Senator Morahan Announces $ 350,000 Grant To Restore Spring Valley Property For Residential And Commerical Use

State Senator Thomas P. Morahanannounced that the Village of Spring Valley has been awarded $ 350,000 for the rehabilitation/restoration of property located on North Main Street. The grant money is part of the Restore New York’s Communities Initiative (Restore-NY), a program designed to aid municipalities in rehabilitating or removing obsolete or rundown commercial and residential properties, making these sites attractive to residents and businesses searching for new investment opportunities.

"The Restore NY’s Communities Initiative is a critical tool for creating additional economic development opportunities and improving the quality of life in communities throughout New York State," said Senator Morahan. "The Village of Spring Valley plans to utilize these funds to demolish designated buildings on North Main Street. The 53,950 square feet of property will then be redeveloped into 73 apartments in addition to ground floor retail space.This is a great first step toward improving not only the visual landscape, but it also generates optimism among residents, and helps to foster an environment that encourages job creation and the development of a strong future economy." The Restore NY property sites involved are: 86A - 89 North Main Street and 70 - 94 North Main Street in the Village of Spring Valley.

The $300 million Restore-NY Communities Initiative was established by the State Legislature in the 2006-07 State budget and is administered by the Empire State Development Corporation (ESDC). Grants will be awarded on a competitive basis to municipalities over the next three years to demolish or rehabilitate qualified commercial or residential structures, making these cleared or restored sites attractive to residents and businesses. The grants will be made available through ESDC in three rounds: $50 million in 2006-07; $100 million in 2007-08; and $150 million in 2008-09.

"The revitalization of the Village of Spring Valley, and other communities across New York State is an essential component to generating economic growth and new investment dollars," said Senator Morahan. "This initiative gives businesses an incentive to locate here, allowing them to fully take advantage of the tremendous economic and geographic resources that our state has to offer."

More information regarding the Restore-NY initiative is available online at www.nylovesbiz.com.

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