $10
million awardees or one $20 million awardee for transformative and
catalytic downtown redevelopment projects upon review of the submitted
applications. As is the case with past DRI rounds, each selected community
will develop a strategic plan that articulates a vision for the
revitalization of its downtown and identifies a list of signature projects
that have the potential to transform the downtown. DRI funds will then be
awarded for selected projects that have the greatest potential to jumpstart
revitalization and realize the community's vision for the downtown.
Secretary of
State Rossana Rosado said, "The DRI is back and better than
ever with this increased financial commitment to provide social, economic,
environmental and cultural benefits to even more communities. Investing in
our downtowns yields New York's downtowns are experiencing a
renaissance of revitalization, and the DRI will continue to play an even
greater role in supporting and strengthening the economic resilience of
downtowns across the region."
NYS Homes and
Community Renewal Commissioner RuthAnne Visnauskas said, "We have seen firsthand the
transformative impact the Governor's $100 million Downtown Revitalization
Initiative has had on communities across the state. These targeted
investments are bringing visitors, residents and
businesses back to our downtowns, creating jobs, expanding affordable housing
opportunities and building more equitable neighborhoods. We look forward to
working together with our sister agencies on the fifth round of this
game-changing initiative."
Empire State
Development Chief Operating Officer and Executive Deputy Commissioner Kevin
Younis said, "This fifth round of DRI funding
demonstrates ESD's continued commitment to boost local economies through
smart, strategic investments in downtowns across New York. Our targeted
support of community-generated projects has been a force multiplier,
encouraging new investment and revitalizing neighborhoods into vibrant
places where people want to live, work and play."
Applications for
DRI Round 5, which are available on the DRI
website, should be submitted to the appropriate Regional Economic
Development Council by September 15. All applications should be
submitted with a $10 million award in mind but may indicate that they would
also like to be considered for a $20 million award. Applicants that
indicate interest in being considered for a $20 million award must respond
to supplemental application questions in which they describe and confirm
specific transformative or catalytic DRI projects and demonstrate the readiness
of those projects and local capacity to manage the full $20 million in DRI
funds. More information about both of these
programs is available on the DRI
website.
About the
Downtown Revitalization Initiative
In 2016, Governor
Cuomo launched a major new initiative—the
Downtown Revitalization Initiative. Through this initiative, the
Governor moved to aggressively accelerate and expand the revitalization of
downtowns and neighborhoods to serve as centers of activity and
catalysts for investment in all 10 regions of the state. The initiative
represents an unprecedented and innovative plan-to-act strategy that
couples strategic planning with immediate implementation.
In the
first four years of the program, the state has committed $400
million to invest in downtowns that are ripe for revitalization and have
the potential to become magnets for redevelopment, business, job creation,
greater economic and housing diversity, and opportunity. Participating
communities are nominated by the state's 10 Regional Economic Development
Councils based on the downtown's potential for transformation.
Each community is awarded at least $10 million to develop a
downtown strategic investment plan and implement key catalytic projects
to advance the community's vision for revitalization.
The initiative is
headed by New York Secretary of State Rossana Rosado. Communities receive
support from private sector experts and a team of state agency staff led by
the Department of State in close partnership with Empire State
Development and New York State Homes and Community Renewal.
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