By Susan E. Campbell
Saratoga Springs is reinvesting in the community by making $150,000 available to three different housing and restoration projects in the city, according to Commissioner of Finance Michele Madigan.
“We were at the high end of our fund balance and several economic development projects had come forward,” she said. “The City Council decided to break the reserves into three equal funding grants of $50,000 each.”
The recipients of the grants are the Saratoga Springs Housing Authority, the developers of a mixed use project on South Broadway, and reonovation of the historic Universal Preservation Hall.
Receipt of these funds is contingent on each recipient obtaining grants or tax incentives from the state to move forward on the respective projects.
“We have the unique opportunity to increase the likelihood that multiple-million-dollar projects occur within the city with only a modest contribution [from the city],” said Madigan.
Saratoga Housing will construct a new workforce housing project behind Stonequist Apartments on South Federal Street.