First Niagara Financial Group, Inc. (NASDAQ:FNFG) today announced the donation of its portion of the proceeds from the sale of the historic Rice Building to five nonprofit organizations serving the Troy community.
First Niagara, Troy Architectural Program (TAP) and Rensselaer Polytechnic Institute (RPI) were partners in the Rice Building, Inc., the nonprofit which owned and managed the historic building. The group led renovations of the building in the late 1990s in order to help attract technology companies to the area and bring new jobs to downtown Troy.
While the three organizations remain committed to promoting economic revitalization throughout the city, last year, the group made the decision to explore options for the future of the Rice building. In August of 2015 the building was sold to Troy-based developer Tai Ventures LLC.
First Niagara will use the funds generated from the sale of the building to support local organizations which share its vision for a stronger, revitalized downtown Troy. The organizations which received funding today include:
- Capital Roots – $20,000
- Commission on Economic Opportunity (CEO) – $15,000
- Independent Living Center of the Hudson Valley (ILCHV) – $11,000
- YWCA of the Greater Capital Region, Inc. – $15,000
- Troy Rehabilitation & Improvement Program (TRIP), Inc. – $20,000
“Through the creativity, dedication and collaboration of First Niagara, TAP and RPI, we’ve not only been able to ensure that this building will continue to play an important role in the revitalization of Troy by selling it to a local developer with demonstrated experience, but we’ve been able to reinvest the proceeds of that sale directly into this community,” said the bank’s Eastern New York Market Executive, Kelli Arnold. “Each of these organizations has a long and proven history of achieving success, and we couldn’t be more proud to help them continue bettering this city.”
Christine Nealon, Executive Director of TRIP, one of the organizations receiving funding, added, “We’re incredibly grateful that First Niagara recognizes that expanding homeownership will continue to make our community strong and more stable. This grant will help us make important progress on the single-family units we’re building in the Hillside North neighborhood.”
The four other nonprofits also have specific needs that the funding announced today will support:
- Capital Roots will use its grant to support the Urban Grow Center, which provides a significant economic and public welfare benefit to not only the North Central neighborhood where it’s located, but also the entire region.
- CEO will utilize the funds to enhance and promote training and workforce development opportunities as part of its overall work supporting the redevelopment and revitalization of the Troy community.
- ILCHV, which is dedicated to supporting individuals with disabilities as they move toward independence, will use the funding announced today to support necessary renovations to its facility.
- YWCA of the Greater Capital Region will use its grant to purchase much needed furniture, equipment and supplies for SRO, the Permanent Housing Program, Community Meal Kitchen, as well as its family apartments.