Watch Governor Hochul announce Troy as one of the $10 Million Capital Region Winners of Fifth-Round Downtown Revitalization Initiative.
New York State's Downtown Revitalization Initiative (DRI), a cornerstone of the State's economic development program, transforms downtown neighborhoods into vibrant centers that offer a high quality of life and are magnets for redevelopment, business, job creation, and economic and housing diversity. These compact, walkable downtowns are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State's bold climate goals by promoting the use of public transit and reducing dependence on private vehicles.
The DRI is led by the Department of State. Communities receive support from private sector experts and a team of state agency staff led by the Department of State in close partnership with Empire State Development, and NYS Homes and Community Renewal. Other agencies are also involved in reviewing and implementing projects.
What's Next?
After regrouping from the challenges face during the COVID-19 pandemic, the City of Troy focused its efforts on submitting a proposal to NYS for the fifth round of the DRI. Drawing on past community meetings, public surveys and conversations with our stakeholders and neighborhood groups, focus areas and main objectives were identified. The end result was a submission that aimed to use public spaces and urban amenities to connect new economic catalysts and enhanced cultural anchors, around a destination Riverfront.
In November, Troy was awarded $10 Million as the Capital Region's winner of the competitive grant program at the center of New York State's economic development initiative.
From Governor Hochul's Office
In this round, Governor Hochul doubled funding from $100 Million to $200 Million and allowed each Regional Economic Development Council to decide whether to nominate two $10 Million awardees or one $20 Million awardee for transformative downtown redevelopment projects. Like past DRI rounds, each selected community will develop a strategic plan through a bottom-up, community based planning process that articulates a vision for the revitalization of its own downtown and identifies a list of signature projects that have transformative potential and leverage further private and public investments. DRI funds will then be awarded for selected projects that have the greatest potential to jumpstart revitalization and realize the community's vision.
View Governor Hochul's Official Announcement.
To learn more about the DRI process, upcoming events and projects, please visit the DRI Site.
