Peekskill Issues Open Call to Private Investors for DRI Funding

John Jordan | October 2019

Peekskill City Hall

PEEKSKKILL—The City of Peekskill, which in August of this year was awarded a $10-million grant through the state’s Downtown Revitalization Initiative to revitalize its downtown district, issued an open call for privately sponsored project proposals to be considered for DRI funding.

City officials say the purpose of the open call is to hear from members of the community who have potential transformative projects on privately -owned sites that provide economic and community benefits. This process will enable the Peekskill DRI Local Planning Committee to fully vet private projects that could transform the downtown, in a uniform, open and transparent process.

The DRI investment will allow Peekskill to develop a strategic investment plan and implement key catalytic projects that advance its vision for downtown revitalization. Projects selected for DRI funding will help transform the downtown and support a vibrant local economy, city officials noted.

Submissions may include capital/construction projects, business expansion or creation, and renovation of existing buildings on private sites. Each submission should demonstrate a commitment of private funding sources and discuss the project’s transformative nature and potential community benefits. New ideas are encouraged, as well as established project concepts, the Peekskill DRI Local Planning Committee.

All submissions should include as much information as possible on potential projects in order to demonstrate that the idea is feasible and will have a meaningful impact on downtown Peekskill. After submission, the Peekskill LPC and its consultant team, led by BFJ Planning, will work with project sponsors to gather additional information as needed.

According to the city’s Open Call, eligible projects include capital projects that could be sponsored by individuals, property owners, business owners, non-profit organizations, and cultural institutions. To be eligible, privately-sponsored projects must demonstrate a clear need for DRI funding. Projects that would proceed even without contribution of state funds are not likely to receive funding. Privately-sponsored projects must demonstrate a funding gap and that they will provide a tangible benefit to the community. The following project types are eligible for this solicitation could include (but are not necessarily limited to):

• New Development, Redevelopment, and/or Rehabilitation of Existing Buildings. Projects involving the development, redevelopment, or rehabilitation of real property for mixed-use, commercial, residential, or industrial uses. This could include site improvements to provide publicly accessible outdoor space on private property.

• Business Expansion or Creation. Capital projects that facilitate expansion of existing businesses or creation of new businesses within the DRI area.

• Expansion of Arts, Cultural, or Community Institutions. Capital projects that facilitate expansion and/or increased programming of arts, cultural, or community institutions.

The DRI plan may include other project types, including public improvements that are sponsored by the City of Peekskill or other public entities.

The city notes in the Open Call that DRI funds are intended to be used for projects that directly implement the Strategic Investment Plan and cannot be used to fund additional planning.

Other ineligible uses for the DRI funding include ongoing or routine expenses, such as staff salaries, rent, and property maintenance; costs incurred before the DRI funding awards are announced by the state; DRI funds cannot be used to purchase real property, training and other program expenses and to supplement existing programs or replace existing resources.

All requirements for submissions can be found in the Open Call for Potential DRI projects. A PDF of the Open Call for Potential DRI projects can be downloaded at the following link: https://www.peekskilldri.com/news-1.

Project submissions should be emailed to PeekskillDRI@gmail.com by Dec. 6, 2019. The consultant team will hold “office hours” to discuss questions about potential submissions on Wednesday, Nov. 20 from 3:00 p.m. to 5:00 p.m. at Peekskill City Hall, 840 Main St. in the first-floor conference room. In addition, applicants may submit questions on the Open Call via email by Nov. 22, 2019 at 4pm.

Please visit www.PeekskillDRI.com for more information on opportunities for public input and the DRI planning process. Follow the Peekskill DRI on Twitter and Instagram @PeekskillDRI and on the City of Peekskill’s Facebook page @PeekskillGov.

John Jordan
Editor, Real Estate In-Depth