BUFFALO, NY-- Buffalo Mayor Byron Brown is committing millions of dollars to invest in downtown Buffalo's future.
He made commitment based on recommendations from Buffalo Niagara Partnership.
Most of the $40 million pledged has already been marked for infrastructure improvements, such as cars on Main Street.
This is being done in an effort to attract more developers to the area.
The Buffalo Niagara Partnership released their results of the year-long Buffalo Building Reuse Project (BBRP) to improve the competitiveness of downtown Buffalo by attracting new investment and long term sustainability for the Queen City.
More than 30 volunteer local experts met to discuss recommendations for maximizing future investment in downtown Buffalo.
"A vibrant downtown is good for business activity throughout the region," said Andrew J. Rudnick, President & CEO of the Buffalo Niagara Partnership. "The Buffalo Building Reuse Project is all about clearing the way for private sector investors to complete redevelopment projects and increase downtown's competitiveness for 21st century commercial, residential, and retail use."
The Partnerships recommendations ares:
• Designating a lead entity for downtown Buffalo development - the Buffalo Urban Development Corporation - with increased downtown specific resources (staff, loans, grants, etc.)
• Creating a dedicated funding stream and utilizing effective tools (improve existing, establish new) to encourage redevelopment investments through project loans, matching grants, and gap financing and to improve downtown public infrastructure and amenities
• Implementing a housing in-fill strategy to transition class 'B' and 'C' commercial properties into residential use as the initial focus.
Where is the money coming from?
Mayor Byron Brown says the city is committing $11.25 million in new funds over a three-year period to help implement the BBRP recommendations. These funds supplement $4 million recently awarded by New York State through the Regional Economic Development Council process, and $23 million in federal money for the Cars on Main Street project. These funds will be used to invest in improved public infrastructure, project financing and staff expertise. Additional funding will be sought from foundations, private sector and utility companies.
WGRZ / Buffalo Niagara Partnership