NORWICH – The Southern Tier Regional Economic Development Council is announcing that 10 projects will receive $8 million in awards through the Rural Initiative Fund; the Community Revitalization Program; and the Shovel-Ready Program, as part of Governor Andrew M. Cuomo’s Regional Council initiative.
These projects, which have the potential to create over 1,000 jobs, will help to revitalize communities, bolster the farm-based economy and generate substantial private sector investment. Of the 10 projects being funded, three are in Chenango County:
• A $200,000 low-interest loan from the Community Revitalization Program will go towards redeveloping the former Salvation Army building in downtown Norwich. The loan will leverage up to $250,000 in direct funding from Development Chenango Corporation (DCC), the economic development arm of Commerce Chenango. Plans call for DCC to purchase the property; perform functional and architectural renovations including extensive asbestos removal; and rent the ground floor and basement space to one or more commercial tenants. “Once the property demonstrates its viability as an investment, we would market it to a private developer, and return it to the tax rolls,” said Commerce Chenango President and CEO Steve Craig. “Rescuing this property will help preserve the integrity of the downtown Norwich business district.”