The city will receive the money from the state as part of New York's Downtown Revitalization Initiative.

Governor Cuomo made the announcement last week that the funds were being earmarked for Albany's Clinton Square neighborhood. This is the third such funding of a revitalization project in one of the states key economic development target areas. According to the Governor's office, the state is looking to ultimately allocate $100 Million Dollars statewide for such projects.

About the Clinton Square project, Cuomo said  "As a historic gateway to the heart of the city, Albany's Clinton Square is an ideal candidate for the Downtown Revitalization Initiative. I congratulate the City of Albany and its leaders for putting together a plan that will have a lasting impact on this deserving community for generations to come."

It is the initiative's goal to be an economic driver where deployed, to create new jobs and business growth. According to the announcement, the project will have a spillover effect into surrounding neighborhoods and will turn the square into ',,,a thriving gateway district.'

This is nothing but positive for Albany, right? So much revitalization has taken place in Troy and Schenectady, it will be nice to see more growth of this nature in the Capital Region.