Peekskill Wins $10 Million Economic Development Grant

PEEKSKILL, NY — Peekskill will receive $10 million in funding as the Mid-Hudson winner of the fourth round of New York state's Downtown Revitalization Initiative. Its fourth-round DRI win entitles the city to receive state funding and investments to revitalize its downtown neighborhoods and generate new opportunities for long-term growth.

The grant will help Peekskill build on all its past and current economic development work plus its position in the Hudson Valley, Gov. Andrew Cuomo said at a press conference that packed 100 people into the Hudson Room, one of Westchester's best restaurants.

"Peekskill proposed a brilliant plan that builds on their natural resources including the beautiful waterfront - a magnet that draws people and businesses to the area," Cuomo said. "And they demonstrated they have the secret ingredient: the capacity to actually get it done."

Westchester County Executive George Latimer pointed out that Peekskill has lots more to leverage, including its vibrant restaurant scene, its arts community and its architecture.

And Mayor Andre Rainey pointed out that people who appreciate small cities and see their potential appreciate help getting there. "This DRI will insure a more prosperous downtown for years to come."

On of the many attendees at the press conference, Steve Dillard, who is on the local NAACP's economic development committee, said he was very excited about the grant, and hoped to see the city's healthy arts community built up to re-create Peekskill as a media hub.

"I was going to move out of Peekskill," he said, "but I think it's well worth the commute to stay here and raise my kids."

The city will now begin the process of developing a strategic investment plan to revitalize its downtown with up to $300,000 in planning funds from the $10 million DRI grant.

A local planning committee made up of municipal representatives, community leaders, and other stakeholders will lead the effort, supported by a team of private sector experts and state planners.

The Strategic Investment Plan for downtown Peekskill will examine local assets and opportunities and identify economic development, transportation, housing, and community projects that align with the community's vision for downtown revitalization and that are poised for implementation.

The plan will guide the investment of DRI grant funds in revitalization projects that will advance the community's vision for its downtown and that can leverage and expand upon the state's $10 million investment. Plans will be complete in 2020.

Peekskill now joins the cities of Middletown, Kingston and New Rochelle, which were the Mid-Hudson winners in the first three DRI rounds, respectively.

SEE: State Announces Transformational Projects For New Rochelle

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