June 8, 2015
City prioritizes downtown renovations
Thoma Development is reminding residents that there is state funding available to rehabilitate downtown Cortland and to help those interested in starting up a business.
Thoma’s senior consultant, Rich Cunningham said the city plans to usea $50,000 grant it was awarded in2014 to conduct a market analysis of downtown Cortland. Cunningham hopes the analysis will help recruitnew businesses downtown and alsohelp existing businesses refine their business models.
The city is also going to benefitfrom a $200,000 Microenterprise grant it was awarded in November, saidCunningham. The city applied forthe grant in May of last year. With the funds, new or existing businessesemploying five or fewer people could be eligible to receive up to $35,000 to “be used for a multitude of purposes,” he said.
A 10 percent match for fundingand entrepreneurial training is required if an applicant is approved forassistance. Cunningham noted the funding is available to anyone looking to start a business citywide, but those looking to open downtown will receive priority.
The city is also working with the Cortland Downtown Partnership to identify properties in need of rehabilitation to submit an application to the state to receive funding through its Main Street Program.
Past funding from the program is being used for renovation projects at51-55 Main St., the building damaged by arson in 2005, and the NBT Bank building at 65 Main St.
If approved for the funding, the city could receive $100,000 that property owners who provide a 30 percent match could put toward renovation projects.
Cunningham said any downtown property owners looking to renovate buildings are encouraged to call Thoma Development at 607-753-1433 for more information. Applications also are beingaccepted for those interested inmicroenterprise funding.
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