Re:Main - The Revitalization Fund for Main Street, Rochester NY
The City of Rochester is issuing this Notice of Funding Availability (NOFA) for a renovation/revitalization grant program called Re:Main.
Re:Main is a $2 million revitalization fund to support the rehabilitation of vacant and underutilized residential, commercial or mixed-use buildings along Main Street from West Broad Street to North Clinton Avenue.
Program description
Re:Main - The Revitalization Fund for Main Street Program (Re:Main Program) establishes a $2 million fund to support rehabilitation of vacant, substantially vacant, abandoned, surplus or condemned residential, commercial or mixed-use buildings along Main Street from West Broad Street to North Clinton Avenue. The Re:Main program will help improve deteriorated building conditions and leverage funding from property owners and developers in order to make major investments in residential, commercial, and mixed-use redevelopment along the Main Street corridor. This will build on the momentum of revitalization along Main Street by projects like the Sibley Building renovation, the 2021 DRI projects, and several Restore NY-funded projects.
Re:Main is a flexible gap financing program, from which funding will be made available on a rolling basis until all funds are expended. However, all projects must be completed by October 1, 2029.
Program goals
The purpose of this program is to provide convenient gap financing to eliminate blight and attract new retail, service, office, and housing uses to vacant or substantially vacant properties in the target area along Main Street from West Broad Street to North Clinton Avenue. Completed projects will result in renovated and ready-to-lease commercial space and residential units in order to attract new businesses and residents and return properties to their full economic potential. This will in turn create greater pride in our Main Street for residents and businesses and give visitors a more positive impression of our downtown and neighboring neighborhoods.
Program eligibility
Eligible buildings must be vacant or substantially vacant and located along Main Street from West Broad Street to North Clinton Avenue, within the city of Rochester. Projects must have a total development cost of at least $1 million to be considered. The maximum grant amount will not exceed 25% of the project’s total development cost. Projects will be selected on a rolling basis until the program funds are fully allocated. Project expenditures incurred prior to March 1, 2025 are not eligible for reimbursement by this program.
Priority will be given to projects that can demonstrate:
- The majority of project funds have been secured by at least a letter of interest from a commercial lender. Preference will be given to projects with a funding commitment letter.
- Project consistency with the Program Goals.
- Site control with a reasonable purchase agreement; preference will be given to those with outright ownership.
- Compliance with the MWBE goal and SHPO.
- Ability to complete the project by October 1, 2029.
Grant terms and conditions
- Re:Main Program requires at least 10% building owner equity in the project sources of funds.
- For selection, strong emphasis will be placed on project feasibility and readiness for applicants that can demonstrate that plans are in place, project financing has been committed, and that the project is expected to start within six months of application date and completed by October 2029. Completion is defined as the receipt of a full certificate of occupancy.
- Projects will be subject to an underwriting process. Projects will not proceed to underwriting without proof of commitment for all financing.
- Grants will be disbursed as reimbursement (in arrears) only, in one draw for costs incurred after the eligibility date, when project is completed, and a certificate of occupancy has been issued. Please note that reimbursement may take up to six to twelve months.
- Grantees shall make best efforts to ensure that 30% of the grant award is utilized by NYS certified minority-owned and women-owned businesses (MWBE).
- Under the New York State Historic Preservation Act, Section 14.09 and its associated rules and regulations, State funded (in whole or in part) activities that have the potential to affect historic properties, either directly or indirectly, must be evaluated by the State Historic Preservation Office (SHPO) of the New York State Office of Parks, Recreation and Historic Preservation (OPRHP).
- Grantees shall maintain Commercial General Liability Insurance providing both bodily injury (including death) and property damage insurance in a limit not less than $1,000,000 per occurrence, $2,000,000 aggregate and $3,000,000 umbrella. Proof of insurance will be required at closing.
- Projects require review under the State Environmental Quality Review Act (SEQRA) (6 NYCRR Part 617).
- Other terms and conditions may apply and will be included in the grant agreement.
Fees
- There is no application fee.
- There will be a 1% closing fee payable at the closing.
- There will be a 0.5% document preparation fee, payable at the closing.
- The Grantee is responsible for expenses incurred by the City at the grant closing, including recording and filing fees.
Contact Information
Please send completed applications, as well as any questions about the Re:Main program, to Anne DaSilva Tella at Anne.DaSilvaTella@CityofRochester.Gov.