Economic Development Projects

Economic Development Projects is sponsored by NYSERDA. Supports clean and resilient economic development projects with carbon reduction strategies in commercial sectors.

Funding and Financing | NYSERDA Pick a topic, get updates! Back to Just Transition Site Reuse Planning Accelerate Your Just Transition With Funding and Financing Power plant redevelopments are large projects that bring numerous benefits but also require considerable funding, with most projects requiring funding from multiple sources to be viable.

Several federal and state programs provide grants, loans, tax credits , and technical assistance for activities related to the just transition process, including planning, remediation, and capital improvements. In some cases, developers or institutions may have interest in funding just transition projects.

Municipalities can also craft incentive packages by using tax credits or other strategies to attract and assist developers in reusing sites. Costs for redeveloping power plant sites can range from under $10 million for smaller sites to upwards of $150 million for larger sites. Decommissioning and remediation comprise a significant portion of project expenses.

Power plant redevelopment projects are likely to require a multi-stream approach that leverages public programs, private sources, tax credits, and other strategies to create a financing package for the project. Take advantage of local, state, and federal programs There are many public programs that fund activities including planning, environmental assessment, remediation, and project implementation.

They often offer assistance in the form of grants, loans, and technical assistance. Explore Funding Programs [XLSX] Leverage tax credits and incentives Depending on the locality, tax credits may be available for activities such as brownfield redevelopment, historic preservation, and low-income housing development. For smaller projects, tax credits can be critical to viability.

Municipalities may also wish to offer tax incentive packages to attract developers for large-scale projects. Projects with creative vision or compelling public purpose are often able to raise significant corporate donations to help bridge the funding gap. Developers can also take advantage of smaller opportunities to reduce costs like reusing on-site infrastructure as part of the new development.

Power House Case Study: Leveraging State Tax Credits for Adaptive Reuse Missouri state tax credits for adaptive reuse accounted for 45 cents of every dollar spent on this power plant redevelopment project. The 1928 municipal power plant building sat empty for nearly 30 years after its decommissioning in 1980. The Power House site in St.

Louis, Missouri, was purchased in 2007 by an architecture firm and transformed into office space. Power House Case Study [PDF] New York State Funding Sources Through various New York State agencies, several programs are available to fund a range of activities associated with power plant reuse. Programs are not all inclusive, and availability is subject to change year to year.

A summary of some agencies with the most applicable programs is shown below: Technical assistance, funding, and training to support renewable energy development by private developers and municipalities, depending on the program. Funding to support municipalities in developing plans for the revitalization of brownfields, downtowns, and waterfront sites.

Learn More NYS Department of State NYS Department of Environmental Conservation Funding for municipalities and nonprofits for cleanup of contaminated areas, to address environmental risks in environmental justice communities, and to reduce greenhouse gas emissions.

Learn More NYS Department of Environmental Conservation NYS Consolidated Funding Application (CFA) The CFA streamlines the grant application process, allowing applicants to access multiple NYS funding sources through one application. Learn More NYS Consolidated Funding Application (CFA) NYS Homes and Community Renewal Funding for municipalities and nonprofits for housing, mixed-use, and economic development projects.

Learn More NYS Homes and Community Renewal Federal agencies also offer a variety of programs that can be used to facilitate power plant reuse. Programs are not all inclusive, and availability is subject to change year to year. A selection of several relevant agencies is listed below: Environmental Protection Agency (EPA) Funding for brownfield assessment and cleanup as well as environmental job training for impacted residents.

Learn More Environmental Protection Agency (EPA) Economic Development Administration (EDA) Funding for industry growth, workforce development, and job creation through planning and infrastructure, with prioritization for projects that build economic resilience in communities affected by shifts in industry.

Learn More Economic Development Administration (EDA) Department of Energy (DOE) Funding for energy-related projects for municipalities, including energy improvements in rural areas, clean energy, electric grid improvements, and energy infrastructure reinvestment.

Learn More Department of Energy (DOE) Department of Labor (DOL) Funding to support workforce development across industries, including clean energy, with prioritized investment for certain populations and communities.

Learn More Department of Labor (DOL) In addition to programs that provide direct financial assistance, many state, federal, and not-for-profit agencies offer technical assistance to build capacity, educate, and guide municipalities in navigating activities like clean energy and economic development, brownfield cleanup, and grant applications.

Tips for Applying for Funds Make sure your community’s goals and vision align with those of the funding source. Also, make sure you are an eligible applicant and that the fund serves your geographic area. Read the Notice of Funding Opportunity or Request for Proposals closely to understand the fund’s objective.

Emphasize how your projects align with these objectives in the application and follow requirements for page length, format, budget information, letters of recommendation, and other supplemental materials. Attend webinars or information sessions that the funding source may provide to learn about the requirements and get tips for making your application stronger. Sessions may also offer the chance to ask questions.

For federal sources, get in touch with your state or regional program manager to discuss your funding request. They can share examples of what works well in applications. Reach out to strategic partners to discuss potential collaboration.

Applications led by strong partners are often more compelling and more likely to receive funding. Stay up to date on energy-saving programs and incentives, best practices, and more. An incentive that reduces a final tax bill, dollar-for-dollar for a tax payer or municipality.