Capital Region gets $4 million for infrastructure

The Capital Region is getting more than $4 million toward infrastructure developments, as part of a statewide effort to spur growth and create jobs, according to the governor's office.

The DeWitt Clinton Hotel in downtown Albany is getting $4 million toward its renovation, and an historic building in Glens Falls will receive $145,000.

The projects are among fifteen grants, worth $17.5 million, that the governor announced in Malone.  

“My first priority as Governor is putting New Yorkers back to work. These funds provide communities with the resources they need to attract development and create jobs,” said Governor Paterson.

The DeWitt Clinton Hotel is a largely vacant, deteriorated building on the corner of State and Eagle Streets. C & Y Albany Hotel, LLC plans to redevelop the property into an Embassy Suites Hotel with conference and ballroom space.

Other projects getting funding include $145,000 to renovate an historic building in Glens Falls that will be the future headquarters of the Aeon Nexus Corp.

The 13 remaining projects are spread throughout the state and include more than $1.5 million to expand a company in the Mohawk Valley Region and nearly $1 million for improvements in Schroon Lake.

Eligible applicants include municipalities, businesses, academic institutions, and non-profits and awards will range from $100,000 to $5 million. The program gives a preference to requests for loans, whose principal repayments can be recycled for future projects.

The $120 million Fund was announced in May. This first round of funding finances business investment, infrastructure upgrades and downtown redevelopment.