Gov. Andrew Cuomo on Friday visited Cortland Repertory Theatre to announce the award.
It 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.
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.
(Sponsored)
How Are You Creating Certainty in an Uncertain World?
In a world of constant change, having a local partner in your corner can make all the difference. When Central NY businesses are asked “Who’s in your corner?” one name
Does Your Nonprofit Need an Annual Audit?
Many people wonder if a nonprofit needs an annual audit, and the answer is—it depends.Although there is no federal requirement that all tax-exempt organizations undergo an audit, many possible triggers
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.
“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 in the news release. “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 will now begin the process of developing a strategic-investment plan to revitalize its downtown with up to $300,000 in planning funds from the $10 million DRI grant.
A local planning committee 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.
The strategic-investment plan for downtown Cortland 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.”
Cortland’s “strategic” investment plan for its downtown will “guide the investment” of DRI grant funds in revitalization projects that will “advance” the 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 will be complete in early 2018.
Cortland Mayor Brian Tobin called it an “honor” to accept the award on behalf of the city, according to the news release.
“We will take this opportunity, and find community partners to expand on what we’ve already accomplished. I appreciate the great work being done by the regional economic -development council, and everyone here in Cortland who constantly works to ensure Cortland continues to be a great place to call home. We have tremendous leadership within our community … but we also have outstanding leadership at the state level. Thank you to Gov. Cuomo for his support and recognition of what we are doing locally, and his efforts to empower us to get the job done,” Tobin said in the news release.
Selection process
The Central New York regional economic-development council went through a competitive review process of proposals from communities throughout the region and considered eight criteria before recommending Cortland as its nominee for the DRI funding award.
The criteria included the stipulation that the downtown area should be “compact, with well-defined boundaries,” according to the news release. In addition, the municipality should be of “sufficient size to support a vibrant, year-round downtown.”
The criteria also stipulate 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.
Contact Reinhardt at ereinhardt@cnybj.com
