New York state launched two major economic
\ndevelopment programs on April 30
\n– the Upstate Revitalization Initiative and
\nRound V of the Regional Economic Development
\nCouncils – officially kicking off the
\n2015 competitions for $1.5 billion and up to
\n$750 million in state economic development
\nresources, respectfully.<\/p>\n
In the Capital region, $255.8 million is
\navailable for 365 projects, according to the
\noffice of Gov. Andrew Cuomo.<\/p>\n
“New York’s Regional Councils have
\ntransformed our state’s economy over the
\npast four years, and we’re going to continue
\nthat progress with the largest single investment
\nin the program and an unprecedented
\nfocus on revitalizing Upstate,” Cuomo said.<\/p>\n
“Between the fifth round of the Regional
\nEconomic Development Council competition
\nand the new $1.5 billion Upstate Revitalization
\nInitiative, we are helping communities
\nacross the state invest in their many unique
\nassets and expand opportunities for growth
\nfrom the ground up.”<\/p>\n
This year, the 10 regional councils will
\nonce again compete for awards from up to
\n$750 million in state economic development
\nresources through Round V of the REDC
\ncompetition. Additionally, through the new
\nUpstate Revitalization Initiative (URI),
\nseven regions – Finger Lakes, Southern Tier,
\nCentral New York, Mohawk Valley, North
\nCountry, Capital District, and Mid-Hudson
\n– are eligible to compete for three $500
\nmillion awards, which will be disbursed at
\na rate of $100 million per year for five years,
\nofficials said.<\/p>\n
The three upstate winners of the URI
\nwill receive approximately $130 million
\neach this year ($100 million in URI funding,
\nand an estimated $30 million from Round
\nV of the REDC competition). Aside from
\nthose regions, three regions will earn “top
\nperformer” distinction in the REDC competition
\nand will receive approximately $105
\nmillion each.<\/p>\n
Officials said the remaining four regions
\nwill receive approximately $90 million each
\nthrough the REDC competition – which is
\nmore than the average amount awarded to
\nthe top place finisher in prior years. This
\napproach ensures that no region is a loser,
\nwhile also maintaining the competitive nature
\nthat has worked so well to bring local
\nbusiness, academic, and community leaders
\ntogether to develop long term, impressive
\neconomic visions for their regions.<\/p>\n
Lt. Gov. Kathy Hochul, chairwoman of the
\nRegional Economic Development Councils
\nsaid the regional council initiative helps
\ncommunities across the state “put their best
\nfoot forward when it comes to attracting new
\ngrowth and economic development – and
\nwith the new Upstate Revitalization Initiative
\noffering extra support to select regions
\nwith greater needs, this year is certain to be
\nour most exciting yet. ”<\/p>\n
The Consolidated Funding Application
\n(CFA) opened to applicants on May 1 with a
\ndeadline of July 31 at 4 p.m., allotting more
\ntime than past years for the regional councils
\nto solicit and identify projects in their areas. Officials said the extended period
\nalso provides additional time for businesses,
\nmunicipalities, nonprofits and the public
\nto apply for assistance from dozens of state
\nfunding programs for job creation and community
\ndevelopment projects.<\/p>\n
Since 2011, the new process has awarded
\nnearly $3 billion to support more than 3,100
\nprojects that are projected to create or
\nretain at least 150,000 jobs statewide, according
\nto the state.<\/p>\n
Round V of the REDC initiative will
\naward up to $750 million in state funding
\nand tax incentives. To continue to motivate
\ninvestment opportunities and job creation,
\nthe REDCs will compete for up to $220
\nmillion from Empire State Development
\n($150 million in capital funds and $70 million
\nin Excelsior Tax Credits) for projects
\nand activities identified by the Councils as
\npriorities in their regions, officials said.
\nAdditionally, up to $530 million from dozens
\nof state agency programs will be awarded
\nthrough the CFA process.<\/p>\n
As in prior years, the REDCs will submit a
\nprogress report for Round V, which provides
\nboth an update on the council’s implementation
\nof their strategic plan and an outline
\nof the projects and proposals for which the
\nREDC is seeking funding. Each REDC will
\nbe required to identify priority projects to
\nhelp advance the initiatives outlined in
\ntheir report. The 2015 REDC progress report
\nupdates and priority project lists for all 10
\nregions are due on Sept. 21.<\/p>\n
Officials said for that seven Upstate
\nregions eligible for the $1.5 billion Upstate
\nRevitalization Initiative, the regions will
\nsubmit a “revitalization plan” as an addendum
\nto their progress report.<\/p>\n
The purpose of each region’s Revitalization
\nPlan will be to provide a well-researched
\nand credible argument that the region is
\nready for revitalization; and to describe
\nthe transformation that will happen in the
\nregion if granted those funds.<\/p>\n
Examples of the types of projects or how
\nfunds will be used include:<\/p>\n
\u2022 Infrastructure targeted to job creation
\nand economic growth;
\n\u2022 Acquisition and development of sites
\nfor industrial growth;
\n\u2022 Job training and employment readiness,
\nparticularly when focused on key local economic
\nsectors;
\n\u2022 Encouragement of and support to startup
\ncompanies and their founders;
\n\u2022 Creation of venture capital funds;
\n\u2022 Direct support of companies in sectors
\ntargeted by REDC;<\/p>\n
\u2022 Support innovation, particularly college
\nand university based;<\/p>\n
\u2022 Targeted support to companies to assist
\nthem in keeping up with technological
\nadvances; and<\/p>\n
\u2022 Creation of opportunities for hard
\nto place workers, including veterans, exoffenders,
\nlow income, under educated,
\nrefugees, immigrants and persons with
\nspecial needs.<\/p>\n
For more information on the Regional
\nCouncils, visit www.regionalcouncils.ny.gov.<\/p>\n","protected":false},"excerpt":{"rendered":"
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