Downtown Revitalization Fund ("DRF")

The City of Peekskill established the Downtown Revitalization Fund ("DRF") using grant funds from the Downtown Revitalization Initiative ("DRI"). The DRF assists local businesses and property owners within the DRI Boundary plan and pay for capital improvements. The goal of the DRF is to enhance the streetscape, promote business growth, and attract new tenants, shoppers, residents, and businesses. Improvements to local businesses are intended to elevate the downtown experience for everyone.

Facade and building upgrades, historic signage, fixtures for new or expanding small businesses, solar energy installations, and adaptations to meet public health/COVID-19 guidelines are all eligible for the DRF. Administered by the City of Peekskill, the DRF provides up to $100,000 per project to reimburse 90% of eligible project costs. Applicants must contribute a minimum of 10% in matching funds.

The first round of the DRF award recipients have been announced (PDF).

A second round is open as of January, 2025! The Downtown Revitalization Fund has almost $100,000 remaining, and the City has opened a second round of applications.

Preferred Projects: Signage design, fabrication and installation.
Other eligible projects include: interior and exterior building renovations; purchase and installation of permanent equipment & machinery; solar installation; and architecture, engineering, and environmental testing for project implementation.
Eligible applicants include businesses, property owners, and organizations in the DRI area (see the informational flyer for a map).
Applications are due February 14, 2025 by 4pm.

Please review the program guidelines, FAQs, and relevant documents below. The DRF is a competitive grant program, and the application is designed to gather the necessary information to determine whether a proposed project (1) meets the program’s criteria and minimum requirements, and (2) scores highly enough to receive funding. Applicants are responsible for providing accurate and complete information in their applications.

Application & Informational Materials

Status Updates

October 2024 Common Council Updates

Project Profiles

EB Studios LLC - 115 N. Water Street

Complete the authentic restoration of the historic building and improve energy efficiency by replacing 27 upper floor windows, HVAC system, and reroofing the building.

Total Project Cost: $92,000
Total Requested Amount: $63,112
Match Amount: $28,888

Larry D’Amico Artist Loft - 901 South Street

Addition of an outdoor artist display area, workspace, and sculpture garden; solar panel installation on the roof.

Total Project Cost: $108,809
Total Requested Amount: $78,908
Match Amount: $29,901

101 S Division Street Partners, LLC - Flatiron Building

Replacement of existing upper floor windows with new historic style windows to complete exterior restoration work on the building; installation of solar film on the storefront windows; replacement of the water heater.

Total Project Cost: $130,000
Total Requested Amount: $96,009
Match Amount: $33,991

Hudson Valley Gateway Chamber of Commerce - 1 S. Division Street

Replace modern storefront with the original historic design; new signage & lighting; improve the lobby area.

Total Project Cost: $78,900
Total Requested Amount: $68,817
Match Amount: $10,083

Whiskey River - 38 N Division Street

Expand the business with a patio at the rear of the building for outdoor dining. Installation of a vehicle barrier system/fencing; rear window & roof replacement; landscaping.

Total Project Cost: $107,520
Total Requested Amount: $94,832
Match Amount: $12,688

Terra Dulce Bakery - 1049 Main Street

New pergola, planter boxes and picnic tables for outdoor dining.

Total Project Cost: $48,868
Total Requested Amount: $43,102
Match Amount: $5,766

Fern Tree - 115 N. Water Street

Façade improvement including the restoration of building exterior, roofing, signage, electrical and flooring.

Total Project Cost: $48,400
Total Requested Amount: $44,000
Match Amount: $4,400

23 S Division Street Partners, LLC

Complete removal and replacement of existing top floor windows (12) glazing and frames with new similar size and configuration unit is proposed.

Total Project Cost: $118,500
Total Requested Amount: $44,000