Gloversville DRI Announces New Grant Opportunity for Property Owners
Expanding on its dedication to urban renewal, the City of Gloversville, New York has announced a new financial incentive for property owners within the bounds of its Downtown Revitalization Initiative (DRI) Zone. This newly minted grant program, entitled the Gloversville Revitalization and Improvement Program (GRIP), boasts a sizable fund of $600,000. The money for this initiative was carved out from the substantial $10 million DRI grant, which was awarded to the city by the New York State in December 2021.
Gloversville had the honor of receiving the DRI grant as a means of rejuvenating its downtown area. The local government selected 12 innovative projects to fuel with the grant funds, with the creation of GRIP being one of the notable undertakings.
GRIP’s purpose is to assist in financing rehabilitation projects for commercial or mixed-use spaces located within the DRI Zone. The grant program welcomes applications from a wide range of property owners including individuals, profit-driven organizations, and not-for-profit entities.
Business owners interested in availing the benefits of GRIP can get in touch with the Fulton County Center for Regional Growth to procure an application. Once an application is thoroughly completed, it will be reviewed by a local committee who will make project recommendations. Recommended projects are then submitted to the New York State Homes and Community Renewal agency, which is the final arbitrator on grant awards.
Funding via the GRIP is eligible for a variety of improvements, such as building renovations for commercial and mixed-use spaces, installation of permanently affixed signage and awnings, upper-story residential improvements, and enhancements to support business practices such as pick-up windows.
However, there are specific areas where GRIP funding cannot be utilized. These include building acquisition costs, new construction, improvements to structures owned by religious or private membership-based organizations, improvements to municipally owned and operated buildings, and costs related to furnishings, appliances, electronics, tools, disposable supplies, movable business equipment, non-permanent fixtures, or temporary artwork. Also excluded are site work, septic systems/laterals, grading, parking lots, sidewalks, patios, decks, garages, sheds, landscaping, fences, free-standing signs, general maintenance, repairs, and operating expenses like inventory, rent, or lease expenses, working capital, supplies, salaries, utilities, or insurance.
The city has outlined that the grant amounts will range between $5,000 and $100,000. However, it’s important to note that the grant cannot fund more than 75% of the total building renovation project cost, making it incumbent upon the owner to provide a match of at least 25% of the total project cost.
It’s also worth noting that GRIP operates as a reimbursement program. This means that the owner must initially shoulder all the expenses for improvements. Once the project reaches completion and proof of paid expenses is provided to the Fulton County Center for Regional Growth, the owner will then receive reimbursement from the GRIP fund.