Funding Streets, Sewers & Water Lines In The Inner Harbor.Posted: December 7, 2012
The city hopes that COR Development’s $350 million plan for the Inner Harbor area kicks off more development in what one news report has called “Syracuse’s newest neighborhood.” To ensure that the COR project and any future development is going to become a reality, the city needs to build the roads and lay the sewer and water lines that these projects rely upon. The city believes the total cost for this infrastructure will be $4 million.
At a time of fiscal austerity and budget deficits, how can this be done? If you add together the pieces that have been announced, the city of Syracuse is still short $1.5 million.
Our previous post mentioned that S.I.D.A. has committed $500,000 from a fund it controls, consisting of money paid by Destiny USA in its PILOT agreement with the city. This fund stipulates that money can only be used on infrastructure in the Inner Harbor area. This fund has apparently been tapped many times, as the original $5.4 million is now down to less than $33,000 after taking the new Inner Harbor grant out of the fund.
U.S. Senator Charles Schumer is also going to bat for the city, holding a press conference asking the federal Economic Development Administration to fast track $2 million for the infrastructure construction.
Additional reports now indicate that the federal money is not a loan, but a matching grant. This grant requires the city to match the $2 million from the feds with other sources of funding.
$500K in local funds + $2M in federal funds equals “Hello Governor Cuomo, can I talk with you maybe for a second?