New grant available for property owners through Gloversville DRI

GLOVERSVILLE, N.Y. (NEWS10) -- The City of Gloversville has created a new grant program for property owners within the Downtown Revitalization Initiative (DRI) Zone. The $600,000 grant program, known as the Gloversville Revitalization and Improvement Program (GRIP), is funded through New York State's $10 million DRI grant.

In December 2021, Gloversville was awarded a DRI grant to revitalize its downtown. The city choose 12 transformative projects to work on with money from the grant. One of the projects was creating GRIP.

Applicants eligible for GRIP funding include property owners that are individuals, for-profit and not-for profit organizations. The program is to help fund commercial or mixed-use rehabilitation projects within the DRI Zone.

Interested business owners in the DRI Zone can contact the Fulton County Center for Regional Growth for an application. Once the application is finalized, it goes before the local review committee for recommendation. Recommended projects are then submitted to New York State Homes and Community Renewal agency to determine the award.

Funding eligible for:

• Building renovations for commercial and mixed-use spaces
• Permanently affixed signage and awnings
• Upper-story residential improvements
• Improvements to support business practices such as pick-up windows

Funding not eligible for:

• Building acquisition costs
• New construction
• Improvements to structures owned by religious or private membership-based organizations
• Improvements to municipally owned and municipally operated buildings
• Furnishings, appliances, electronics, tools, disposable supplies, movable business equipment, non-permanent fixtures or temporary artwork.
• Site work, septic systems/laterals, grading, parking lots, sidewalks, patios, decks, garages, sheds, landscaping, fences, free standing signs, general maintenance, or repairs.
• Operating expenses such as inventory, rent or lease expenses, working capital, supplies, salaries, utilities, or insurance

The city said grant amounts will be between $5,000 and $100,000 and cannot exceed 75% of the total building renovation project cost. In other words, the owner must provide a match of at least 25% of the total project cost.

GRIP is also a reimbursement program, meaning the owner must pay upfront for all improvements. Once the project is completed, proof of paid expenses are turned over to the Fulton County Center for Regional Growth and then the owner gets reimbursed.