Watertown, Cortland to use DRI funding for small-biz projects

Both Watertown and Cortland plan to use a portion of their respective $10 million funding awards in the state’s Downtown Revitalization Initiative (DRI) on projects to help small businesses.

The projects involve both funding and spaces for operations.

The office of Gov. Andrew Cuomo announced the projects for Watertown on July 11 and the initiatives for Cortland the following day.

Both Watertown and Cortland developed an investment plan for their respective downtowns with $300,000 in planning funds from the $10 million DRI grant.

Watertown

Watertown plans to use $825,000 to renovate the Lincoln Building to create a centrally located co-working space. 

The project seeks to attract entrepreneurs and artists by providing collaborative co-working space, dedicated desks, private furnished offices, and a conference room, studio, and kitchenette, Cuomo’s office contends. Renovations will also include a new event space on the fifth floor, and a new elevator and stair tower to improve access to all floors. 

It will also use $600,000 to create a fund to provide matching grants to property owners for downtown façade improvements and to support small businesses. The program aims to “enhance the downtown and help attract” small-business owners to Public Square. 

The projects are among 14 that Watertown is targeting with its $10 million DRI funding award. The state named Watertown a DRI round-two winner last October.

Cortland

Cortland plans to use $484,000 to complete the conversion of a vacant building into the Cortland Business Innovation Center, which will serve as downtown’s hub for commerce and culture and a resource for aspiring entrepreneurs. 

The Innovation Center will provide retail incubation for four businesses on the first floor, eight co-working and startup offices on the second floor, and space for one entrepreneur in residence on the third floor. 

The funding will help pay for completion of interior build-out of the first and second floors, as well as façade improvements. 

Cortland will also use $600,000 to create a revolving loan and grant fund that will assist property owners to renovate and upgrade commercial and residential buildings in the downtown. Improvements may include sign and façade improvements, upper story housing restoration, and commercial space renovation, with an emphasis on projects that reduce the city’s environmental footprint. 

The fund may also assist new businesses with startup costs such as marketing and fit-out of commercial space. 

The projects are among 10 that Cortland is targeting with its $10 million in DRI funding. The state named Cortland a DRI round-two winner last October. Cortland developed a strategic investment plan to revitalize its downtown with $300,000 in planning funds from the $10 million DRI grant.