Seward Announces Area 'restore-ny' Grants

Senator James L. Seward today announced that Sharon Springs Inc. has been awarded $500,000 for the rehabilitation of pavilion cottages at one of Sharon Springs' spas, to make the springs an international destination and resort.

In addition, the Lake Street development project in Richfield Springs, Otsego County, has been tapped to receive $500,000.

The grant money is part of $100 million that comprises year two funding for 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.

"Restore NY is a helpful tool for boosting local economic development, creating jobs and improving the quality of life in our communities," said Senator Seward. "The restoration of properties in Sharon Springs and Richfield Springs is a great first step toward improving their visual landscapes and generating optimism among residents, and helps to foster an environment that encourages job creation and the development of a strong future economy."

The three-year, $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 are awarded on a competitive basis to municipalities to demolish or rehabilitate qualified commercial or residential structures, making the cleared or restored sites attractive to residents and businesses. Under the program, $50 million was distributed in 2006-07, $100 million announced today in 2007-08; and $150 million will be made available in 2008-09.

"The revitalization of our communities across New York State is an essential component of generating economic growth and new investment dollars," said Seward.

More information regarding the Restore-NY initiative is available online at www.empire.state.ny.us/restoreNY/