Riverhead - The New York State Office of Community Renewal announced that the Town of Riverhead was awarded a $500,000 grant to continue the town's downtown revitalization efforts. Since 2004, the Town of Riverhead has been awarded $900,000 in Main Street funding.

The New York Main Street funding seeks to assist communities in their downtown revitalization efforts, according to the New York State Office of Community Renewal (OCR). The program provides funds to carry out local projects or programs that can effectively stimulate reinvestment in properties located within mixed-use commercial districts, neighborhoods and on New York's historic Main Streets. For this year's New York Main Street Program, OCR has awarded approximately $15 million to assist communities throughout New York State. Riverhead's application was one of only 38 grants approved statewide and was awarded the maximum amount allowed.

The 2010 Grant Will Fund:

 • Anchor Project - The historic Suffolk Theatre has been selected as an anchor project. The project will provide a prominent tourist attraction in the middle of the central business district. The $250,000 in state money must be matched by more than $167,000 in private money. However, the private investment in the redevelopment of the 1930s Art Deco theatre is expected to substantially exceed the 40 percent required match, according to Pike Realty President Robert Castaldi, 200 Howell Avenue, Riverhead, NY 11901 www.Riverheadli.com, 631-727-3200.

 • Facade/Building Renovations - Businesses within the Business Improvement District boundaries will be eligible to apply for funding that will reimburse up to 75 percent of project costs.

"The Town of Riverhead greatly appreciates the assistance of New York State in helping downtown Riverhead reach its full economic development potential," Supervisor Sean Walter said. "The Suffolk Theatre is in the middle of the central business district and has proven to be a regional tourist destination and, therefore, a pivotal step in the revitalization of downtown Riverhead."

The grant will be administered by the Community Development Department, which wrote the application. The Community Development Department has administered a previous New York State Main Street Project that provided $200,000 in state funding to 17 businesses within the BID from 2004 through 2009, and is currently administering a $200,000 grant that was awarded in 2009.

The 2009 Main Street anchor project award provided $150,000 towards the redevelopment of 1 East Main Street, a mixed result five apartments, professional office space and the soon to open Dark Horse Restaurant. Building owner Dee Muma said Main Street grants "are the wheel spur for the revitalization of downtown. This grant money allows owners of beautiful historic buildings to dream big, while bringing their properties into the modern business age."

 • Renovations - The bulk of the remaining funds will be used for other 2010, and housing opportunities in downtown Riverhead.