The Downtown Committee can assist property owners, businesses, and developers to identify incentives, financing options, and resources that may be available to their business or project. For more information please contact Heather Schroeder.
Incentives and Financing Opportunities
The following list contains links to some of the opportunities available in Downtown Syracuse:
National Grid – Shovel Ready Programs offer several different funding opportunities ranging from building redevelopment, to Main Street revitalization, to infrastructure alterations, to energy efficient products and equipment.
NYSERDA provides funding to business and property owners looking to improve their energy usage. Programs are also available to assist with rehabilitation and new construction projects.
Federal Historic Rehabilitation Tax Credits are available to qualifying historic properties undergoing substantial rehabilitation. The final dollar amount is based on the cost of the rehabilitation; in effect, 20% of the rehab costs will be borne by the federal government..
State Historic Rehabilitation Tax Credits must be used with the Federal Historic Tax Credit. If properties are located in eligible census tracts owners can receive an additional 20% of the qualified rehabilitation expenditure.
Syracuse Industrial Development Agency (SIDA) provides incentives to larger projects including those from property, sales, and use of mortgage recording taxes, and bond financing.
485A Exemption authorizes a declining 12 year partial exemption from real property taxation for non-residential property converted to a mix of residential and commercial uses. Apply for this program at the City of Syracuse Department of Business and Neighborhood Development.
Syracuse Economic Development Corporation (SEDCO) Direct Loans can be used for the acquisition of land, buildings, or rehabilitation of real property, or machinery equipment. The maximum loan amount cannot exceed 50% of total project cost. The interest rate will be prime minus 1% and the term of the loan can be between 5 to 20 years.
Syracuse Local Development Corporation (SLDC) issues tax-exempt bonds for civic facility projects including colleges and universities, medical and research institutions, and other non-profit organizations in the City of Syracuse.
Onondaga County Save the Rain/Green Improvement Fund provides financial assistance and grant funding for the installation of green infrastructure and storm water mitigation projects.
New York Main Street Program provides financial resources to strengthen the economic vitality of the downtown neighborhoods. The Downtown Committee acts as a grant administrator for targeted areas.
The Greater Syracuse Business Development Corporation (GSBDC) provides non-conventional funding in the form of long-term loans with fixed interest rates and low down payments to small businesses throughout New York.
New York Business Development Corporation works with its lending partners, including the Small Business Administration (SBA) and the Empire State CDC: The 504 Company, to provide loans to small businesses.
Connective Corridor Hospitality Enterprise Fund (CCHEF), administered by the Greater Syracuse Business Development Corporation, has been established to stimulate the development of new and existing restaurants and retail enterprises in downtown Syracuse by providing financing as an alternative or enhancement to bank financing.
Connective Corridor Façade Improvement Program allocates funding for aesthetic and physical improvements to properties and businesses located along the Connective Corridor and Civic Strip.
New York State Consolidated Funding Application (CFA) serves as a single entry point for accessing up to $1 billion in economic development funding from: Empire State Development, NYS Canal Corporation, Energy Research and Development Authority, Environmental Facilities Corporation, Homes and Community Renewal, Department of Labor, Parks, Recreation and Historic Preservation, Department of State, and Department of Transportation.
New York Main Street Program
CONGRATULATIONS! The Downtown Committee of Syracuse, Inc. is pleased to announce the distribution of $470,000 in New York Main Street funds to seven revitalization projects, which will invest a combined total of more than $11 million into Downtown Syracuse! Awarded properties include 14 ground-floor commercial spaces and grand funds will also support at least seven affordable residential units. All projects are located within the South Salina Street Downtown National Register Historic District. Click here for more information about the planned projects.
NEXT STEPS: In the coming weeks, the Downtown Committee will meet with awarded property owners to discuss the scopes of their projects. Grant-eligible work will begin early in Summer 2018 and finish by the Fall of 2019. For more information about the New York Main Street program, please visit the New York State Homes and Community Renewal website.
BACKGROUND: In December 2017, the Downtown Committee of Syracuse, Inc. was awarded a $500,000 grant through the New York Main Street Program to support projects to convert vacant properties into shopping and dining destinations, new residences and offices. The program focuses on Salina and Warren Streets, and creating connections between existing destinations in Armory and Hanover Squares, as well as the Convention District. The program prioritizes commercial and residential improvements and aims to increase density and activate new activity along the street-level to continue Downtown's upward trajectory. The Downtown Committee is serving as the Local Program Administrator to administer these funds to projects within the target area.
The following list contains links to resourses and organizations that are available to property and business owners in Downtown Syracuse:
CenterState CEO has a variety of functions, programs, and services that help with business support, expansion, retention, and attraction.
City of Syracuse Department of Neighborhood and Business Development works to promote revitalization in commercial corridors and business districts within the city of Syracuse.
Onondaga County Office of Economic Development works to provide information and services to local businesses, expanding companies, and relocating companies in order to improve and grow the physical financial, and human infrastructure in Syracuse.
Onondaga County Industrial Development Agency uses available incentives, rights, and powers manner to promote economic development, growth, and prosperity.
Central New York Regional Planning and Development Board provides a comprehensive range of services associated with the growth and development of communities in Central New York. They assist with the planning and development of centers of business as well as the public infrastructure necessary to increase business investment to the region.
New York State Small Business Development Center delivers high quality business counseling and training to those who want to start a business or improve the performance of an existing business.
Small Business Administration provides assistance to businesses through four programmatic functions: financing, entrepreneurial development, government contracting, and advocacy.
Onondaga Small Business Development Center provides one-on-one, client-directed free business counseling to small businesses.
City of Syracuse Minority and Women-Owned Business Enterprise Participation Program provides ongoing information and technical assistance to Minority and Women-owned businesses to assist in their growth and success.
Empire State Development offers loans, grants, and tax credits as well as other financing and technical assistance to support businesses and encourage their growth within New York State.
State Historic Preservation Office provides resources and incentives to rehabilitate historic properties located in downtown.
Women Igniting the Spirit of Entrepreneurship (WISE) provides one-on-one business counseling, training, workshops, and mentorship for women looking to start and grow a business.
The Falcone Center for Entrepreneurship facilitates entrepreneurship in Central New York by managing various organizations, business centers, and programs to help both established and emerging businesses.
Syracuse Tech Garden provides resources to grow and sustain early-stage companies by stimulating technological creativity through the incubation of technology start-up businesses.
CNY Works and Workforce Investment Board provides assistance to businesses, job seekers, and training providers with the goal of supplying skilled workers for every business and employment for every job seeker.