Predevelopment and Marketing Funding with BOA Designation (Pending)

New York State is currently reviewing our Rensselaer Rising Revitalization Plan for a BOA Designation.  Communities with designated BOAs. Communities that have submitted a Revitalization Plan can apply for pre-development funding through the BOA program and the NYS Consolidated Funding Application. The City is currently eligible and does not need to wait for BOA designation. Funding supports implementation of pre-development activities to advance goals and priorities for revitalization and redevelopment outlined in the BOA Nomination Plan. 

 

Eligible activities include: 

• Development and implementation of marketing strategies  

• Development of plans and specifications  

• Real estate services  

• Building conditions studies and Infrastructure analyses 

• Zoning and regulatory updates  

• Environmental (Phase II Environmental Site Assessments are not eligible under this solicitation)

• Housing and economic studies, analyses and reports 

• Public outreach 

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US EPA Community Wide Brownfield Assessment Grant (Pending)

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​The City of Rensselaer has also applied to the US EPA for a Community Wide Brownfield Assessment Grant.  If awarded, this grant of $300,000.00 will provide funding to develop an inventory of brownfield sites, prioritize sites, conduct community involvement activities, conduct site assessments, develop site-specific cleanup plans, and develop reuse plans related to brownfield sites.

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City of Rensselaer Industrial Development Agency

The City of Rensselaer Industrial Development Agency is a not-for-profit public benefit agency established to help qualified businesses relocate, expand, and build in the City of Rensselaer. Using financing incentives and tax abatements, we can assist eligible companies cut the cost of acquiring, equipping, and constructing industrial, commercial, manufacturing and civic projects. The IDA can also assist new and expanding businesses with site selection, permits, approvals and market information.

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City of Rensselaer Economic Development Loan Program

HUD-Funded revolving loan fund available to new and existing businesses (manufacturers, wholesalers, retailers with three or more employees) and some service-based businesses.

 

• Loan amount: $30,000 to $150,000.00 at fixed rate (Lowest WSJ Prime Rate as of date of closing).

• Loan cannot exceed 40% of total project financing.

• One job created (within 2 years) for each $10,000 borrowed (51% of jobs to LMI households).

• $25 pre-application fee; $150 fee for full application; 1% commitment fee due before closing.

 

Loan proceeds may be used to acquire fixed assets, purchase inventory, support current accounts receivable and to refinance existing debt where such refinancing is a required element of total project financing. Loan proceeds shall not be used for capital improvements.

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Current Grant the City of Rensselaer has applied for and future grants anticipated

Pending

• $10,000,000.00 from USDOT Better Utilizing Investments to Leverage Development (BUILD) to Enhance Waterfront Connectivity in the north end of the City of Rensselaer

• $3,000,000.00 from NYS Agriculture & Markets for Grocery Store Development

• $466,000.00 from NYS DEC to add vehicle charging stations at the Library and Esplanade

• $300,000.00 from US EPA for Site Assessment and Clean Up (already discussed)

• $100,000.00 from USDA Reinvestment Fund for grocery retailer start up technical assistance.

• $50,000.00 from NYS Agriculture & Markets for Farmers’ Market Upgrades

 

Anticipated

• NYS Office of Parks, Recreation and Historic Preservation for parks improvements

• NYS DOS Coastal Rehabilitation and Resilience Projects for improvements around waterbodies

• NYS DOS Downtown Revitalization Initiative / NY Forward Round 9

• Other grant programs that become available

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Rensselaer County Regional Chamber of Commerce 

The City of Rensselaer sponsors the membership fee for news businesses that wish to join the Rensselaer County Regional Chamber of Commerce.  As part of the process the City of Rensselaer and Rensselaer County Regional Chamber of Commerce help to promote the new business with a ribbon cutting ceremony that is professionally promoted.

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National Grid Development Assistance 

Brownfield Redevelopment Assistance Program provides grants to fund utility related infrastructure improvements, demolition, and other costs that are necessary to progress the redevelopment of a brownfield site or abandoned building.

 

Building Ready Upstate Program provides grants to fund building drawings, site plans, and design specifications to meet local planning board approval and other costs that are required to reduce the upfront time needed to construct a new facility.

 

Main Street Revitalization Program provides matching grants to eligible property owners, municipalities and non-for-profit development corporations undertaking efforts to revitalize critical main streets and commercial corridors.

 

Shovel Ready Infrastructure Program provides grants of up to $125,000 for engineering and planning, and $500,000 for the installation of electric and natural gas infrastructure to a designated BuildNow NY and Shovel-Ready Certified Sites served by National Grid, and for engineering studies that will advance a site in the Shovel Ready development process.