Senate Majority Leader Joseph L. Bruno today announced that the Cities of Troy and Rensselaer have been awarded funds from the RESTORE-NY program to begin important waterfront redevelopment projects.The City of Troy will receive $2.5 million to demolish City Hall and begin work on the north waterfront area that will include construction of retail and office space, apartments and condominiums, a hotel and parking facilities."This is a very significant project that will take advantage of economic development opportunities, and redesign and rebuild the north waterfront in Troy," Senator Bruno said. "We are creating new, productive space that will create jobs, generate $105 million in new investments and make the waterfront area more vibrant for the benefit of the City of Troy and the entire Capital Region." "We are thrilled that the leaders in New York State recognize the work, vision, and excitement in the City of Troy," Mayor Harry Tutunjian said. "This funding will leverage millions of dollars in private investment and create significant developments along the Hudson River. We owe much thanks to Senate Majority Leader Joe Bruno and Governor Eliot Spitzer for their commitment to this program that will undoubtedly benefit our residents and taxpayers." The City of Rensselaer will receive $1.4 million in RESTORE-NY funds to demolish the former Rensselaer High School to make way for construction of a large scale mixed use development along the riverfront that will include 40,000 square feet of retail space and 50 housing units."The RESTORE-NY money for the Rensselaer riverfront redevelopment project is a good start," Senator Bruno said. "However, we are pursuing additional State funds that are needed to ensure that this vitally important project gets the funds it deserves and can move forward as intended." 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 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 these 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. More information regarding the Restore-NY initiative is available online at www.empire.state.ny.us/restoreNY.
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