New York state has launched Round VIII of the Regional Economic Development Council initiative, officially kicking off the 2018 competition for more than $750 million in state economic development resources.
The consolidated funding application is open, enabling businesses, municipalities, nonprofits and the public to begin applying for assistance from dozens of state programs, through a single application, for job-creation and community development projects.
The deadline for applications is Friday, July 27 at 4 p.m.
“The Regional Economic Development Councils have redefined how economic development is done in New York State, creating new jobs, stronger local economies, and more unified regions,” Gov. Andrew Cuomo said. “We are once again empowering regions to chart their future, while providing the necessary tools to implement their vision for community and economic growth, creating a positive impact across the Empire State.”
Officials said the REDC process has transformed the state’s approach to economic development, creating a statewide framework for bottom-up, regional economic growth and streamlining the state funding application process. Since 2011, the first year of the initiative, over $5.4 billion has been awarded to 10 regions, supporting at least 6,300 projects that are projected to create and retain more than 220,000 jobs statewide.
Lt. Gov. Kathy Hochul said REDCs “have brought together local leaders and stakeholders to identify projects and build their communities. New York has seen tremendous growth in all 10 regions of the state as part of the REDCs, and we’re continuing to invest and support that upward momentum with another round of the economic development competition.”
Through seven rounds of the REDC competition, the Capital Region REDC, which includes Saratoga County, has delivered $521.9 million for 718 projects.
Round VIII of the REDC initiative will award more than $750 million in state funding and tax incentives, including up to $150 million in capital grants and up to $75 million in Excelsior Tax Credits for projects and activities identified by the Councils as regional priorities in their communities. Additionally, over $525 million from state agency programs will be awarded through the CFA process.
Officials said REDC priorities in 2018 include:
• Supporting Downtown Revitalization Plans and identifying downtown projects for DRI Round 3.
• Identifying workforce development strategies to meet business’ needs and improving the regional talent pipeline.
• Identifying projects for the State life sciences cluster.
• Implementing strategies through the project pipeline.
• Measuring the performance and progress of the strategic plan.
The Regional Councils will compete in 2018 for up to $150 million in capital funds and $75 million in Excelsior Tax Credits for projects identified by the Regional Councils as priorities in their regions.
The competition places an emphasis on Regional Council performance and action to implement strategies. By incentivizing implementation of the strategic plans, REDCs, businesses, educational institutions, local governments, not-for-profit groups and other stakeholders are more motivated to work together to accomplish the regional vision.
All 10 regions will be competing this year for designation as a Top Performer. Five Top Performers will receive awards of up to $20 million in ESD Capital Grants. The remaining five regions identified as regional awardees will receive up to $10 million in ESD Capital Grants.
The 2018 REDC Guidebook and list of available resources is accessible at www.regionalcouncils.ny.gov. For applicants, the CFA is available at https://apps.cio.ny.gov/apps/cfa/.
In 2011, Cuomo established 10 regional councils to develop long-term strategic plans for economic growth for their regions. The councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations.
For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.