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Waterloo Gets $10M in DRI Funding


During a stop in Rochester on Tuesday, Governor Kathy Hochul announced the Village of Waterloo will receive $10 million in funding as the Finger Lakes winner of the seventh round of the Downtown Revitalization Initiative.

“The Finger Lakes is a region with industry and creativity in its DNA, and we are shepherding it into a new era of possibility and opportunity,” Governor Kathy Hochul said. “My commitment to Rochester and the Finger Lakes is steadfast, and through these investments in our communities, we’re building a brighter future for every New Yorker in the region.”

“Having grown up in the Village of Waterloo, I know it’s a special place, said Village of Waterloo Mayor Walter Bennett. “Having grown up in the Village of Waterloo, I know it’s a Special Place. The DRI economic development initiative will provide the catalyst for seeing our expansive downtown and canal revitalization efforts come to fruition. Our unique position being nestled in the heart of the 5 & 20, NYS Thruway, and Canal corridors, along with our proximity to Rochester, Syracuse, and Ithaca presents exciting opportunities. We are looking forward to transforming the Village of Waterloo into the keystone that supports all of the Finger Lakes Region’s economic development.”

The announcement can be seen at the 43:50 mark:


$10 Million Downtown Revitalization Initiative Award for Waterloo

The Village of Waterloo’s application demonstrated that Downtown Revitalization Initiative investments will accelerate and catalyze many of the public and private investments already underway through the city’s previous revitalization efforts. The Village, viewed as a gateway to the Finger Lakes region along the Cayuga-Seneca Canal, envisions the transformation of its historic and walkable downtown area into a vibrant urban center that will attract residents, businesses and visitors. While tourism is a priority, a variety of identified projects also demonstrates a true commitment to improvements for year-round residents and businesses. Projects identified focus on new and improved housing, transit accommodations and public gathering spaces to expand entertainment, recreation, wellness and cultural opportunities.

Waterloo has been awarded $10 million in state funding and investments to revitalize its downtown neighborhood and generate new opportunities for long-term growth following the local planning process. They join Geneva, Batavia, Penn Yan, Seneca Falls, Rochester, Newark and Perry, which were Finger Lakes winners in the first six rounds of the DRI.

Waterloo will begin the process of developing a Strategic Investment Plan to revitalize its downtown with up to $300,000 in planning funds from the $10 million DRI grant. A Local Planning Committee made up of municipal representatives, community leaders and other stakeholders will lead the effort, supported by a team of private sector experts and state planners. The Strategic Investment Plan will examine local assets and opportunities to identify economic development, transportation, housing, and community projects that align with each community’s vision for downtown revitalization and that are poised for implementation. The Strategic Investment Plan will guide the investment of DRI grant funds in revitalization projects that will advance the communities’ vision for their downtowns and that can leverage and expand upon the state’s $10 million investment. Plans for the DRI’s seventh round will be complete in 2024.

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