New York has awarded both the cities of Cortland and Watertown $10 million in funding and investments in the second round of the downtown revitalization initiative (DRI). Cortland was chosen as the second-round winner in the Central New York region, and Watertown earned the same distinction for the North Country region. Cortland and Watertown will […]
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New York has awarded both the cities of Cortland and Watertown $10 million in funding and investments in the second round of the downtown revitalization initiative (DRI).
Cortland was chosen as the second-round winner in the Central New York region, and Watertown earned the same distinction for the North Country region.
Cortland and Watertown will use their $10 million in state funding and investments to “revitalize” their downtown neighborhoods and “generate new opportunities for long-term growth,” the office of Gov. Andrew Cuomo said in separate news releases about each city’s award.
Cuomo on Oct. 4 visited the Watertown Masonic Temple to announce the funding and announced the Cortland award two days later at Cortland Repertory Theatre.
Watertown now joins the City of Plattsburgh as a DRI award winner. Plattsburgh was the North Country region’s winner in the first DRI round.
“Watertown’s $10 million downtown-revitalization initiative award is a great step forward in our efforts to continue the North Country’s economic resurgence,” Cuomo said. “Investing in this local community will attract jobs, private investment and future development to transform downtown Watertown into an economic engine for the entire region.”
Cortland now joins the City of Oswego as a DRI award winner in the Central New York region. Oswego was the region’s winner in the first DRI round.
“New York continues to invest in our communities to attract the next generation of leaders and spur businesses development in downtowns across the state,” Cuomo said. “This funding will bring new life to downtown Cortland and [assist] in its transformation into an economic engine for the entire region.”
Developing a plan
Cortland and Watertown will now begin the process of developing a strategic-investment plan to revitalize their downtown areas with up to $300,000 in planning funds from the $10 million DRI grant.
A local planning committee in each community made up of municipal representatives, community leaders, and other stakeholders will lead the effort. A team of private sector experts and state planners will support the work, Cuomo’s office said.
The strategic-investment plans for the Cortland and Watertown downtown areas will examine local assets and opportunities and identify economic development, transportation, housing, and community projects that align with the community’s vision for downtown revitalization and that are “poised for implementation.”
The “strategic” investment plan for the downtown areas of both communities will “guide the investment” of DRI grant funds in revitalization projects that will “advance” each community’s vision for its downtown and that can “leverage and expand” upon the state’s $10 million investment, Cuomo’s office said.
Plans for DRI’s second round for both Cortland and Watertown will be complete in early 2018.
Selection process
As in the first round of the DRI, the state will select one municipality from each of the state’s 10 regional economic-development regions as a $10 million winner.
The state is awarding a total of $100 million in DRI funding and investments to help communities identify “catalytic downtown projects to boost the local economy,” Cuomo’s office said.
Both the Central New York and the North Country regional economic-development councils went through a “competitive” review process of proposals from communities throughout the region and considered eight criteria before recommending Cortland and Watertown as their respective nominees for the DRI funding award.
The criteria included the stipulation that the downtown area should be “compact, with well-defined boundaries,” according to the state. In addition, the municipality should be of “sufficient size to support a vibrant, year-round downtown.”
The criteria also require that the downtown area can “capitalize on prior or catalyze future” private and public investment in the neighborhood and its surrounding areas. The municipality should have identified “transformative” projects that will be ready for implementation with an infusion of DRI funds within the first one to two years, Cuomo’s office noted.
