Albion will pursue Main Street grant
Matching funds would help with building projects
ALBION – The village is working on an application to the state for a Main Street revitalization grant for the downtown business district.
The village is looking at a bigger target area than its previous Main Street grant in 2013-14 which was limited to a three-block area.
The village is reaching out to building owners on Main Street from the former Cornell Cooperative Extension building (now an outreach center owned by Christ Church) to the Yellow Goose and former Nayman’s just north of the canal.
The village also is eyeing Bank Street near Ingersoll Street to Liberty Street (from Greg’s Barbershop to Arnold’s Auto Parts).
The village has sent letters about the grant to more than 40 building owners and 21 have already sent in preliminary applications, said Ron Vendetti, the village’s code enforcement officer who is managing the grant. Vendetti administered a Main Street grant in Holley about two years ago.
Building owners can seek up to $50,000 in matching funds for each commercial unit and up to $10,000 for each residential unit.
The program supports building renovations including renovation of residential units, projects that are visually prominent on Main Street, projects with historic value or historic properties in danger of disrepair, and projects that reduce blight blight and contribute to the economic recovery of the area, Vendetti said.
Albion has set a 5 p.m. meeting for April 27 at the Village Hall to share more information on the project. The Village Hall is located at 35 East Bank St.
Vendetti said he is excited about a new partnership with PathStone to help building owners with financing the projects. PathStone has created a loan product to fund up to 100 percent of a project for successful applicants in the program. PathStone’s loan would be 75 percent reimbursed when the state funds come in. PathStone will convert the balance of the loan on permanent financing to the building owners.
PathStone says it is willing to provide the short-term gap financing to make projects doable for the building owners.
“This makes the process more reachable,” Vendetti said.
He also is reaching out to NYSERDA (New York State Energy Research and Development Authority) to help with energy and conservation projects.
For more information, call Vendetti at the Village office at 589-9176.