Revitalization takes big leap.The long-awaited revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. of downtown Spring Valley in Rockland County took a major step forward with the official signing of an agreement between the Village and CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. Resources Inc. (CPCR CPCR Cardiopulmonary Cerebral Resuscitation CPCR Centre for Public Communication Research (UK) CPCR Computer Program Change Request CPCR Crew Procedures Change Request (NASA) ) that clears the way for a $36 million redevelopment plan to construct two mixed-use buildings along a neglected section of North Main Street. The two sites--58-92 North Main Street and 65-95 North Main Street--are across the street from each other and are currently occupied by one- and two-story buildings, many of which are vacant and in disrepair. Plans for 58-92 North Main Street call for razing the existing properties on the site and constructing a six-story building with 75 one- and two-bedroom rental apartments along with 16,500 square feet of retail space and more than 100 parking spaces. The properties on 65-95 North Main Street site will be demolished de·mol·ish tr.v. de·mol·ished, de·mol·ish·ing, de·mol·ish·es 1. To tear down completely; raze. 2. To do away with completely; put an end to. 3. to make way for a new six-story building with 75 one- and two-bedroom rental apartments for seniors. The building will also have 12,500 square feet of retail space and more than 100 parking spaces. "We are pleased to be working in partnership with the Village in this important first step toward the revitalization of downtown Spring Valley. The development of new housing and retail stores along North Main Street is key to bringing new energy to the downtown area and ensuring its long-term economic future," said Thomas P. McGrath, Senior Vice President of CPC Resources, speaking at a ceremony held at Village Hall. Spring Valley Mayor George O. Darden said, "The people of Spring Valley deserve a Main Street of which they can be proud. The redevelopment of these two properties by CPCR will encourage private owners to invest hundreds of thousands of dollars in upgrading their own properties. New businesses will be attracted to our downtown, and many existing businesses will prosper. I believe that we can all look forward to the day when Main Street in Spring Valley is once again the true hub of Rockland County." For the development of the 58-92 North Main Street site, CPCR will apply for tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. financing from the Housing Finance Agency (HFA HFA Harvard Film Archive (Harvard University) HFA Harry Fox Agency, Inc. HFA Housing Finance Agency (District of Columbia government) HFA Hyogo Framework for Action HFA High-Functioning Autism ), as well as low-income housing tax credits The Low Income Housing Tax Credit (LIHTC; often pronounced "lye-tech") is a tax credit created under the Tax Reform Act of 1986 (TRA86) that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. and Empire Funds. CPCR will also apply for Home Funds from Rockland County. The apartments will be available to families earning 60% of the median income in Rockland County. |
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