FULTON, N.Y. — The state is awarding City of Fulton $10 million in funding as the Central New York winner of the fourth round of the Downtown Revitalization Initiative (DRI).
Gov. Andrew Cuomo announced Fulton as the Central New York winner during a Wednesday morning appearance at Fulton City Hall.
As in the first three rounds of the DRI, one municipality from each of the state’s 10 regional economic development regions is selected as a $10 million winner.
(Sponsored)
Finding the Right Business Banking Partner: 4 Considerations to Support your Search
In today’s increasingly dynamic and competitive business environment, finding the right banking partner to meet the needs of your business is critical to your success. Banks are not one-size-fits-all and
How Do Value Conclusions and Value Calculations Differ?
The value of a business is relevant in a wide variety of legal contexts, including divorces, shareholder disputes, mergers, bankruptcy and tax planning. Nevertheless, not every so-called “valuation” service is
In the DRI program, New York seeks to help communities “boost their economies by transforming downtowns into vibrant neighborhoods where the next generation of New Yorkers will want to live, work and raise a family,” per a state news release.
“We challenged local governments through the DRI process to propose innovative ideas to create jobs and drive economic growth,” Cuomo said in the release. “Fulton proposed a strong and feasible plan, and with this award they will be able to unleash the full potential of this unique location on the Oswego River, revamping the waterfront and downtown corridor to make this city more prosperous for residents and for visitors.”
Fulton’s fourth-round DRI win entitles the city to receive $10 million in state funding and investments to revitalize its downtown neighborhoods and generate new opportunities for long-term growth. Fulton now joins the cities of Oswego, Cortland, and Auburn, which were the Central New York winners in the first three DRI rounds, respectively.
“We are immensely proud of our community, as Fulton has won the fourth round of Gov. Cuomo’s Downtown Revitalization Initiative. This means our city will bring new development to life, rehabilitate old buildings and vacant sites and set the stage for further growth and more visitors,” Fulton Mayor Ronald Woodward Sr. said in Cuomo’s release.
Fulton will now begin the process of developing a plan to revitalize its downtown with up to $300,000 in planning funds from the $10 million DRI grant.
A local planning committee with municipal representatives, community leaders, and other stakeholders will lead the effort. A group of private-sector experts and state planners will support the effort.
The plan for downtown Fulton will identify economic development, transportation, housing, and community projects that “align with the community’s vision for downtown revitalization and that are poised for implementation,” per the release.
Plans for the DRI’s fourth round will be complete in 2020, Cuomo’s office said.
“Fulton’s location on the Oswego River, combined with its many historic sites and overall spirit makes it the ideal winner of Gov. Cuomo’s Downtown Revitalization Initiative. This competition brings out the best in our communities and I am proud to see Fulton get its due recognition,” New York State Assemblyman William Barclay (R–Pulaski) said.
Contact Reinhardt at ereinhardt@cnybj.com
