POTSDAM, N.Y. — The state is awarding the Village of Potsdam $10 million in funding as the North Country winner of the fourth round of the Downtown Revitalization Initiative (DRI).
Lt. Gov. Kathy Hochul announced Potsdam as the North Country winner during a Tuesday appearance at Clarkson University.
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)
CECL Accounting Standard: What You Need to Know
The Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 326, Financial Instruments-Credit Losses, became effective for all entities on January 1, 2023. This accounting standard introduces the current expected
Protecting your family business is more than financial and estate planning
By Lindsay Usherwood General Counsel I want to roll back the title of Ask the Expert because I don’t believe anyone can be an expert in family business. It 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.
Potsdam’s fourth-round DRI win entitles the village to receive $10 million in state funding and investments to revitalize its downtown neighborhoods and generate new opportunities for long-term growth. Potsdam now joins the Cities of Plattsburgh and Watertown and the Village of Saranac Lake, which were the North Country’s winners in the first three DRI rounds, respectively.
“On behalf of the Village of Potsdam’s board of trustees, our residents, business community, and institutional partners, I would like to express our heartfelt thanks to Gov. Cuomo, Lt. Gov. Hochul, and the North Country Regional Economic Development Council for selecting Potsdam as the recipient of the 2019 Downtown Revitalization Initiative,” Potsdam Mayor Reinhold Tischler said in Cuomo’s news release. “This DRI process has challenged our community to dream big, and we have. Today those big dreams are coming true. This 10 million dollar grant will help us realize our transformational vision for the future of Potsdam.”
Potsdam 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 Potsdam 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.
Contact Reinhardt at ereinhardt@cnybj.com
