(Image provided by SCOPED of the former 111 N. Franklin Street which has since been demolished)

WATKINS GLEN, N.Y. (WENY) -- Two million dollars from New York State will be coming to Watkins Glen to bring the International Motor Racing Research Center to downtown.

On Monday, Gov. Kathy Hochul announced $112.9 million dollars was awarded to 70 different "Restore New York Communities Initiative" projects across the Empire State. The Village of Watkins Glen was awarded $2 million as part of the $119.9 million up for grabs.

According to the Schuyler County Partnership for Economic Development, the money will be used to redevelop the former 111 North Franklin Street into the home of the new International Motor Racing Research Center. The site was home to "Rooster Fish", which had been relocated to 223 North Franklin Street.

The goal of the "Restore New York Communities Initiative" is to help remove blight, reinvigorate downtowns, and generate economic opportunity across the state. The county partnership for economic development said the International Motor Racing Research Center will be a draw for tourists, and the local community. SCOPED added that the impact of the project will have a ripple effect all throughout Watkins Glen and Schuyler County.

Mark Steigerwald, Executive Director, International Motor Racing Research Center said, “The International Motor Racing Research Center is thrilled to be the recipient of funding from the Restore NY Communities initiative. In partnership with the village of Watkins Glen, these funds will have a profound impact on the implementation of our vision for the future, for the benefit of the thousands of tourists who visit the area each year and who appreciate our unique racing heritage.”

The IMRRC is currently located on South Decatur Street, roughly 1 mile south of the future site. There's no word on the expected completion date.