MALONE — Two downtown property owners are each receiving $150,000 in state funding after completing a competitive funding process.
The state money was secured with help from the Franklin County Economic Development Corp. and will support building renovations for commercial and residential tenants, according to Jeremy S. Evans, CEO of FCEDC.
Renovations will take place at 367 W. Main St., a former coffee shop, and 470 E. Main St., a former hardware store.
“We received a grant of $400,000 and we have about $300,000 to spend on these building improvements, and then the rest is for administrative expenses and streetscape improvements that have not yet been identified,” Evans said. “We have allocated part of this sum to these two projects, and then we will always seek to find additional funds for building renovation projects.”
Evans said the funding will help find commercial and residential tenants and contribute to the continued revitalization of downtown.
“We are thrilled to award funds to support these landlords in their transformation projects and appreciate their commitment to downtown Malone,” said Evans. “Thriving downtowns are one of our top priorities and we look forward to partnering with other downtown real estate owners who are ready to invest in Downtown Malone.”
Evans said the Malone Village Core Revitalization Program is funded by state Main Street funds that are awarded to the FCEDC.
“The Village of Malone is thrilled to see two of our Main Street businesses moving forward with the New York Main Street program,” said Mayor Andrea M. Dumas. “We want to share our appreciation and a big thank you to FCEDC, for working through the process of working with our Main Street businesses to apply for the grant funds. We look forward to the continued growth of our Main Street and our community. »
Funding for Main Street comes from Homes and Community Renewal, the state’s affordable housing agency.
“It’s a program that’s been around for a long time. This is a competitive application so municipalities and nonprofits can apply and demonstrate the need and opportunity to do these types of projects on a main street or downtown,” said Evans. . “Then, if granted, that municipality or organization has its own application and granting process.”
Funds can be used for facade renovations and commercial or residential interior renovations. Commercial projects can receive up to $50,000 in funding, while residential projects can receive up to $100,000.
“Grant money can be used for almost any number of interior or exterior upgrades to existing buildings in a target downtown area,” Evans said.
Juan Rivera owns the hardware store building on East Main Street and Codie Secore owns the former Poissiant & Nichols building on West Main Street, Dumas said.
According to a press release from the economic development corporation, plans for the West Main Street property include renovating most of the building, including facade improvements and the creation of at least two residential units and two commercial units. .
On East Main Street, the funding will go towards a new sign and restoration of the building’s original windows, according to the press release.
Evans said he believes this is the first time this funding program has helped properties in the village of Malone. The county economic development corporation has used the Main Street program in Saranac Lake and Tupper Lake, he said.
“I don’t think the owners of downtown Malone have had the opportunity to do that before,” Evans said. “No recent memory.”