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Franklin Building Renovation Funding In Place
By: NewsWatch 50 | ON July 1, 2008
A historic, decaying, downtown Watertown relic will soon be transformed into a vibrant, and hopefully, bustling commercial and residential property. The renovation of the Franklin Building is about to begin.
Gary Beasley, Executive Director of Neighbors of Watertown, Inc. announced Tuesday morning that the funding for the complete restoration of the three story building, also known as the YWCA building, has been approved.
“The Governor has announced a layering of funds which will complete the package we need to do the Franklin Building from start to finish,” said Mr. Beasley.
Prior to Gov. David Paterson’s announcement there was only enough funding in place to renovate the ground floor of the Franklin.
Two awards will fund the build-out of the upper, residential floors; $298,000 from the federal Low Income Housing program and $1,400,000 from the NYS HOME program.
According to Mr. Beasley another announcement of an award of approximately $500,000 will be made by state officials, probably within two weeks time. The award will complete the funding process.
Construction is expected to begin sometime this summer. Beasley estimates the project will take 12 to 18 months to complete.
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