role,“if you think of New York State as a football field but somebody poured a foot of mud on the field and said go score, the IDA scrapes some of that mud off the field, so those businesses can prosper, so they can score.” Tools include tax abatements, grants, and low-cost financing, critical for leveling the playing field in New York’s competitive market. “In the case of manufacturers the IDA can also offer tax-exempt bond financing, which offers more affordable interest rates than bank financing,” Bonesteel adds. For small businesses, the city sweetens the deal with a year of free Chamber of Commerce membership, amplifying their visibility from day one. With infrastructure upgrades underway and a business-friendly approach, Rensselaer is poised to capitalize on its strategic advantages, and turn passersby into stakeholders. DOWNTOWN REVITALIZATION: RENSSELAER RISING At the heart of Rensselaer’s transformation is Rensselaer Rising, a comprehensive plan to breathe new life into the downtown core. Focusing on Broadway, Columbia Street, and East Street near the Amtrak station, the initiative prioritizes mixed-use development to create a vibrant, walkable urban center. “We developed a plan to revitalize those areas and reactivate them to enhance our business corridor,” explains Hulihan. Key projects are already reshaping the cityscape. The Barnet Mills Apartments will add 72 units and 20,000 square feet of commercial space at the northern edge of downtown, extending the district’s reach. Closer to the downtown, Bonacquisti Brothers is constructing a four-story building with 28 apartments and 5,000 square feet of retail.Across from the train station McManus Properties is adding 49 apartments with 7,500 square feet of commercial and co-working amenities. Nearby DeLeat’s Landing, an existing complex with 180 units, is expanding with 138 additional apartments and commercial space. “Beautiful apartments,” Hulihan notes, “right on the waterfront.” The most ambitious proposal comes from Polsinello Realty, which plans 300 apartments and 10,000 square feet of retail or restaurant space along the 4 CIVIL AND MUNICIPAL VOLUME 06, ISSUE 06
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