New York state launched Round IV of the Regional Economic Development Council (REDC) initiative, officially kicking off the 2014 competition for up to $750 million in state economic development resources.
The Consolidated Funding Application (CFA) will opened to applicants on May 1, enabling businesses, municipalities, not-for-profits and the public to begin applying for assistance from dozens of state funding programs, through a single application, for job-creating and community development projects.
Through three rounds of the REDC competition, the Capital Region REDC encompasses Saratoga County and the city of Glens Falls area, has delivered $195.8 million for 272 projects, state officials said. The North Country REDC that includes parts of Washington ad Warren counties has delivered $274.7 million for 222 projects,
“New York’s economy is on a come-back in large part because we have adopted a grassroots approach to economic development that is creating jobs and growing new industries across our state,” Gov. Andrew Cuomo said. “The regional councils are working and we plan to continue that success with the fourth round this year. I look forward to seeing the new projects that the regions come up with as we continue to grow our economy and put New Yorkers back to work.”
Lt. Gov. Robert J. Duffy, chairman of the Regional Economic Development Councils said a fourth round awards “will continue the achievements we’ve seen in every area of the state over the past three years … jobs are being created, businesses are expanding, and New York state is back on the right track.”
Officials said the REDC process has transformed economic development in New York state, creating a statewide framework for bottom-up regional economic growth and streamlining the state funding application process. Over $2 billion in investments from the past three rounds are supporting more than 2,200 projects that have already created or retained more than 100,000 jobs statewide.
Round IV of the REDC initiative will award up to $750 million in state funding and tax incentives. To continue to motivate investment opportunities and job creation, the REDCs will compete for up to $150 million in capital funds and $70 million in Excelsior Tax Credits for projects and activities identified by the Councils as priorities in their regions. Additionally, up to $530 million from state agency programs will be awarded through the CFA process.
Officials said the competition this year will focus on implementation of regional strategic economic development plans; performance in encouraging economic growth through job creation and investment; and identification of global marketing and export strategies.
The competition will be split into two parts: the five regions identified as Top Performers in 2013 will compete for two awards of $25 million each; and the five regions not identified as “top performers” in 2013 will compete for three awards of $25 million each. The balance of the $25 million in capital funds will be divided among the remaining five regions.
Each region will also be eligible for up to $10 million in Excelsior tax credits to help attract business and create jobs in the region.
The 2014 REDC Guidebook and list of available resources will be accessible at www.regionalcouncils.ny.gov. The CFA opened to applicants on May 1 and the deadline for applications is Monday, June 16 at 4 p.m. For applicants, the CFA is available at https://apps.cio.ny.gov/apps/cfa/.
The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs. The CFA serves as the single entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination.
Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive. To access the CFA, please visit https://apps.cio.ny.gov/apps/cfa/.