Rhinebeck Bank Announces $3,000,000 Loan Fund for the Poughkeepsie Innovation District

The City of Poughkeepsie has launched a community development plan with a goal of improving the business climate spreading over several blocks within the City’s downtown area, including its historic Main Street. As part of the City’s ongoing revitalization efforts, the Poughkeepsie Innovation District and associated rezoning focuses on a narrow geographic area in order to increase its potential for success.

With the Poughkeepsie Innovation District addressing a significant portion of the area’s core commercial district, Rhinebeck Bank has officially announced their support of this initiative by establishing a $3,000,000 Loan Fund. Rhinebeck Bank will provide business loans through their commercial express loan product, as well as other financing for equipment, vehicle purchases, leasehold improvements, and commercial real estate transactions under preferred pricing structures and terms to the prospective borrowers.  

Rhinebeck Bank will waive bank fees for these loans and provide a below market rate for the loans, generally at .75% above a treasury rate index, resulting in a 5 year fixed rate at approximately 3.25% based on current rates. 

This is not Rhinebeck Bank’s first time supporting community development plans. In 2016, the Bank established a $3,000,000 loan fund for the Newburgh Creative Neighborhood initiative, closing or committing $2,500,000 in business loans to date for the area. The Bank has also partnered with the City of Poughkeepsie to attract and encourage involvement from businesses and residents in its downtown area as a founding sponsor of “First Fridays,” a popular and growing initiative.

Michael J. Quinn, President  & CEO of Rhinebeck Bank said: “improving cities in the Hudson Valley cannot be left to government alone. Rhinebeck Bank is proud to collaborate with the City and all of its stakeholders at such an exciting time in the City’s history. Our intent is to be one part of the effort to restore vibrancy and support smart growth in the City’s downtown core. Funding is a major factor in community growth and we’re proud to provide a key source for future business expansion in the city. If you’re a business in the Poughkeepsie Innovation District and need funding, please call us to explore possible financing opportunities.  Our loan officers are available to provide advice and expertise to help applicants put together their loan application and supporting documentation necessary to be considered for approval under this program.”

For over 158 years, Rhinebeck Bank has been an integral part of the area’s economic growth and a driving force for commerce along the Hudson River. Rhinebeck Bank takes pride in being personally involved in local businesses, communities and charitable organizations. Their ability to be responsive to the needs of their customers and community has led their continued growth. For more information about Rhinebeck Bank or any of their products or services, please visit www.RhinebeckBank.com.

Poughkeepsie Innovation District Zoning Approved

Poughkeepsie Innovation District Zoning Approved

At a special meeting called by Mayor Rob Rolison on Monday, the Common Council approved an update to the city’s zoning code to establish the Poughkeepsie Innovation District. The Poughkeepsie Innovation District (PID) aims to transform the core commercial section of the city’s downtown into a vibrant economic center anchored by increased residential population and a creative economy.   Monday’s adoption marks the culmination of a multiyear endeavor by the City, which was ably assisted by the Pace Land Use Law Center and Kevin Dwarka Land Use and Economic Consulting, as well as Dutchess County and numerous other stakeholders.

Focused on “place making,” the elimination of vacant property, as well as inclusion and diversity, the PID policy framework and zoning code update represent a major step forward towards restoring Poughkeepsie’s downtown as the region’s preeminent commercial district. The proposed zoning adds flexibility in terms of uses that are allowed on a property and focuses on how building form can positively impact the pedestrian environment. This flexibility, along with a streamlined land use approval process, will make it easier for property owners to activate their buildings and fill vacant storefronts, ensuring a high concentration of commercial and cultural activity in a quality urban setting.

Mayor Rolison said, “We’re grateful to the Council members that supported the PID. We continue to see interest and investment in Poughkeepsie’s downtown, and this new policy and zoning is going to further encourage thoughtful development and vibrancy in the heart of our city.”  

Councilman Matt McNamara (D-8th Ward) said, “Carefully designed, smart updates to the City’s zoning code are a breath of fresh air in the musty library of city ordinances. This will prove to be an important legislative achievement that has a very positive impact, both in terms of the revitalization of our downtown core, and in terms of local job creation. I congratulate our Planning and Economic Development team for the fine work on this initiative, including all the public outreach and community interaction that went into making our new Innovation District a reality.” 

Planning Director Natalie Quinn said, “The adoption of the Poughkeepsie Innovation District zoning ordinance is only one step, albeit a critical one, towards the realization of a successful, vibrant and inclusive downtown. Now that the zoning foundation is in place we can begin to build upon it.”

All documents related to the project are available for download on the project website: http://cityofpoughkeepsie.com/rezonedowntown/

Innovation District Policy and Zoning Presentation

On September 6th, City of Poughkeepsie planning staff made a presentation to the Common Council regarding the proposed Innovation District policy and zoning.  An archived webcast of the presentation is available for viewing here, and the slideshow is available for download here.

Comments and questions regarding the proposed Poughkeepsie Innovation District can be emailed to [email protected]

Download: Innovation District Policy and Zoning Presentation

 

Invitation for Public Comment: Poughkeepsie Innovation District and Zoning Update

Today, the City of Poughkeepsie released the Draft Poughkeepsie Innovation District Policy Framework and accompanying zoning code regulations.  The Poughkeepsie Innovation District (PID) is a proposal to transform the core commercial section of the city’s downtown into a vibrant economic center anchored by increased residential population and a creative economy.   Moving towards the culmination of a multiyear endeavor, the City has been ably assisted by the Pace Land Use Law Center and Kevin Dwarka Land Use and Economic Consulting, as well as Dutchess County and numerous other stakeholders. Continue reading Invitation for Public Comment: Poughkeepsie Innovation District and Zoning Update