The state of New York is making $225 million available through the Rochester-Monroe Transformation Initiative (RMTI) to promote transformative economic development projects in the Monroe County and Rochester region. Awards will be distributed on a rolling basis.
Approved as part of the state’s Fiscal Year 2027 Enacted Budget, the RMTI will provide capital funding for initiatives that support economic development through strategic placemaking, adaptive reuse, innovation infrastructure and public safety. Recipients that may submit applications include:
- The city of Rochester.
- Monroe County.
- For-profit businesses and/or developers.
- Not-for-profit entities.
- Local public authorities.
- Industrial development agencies.
- Local development corporations.
- Municipally designated economic development organizations.
- Business improvement districts.
These range from projects that enhance public sites that encourage further private development and economic growth to those that convert existing office facilities or vacant properties into mixed-use structures. Other potential projects may include but not be limited to building shared state-of-the-art labs or facilities to drive tech innovation or procuring equipment for first responder agencies.
To be considered eligible for funding, projects must:
- Be located in Monroe County, with priority given to those in Rochester.
- Have a minimum project cost of $5 million.
- Include a minimum of non-state funding.
- Private developers must front 60% of the project cost.
- Non-profit developers must cover 40% of the costs.
- Have an applicant that either controls the site or has written consent from the ownership entity.
- Involve only capital-eligible expenses. Eligible costs include new construction, renovation or leasehold improvements; machinery and equipment; demolition; environmental remediation; furniture and fixtures; public safety equipment; various soft costs; additional costs deemed eligible.
Funded initiatives should ultimately have long-term, beneficial impacts on either Monroe County or Rochester’s economic standing. Results should include clear benefits for job creation, visitation rates, expanded housing or commercial activity, enhanced public spaces or improved neighborhood vitality.
In addition to long-term operational and financial viability, projects must have broader impacts beyond the project site and contribute to strengthen Rochester and Monroe County’s presence as a regional hub. These projects should be highly visible and accessible, drawing from a variety of public and private investment sources to maximize available funding.
The RMTI complements the state’s Finger Lakes Forward plan – a document outlining efforts to promote and grow the region’s economy and community development. The plan prioritizes investments in critical industries, including photonics, agriculture and food production and advanced manufacturing.
Photo by Patrick Ashley, CC BY 2.0 https://creativecommons.org/licenses/by/2.0, from Wikimedia Commons
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