Richfield Springs project gets state funding

The Daily Star, Oneonta, N.Y.
·2 min read

Dec. 16—A project to renovate an old bank building into housing units in the village of Richfield Springs will receive grant money from the New York State Energy Research and Development Authority.

The authority announced Thursday, Dec. 15, more than $12 million in awards were given to 10 regionally significant projects across the state under the Carbon Neutral Community Economic Development program, a media release said.

According to the release, the Bank Loft project in downtown Richfield Springs will "preserve, decarbonize, and revitalize a long-vacant 19th-century bank building for mixed-use/multifamily redevelopment.

"Reimagined as "The Bank Loft," the landmark will provide urgently needed market-rate rental apartments and amenities within a beautifully restored carbon neutral building redesigned to attract a new generation of residents — and new investment — to a once-affluent Otsego County resort town that has endured decades of population loss and economic decline."

Ground-level retail spaces will serve the multigenerational community, offering access to local farm products and bulk goods, as well as a café with public Wi-Fi, the release said. The project will also transform an adjoining empty lot into off-street parking for residents, with vehicle charging stations and a solar array." Led by an interdisciplinary team of experts, the project will meet rigorous Phius+ 2021 Core standards. When complete, the Bank Loft will serve as a replicable model for the decarbonization of historic buildings across the community and state—multiplying its environmental and economic impact," the release said.

The Carbon Neutral Community Economic Development program is administered by NYSERDA in partnership with Empire State Development and the New York State Department of State's Downtown Revitalization Initiative, the release said. The program is offered through the Regional Economic Development Council Consolidated Funding Application which provides a single entry-point for access to economic development funding with one application for multiple state funding sources. The program provides incentives with focused support for decarbonization projects located in Disadvantaged Communities or Downtown Revitalization Initiative districts, as well as commercial and mixed-use facilities that are regionally significant.

Vicky Klukkert, staff writer, can be reached at vklukkert@thedailystar.com or 607-441-7221.