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Old Posted Aug 17, 2012, 10:47 AM
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Some good news for downtown (from the Ithaca Journal):

Commons project gets $500K loan
Funds are part of Southern Tier Regional Council awards

8:34 PM, Aug. 16, 2012
Written by
Matthew Hayes


ITHACA — Five new housing units on The Commons will be made possible by a $500,000 loan by the Southern Tier Regional Economic Development Council, part of $8 million released to 11 projects throughout the region.

Awarded through the community revitalization fund, the project involves interior renovation of 142-144 The Commons, commonly known as the House of Shalimar building. According to Ithaca Downtown Alliance Executive Director Gary Ferguson, the 40-year-old, four-story mixed-use building was purchased last year by local developer Jim Merod of Purple Fish Properties with an eye to developing the upper levels of the building for housing. Two apartments on both the second and third floors and a large apartment on the top floor are planned, and will be rented at market rate, according to Ferguson, who noted the project helps meet downtown demand as laid out in the 2011 Danter Housing Market Study.
“It’s an attractive loan for moving the project forward,” Ferguson said of the award, adding that the project will begin relatively soon, but he couldn’t be certain if it would begin this fall or into next spring.
According to the council the rehabilitation also includes installation of a new elevator, renovation of the current first-floor retail space and creation of one new commercial office space.
Other recipients include a $98,850 loan made to the Berkshire company CNY Wood Products to help process scrap wood and currently unusable timber tops to produce mulch for playgrounds and hardwood barbecue grilling diskettes. According to the council, the company is expected to create two new jobs with the loan.
Last year, a total of $785 million was awarded for job creation and community development projects statewide, with the Southern Tier allocated $8 million for the rural initiative fund, community revitalization and shovel-ready programs.



Here's the link:
http://www.theithacajournal.com/arti...text|FRONTPAGE
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