By Lori Pelersi and Molly Belmont
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| Central Avenue storefronts |
In December, the Regional Economic Development Council announced its picks for New York Main Street funding. This competitive program, administered annually by New York State’s Office of Homes and Community Renewal, and run in cooperation with the NYS Regional Economic Development Councils awarded more than $4.2 M to villages and cities across the state for economic development projects.
The Central Avenue Business Improvement District (CBID) applied for the New York Main Street Program grant in spring of 2014. Monies would have been used to upgrade facades of individual businesses on Central Avenue, with the goal of making it more inviting, and attracting additional investment. Unfortunately, the CBID was not selected for funding.
“I am extremely disappointed that Central Avenue, the busiest commercial district in Albany, has been overlooked,” Anthony Capece, Executive Director for the Central Avenue Business Improvement District, and president of the New York State Urban Council said of the announcement. “We hope to make a stronger showing in the future, and make them see Central Avenue the way we and our stakeholders see it.” Central Avenue generates nearly $50 M in sales tax annually, making it one of the largest revenue drivers for the county.
This represents the fourth time the agency’s application has been denied. “We see so much potential here, with just a little bit of help. We are long overdue,” says Capece.
Of the 24 organizations that received funding, only one, Capitalize Albany Corporation, is located in the Capital District.
Capitalize Albany’s application for $236,250 to remodel 58 North Pearl Street into condos was approved. Other recipients of note include Syracuse’s West Fayette Main Street Project, where $250,000 will be used to renovate five mixed use buildings, Elmira, where $200,000 will be used to renovate two mixed use buildings on the South Main Street section, Kingston, where $250,000 will be used to transform a historic lace factory into 55 affordable live-work lofts, the Village of Jordan, where $200,000 will be used to restore facades on Main Street, and New York City, where $250,000 will be used to revamp commercial units and building facades along Myrtle Street. Some other recipients of the grant include the City of Oneida, the CNY Arts Center, Inc., Elmira Downtown Development, Inc., the City of Auburn, and the Greater Lockport Development Corporation. The complete list of recipients and how much they were awarded can be found on the New York State Homes and Community Renewal website.
The CBID will attend the soon-to-be-scheduled exit conference presentations in order to learn how to make future applications for funding more successful.
If you have any questions about this program or how your business can get involved, you can call the CBID office at (518) 462-4300.
