Image courtesy of Jamestown Mayor Sam Teresi.
JAMESTOWN – City leaders and local development officials are hoping a $3.5 million renovation project in Jamestown will yield new business opportunities for the downtown.
On Friday afternoon, officials with the city development office and the Jamestown Renaissance Corporation joined local businessman and property owner George Patti to break ground at the newly named “Signature Center” – the now vacant M&T Bank building that sits on the corner of Third and Main Streets.
According to city officials, the groundbreaking was held to highlight the $3.5 million purchase and renovation of the three-story building.
Officials say the project is being financed by Patti with the help of local grant funding and tax credits, which are the result of the project taking advantage of the Downtown Jamestown Historic District. According to JRC officials, more than 100 buildings in Jamestown are on the state and federal list of historic places. The designation allows projects the ability to access federal income tax credits of up to 20 percent of the project cost.
One of the businesses already expected to move into the building once renovation work is complete is Digitell.
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