Schenectady, N.Y. — The Downtown Schenectady Improvement Corporation (DSIC) and Proctors Theater today announced the award of a $200,000 grant from the New York State Division of Housing and Community Renewal and the Housing Trust Fund Corporation. The State selected the Schenectady application for funding under the new Main Street Program established to provide support for downtown renewal projects.
Schenectady Mayor Brian Stratton said, “This is part of our continuing, pro-active approach to seek State assistance at every possible opportunity to help fuel downtown’s renaissance. The work of DSIC and Proctor’s are moving our redevelopment efforts forward, and this grant will also help us to bring loft housing downtown — which represents a key element of our downtown game plan.”
Susan E. Savage, Chair of the Schenectady County Legislature said, “Now that Schenectady County has a professional and pro-active economic development team in place good things are happening. This is exciting news for Schenectady County and it continues our winning streak of securing State grants and other funding to support our unified efforts to make this community a better place to live and work.”
John Samatulski, Executive Director of the DSIC said, “As the landscape of downtown continues to be transformed on almost a daily basis, this grant demonstrates that the new team approach that we have in place for downtown development is working.”
The grant was awarded to DSIC, a nonprofit corporation whose mission is the revitalization of downtown Schenectady. The application was developed in close partnership with Proctors.
Philip Morris, CEO of Proctors said, “With this grant, Proctors Theater, which is the cultural anchor of the downtown, will be receiving assistance in developing the Carl Company Building to support a new retail environment in downtown Schenectady. Northeastern Fine Jewelry, already a high- end retail business, has expressed a commitment to this space which will also include a food service operation for our theater patrons, tourists and the general public.”
Half of the $200,000 grant will be utilized for the renovation of the former Carl Company, an essential component of the expansion of Proctors. The other half of funding will be utilized for a new program that will provide matching grants to property and business owners willing to undertake first floor renovations for commercial space and as well as funding for residential renovations on the upper floors. Similar to the successful downtown Façade Program operated by DSIC in partnership with Metroplex, the grants will leverage private investment to help revitalize downtown.
Ray Gillen, Chair of Metroplex said “Adding this residential component to our downtown development efforts represents a milestone. We now have sufficient commercial, business and entertainment projects underway to support a major expansion of our downtown program to include housing.”
More information on the NYS Main Street program may be found at www.nymainstreet.org.
John Samatulski 365-6793
Kathy Jarvis 382-3884 x138