Exchange Street Redevelopment Project (2008 LGAA)

City of Geneva (Winner)
County: Ontario County
Population: 10,001 to 50,000
City Hall: (315) 828-6588

The Exchange Street Redevelopment Project (ESRP) was an initiative that allowed the City of Geneva to transform their downtown area in 2005 and 2006. This project dealt specifically with Exchange Street, a section of downtown Geneva that had fallen into a serious state of disrepair. Many of the buildings that filled this section of downtown were blighting, non-code compliant, and in desperate need of many costly repairs. The ESRP allowed the City of Geneva to purchase the buildings, tear them down, and clean up the sites. The project included a new 55-room Hampton Inn, a new branch of the Lyons National Bank, and a new Bicentennial Park that links the central business district with the Seneca Lake waterfront.

The new Bicentennial Park creates sizeable connections between the downtown area and lakefront. It is a gathering place for small festivals and offers a relaxing atmosphere for those visiting and working in the downtown area. The annual Farmer's Market was relocated across the street from the project area, allowing community members and visitors to see first-hand the newly completed revitalizations.

The City of Geneva was able to access funding from a number of sources. For the environmental cleanup, the Brownfields Economic Development Initiative and a low-interest HUD 108 loan totaling $2.5 million were critical in moving these projects forward. An Environmental Protection Fund grant of $250,000 has helped to make the park a reality. An infusion of $2.25 million from the Governor's Office for Small Cities for the two projects, and $350,000 from the Geneva Industrial Development Agency and the City's revolving loan fund were additional pieces in the funding package.

This project increased the assessed value of the revitalized area by almost $4.5 million and led to an increase of more than $80,000 annually in City property tax revenues. Although the benefits of additional businesses and employees downtown has yet to be measured, it is expected this project will yield significant positive impacts for businesses and for the downtown area, and will serve as a catalyst that will lead to further downtown improvements and a new beginning for Geneva's business district.