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Main Street Revitalization Pilot Program

Designed to encourage economic vitality of a business district and to optimize the use of existing electric infrastructure. This program offers financial incentive awards for projects in a local business district expected to improve the economic stability and growth of a municipality.

This program is effective as of July 1, 2017 on a pilot basis, and therefore may be suspended at any time without notice.

Incentive awards are designed to achieve one or more of the following benefits:

  • To foster economic viability, vibrancy and growth through investment and job retention or creation
  • To encourage economic growth in areas with surplus Transmission and Distribution capacity to more efficiently use the system and lead to lower costs to all customers by spreading the fixed costs over a larger customer base
  • To complement current and future Energy Efficiency and Renewables programs and objectives

Main Street

Eligible projects may include interior renovations, façade improvements, streetscape improvements, or other investments that would enhance the economic viability/vibrancy of the business district. Any PSEG Long Island award or incentive offered to an applicant’s project is intended to supplement funding from other non-PSEG Long Island sources.

Incentive Awards

Applications for incentive awards must be associated with specific, well defined projects. Applications will be judged based on private sector job creation and/or retention, capital investment, expected economic growth in the business district, and utilization of existing electric infrastructure. Projects must include other sources of funding to a level of a minimum of 50% or more, through other private or public funding, matching funds, or tax abatements.

PSEG Long Island will award incentives based upon:

  • available funds,
  • economic benefits expected from submitted projects,
  • leveraging of other funding sources, and
  • the level of need to advance the project

The maximum incentive award is $100,000 and will be provided on a reimbursement basis after an applicant submits proof of paid invoices. Applicant must also provide supporting documentation to comply with requirement of a minimum $1-to-$1 match from sources other than PSEG Long Island.

Program Application Guidelines

The following guidelines will be used to administer and manage the program:

  • PSEG Long Island retains the sole right to select awardees and determine award amounts.
  • PSEG Long Island may conduct pre-inspections and/or post-inspections of a site or sites associated with a project.
  • PSEG Long Island makes no warranty, guarantee, or representation, express or implied, with regard to any economic benefits, energy savings, or cost savings that may result from use of this Program’s funds. Award recipient understands and agrees that PSEG Long Island is not liable for any financial losses related to the applicant’s participation in the Program, or if the expected benefits of the project are not achieved.
  • In the event that the award recipient utilizes a contractor or other agent to accomplish the project goals, PSEG Long Island makes no warranty, guarantee, or representation, express or implied, with regard to materials or workmanship provided by these agents or contractors, nor the costs charged by the agent or contractor.
  • Any award provided may only be used by the recipient for the stated and approved use. PSEG Long Island reserves the right to withhold the award if the substance of the project changes or the requirements of the program are not met.
  • Award will not be granted if the properties are not in compliance with applicable zoning laws, permitting, and urban renewal plans.
  • Applicant must provide evidence for other sources of funding greater than or equal to 100% of requested award amount.
  • Applicant must secure required building permits and complete the project in accordance with all applicable codes, ordinances, and standard engineering practices. Contractors must be properly registered, licensed, and insured.
  • Applicant agrees to provide economic information to PSEG Long Island or its approved agent in order to verify the economic benefit of the award for a period of two (2) years after issuance of the final award payment.
  • Applicant agrees to participate in PSEG Long Island marketing and promotional activities related to any award provided.
  • Award recipients will be responsible for accurately and appropriately accounting for any awards and resulting tax implications. Applicants should consult with an accountant prior to submitting their application.

Applicant Qualifications

The Applicant may be a:

  • property owner or developer,
  • local development corporation, or
  • not-for-profit 501(c)(3), 501(c)(4), or 501(c)(6), acting in partnership with a municipality, county or local development corporation on improvements in a business district.

The property must be located in a business district, within the service territory of PSEG Long Island. Applications and awards will only be considered if Applicant is maintaining all existing electric accounts in good standing with no arrears. 

 

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Last Updated 07/12/2017 3:23 PM