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Waterloo awarded $10 million through Downtown Revitalization Initiative

The Downtown Revitalization Initiative (DRI) 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.

$10 Million Downtown Revitalization Initiative Award for Waterloo

The Village of Waterloo’s application demonstrated that Downtown Revitalization Initiative investments will accelerate and catalyze many of the public and private investments already underway through the city’s previous revitalization efforts.  The Village, viewed as a gateway to the Finger Lakes region along the Cayuga-Seneca Canal, envisions the transformation of its historic and walkable downtown area into a vibrant urban center that will attract residents, businesses and visitors.  While tourism is a priority, a variety of identified projects also demonstrates a true commitment to improvements for year-round residents and businesses.  Projects identified focus on new and improved housing, transit accommodations and public gathering spaces to expand entertainment, recreation, wellness and cultural opportunities.   

Waterloo has been awarded $10 million in state funding and investments to revitalize its downtown neighborhood and generate new opportunities for long-term growth following the local planning process. They join Geneva, Batavia, Penn Yan, Seneca Falls, Rochester, Newark and Perry, which were Finger Lakes winners in the first six rounds of the DRI. 

Waterloo will begin the process of developing a Strategic Investment Plan to revitalize its downtown with up to $300,000 in planning funds from the $10 million DRI grant. A Local Planning Committee made up of municipal representatives, community leaders and other stakeholders will lead the effort, supported by a team of private sector experts and state planners. The Strategic Investment Plan will examine local assets and opportunities to identify economic development, transportation, housing, and community projects that align with each community’s vision for downtown revitalization and that are poised for implementation. The Strategic Investment Plan will guide the investment of DRI grant funds in revitalization projects that will advance the communities’ vision for their downtowns and that can leverage and expand upon the state’s $10 million investment. Plans for the DRI’s seventh round will be complete in 2024.

Click here for entire press release from Office of Governor Kathy Hochul

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