New York state launched on two major economic
development programs on April 30 – the
Upstate Revitalization Initiative and Round V of
the Regional Economic Development Councils
– officially kicking off the 2015 competitions
for $1.5 billion and up to $750 million in state
economic development resources, respectfully.
In the Capital region, $255.8 million is available
for 365 projects, according to the office of
Gov. Andrew Cuomo.
“New York’s Regional Councils have transformed
our state’s economy over the past four
years, and we’re going to continue that progress
with the largest single investment in the program
and an unprecedented focus on revitalizing
Upstate,” Cuomo said.
“Between the fifth round
of the Regional Economic Development Council
competition and the new $1.5 billion Upstate
Revitalization Initiative, we are helping communities
across the state invest in their many
unique assets and expand opportunities for
growth from the ground up.”
This year, the 10 regional councils will once
again compete for awards from up to $750 million
in state economic development resources
through Round V of the REDC competition. Additionally,
through the new Upstate Revitalization
Initiative (URI), seven regions – Finger Lakes,
Southern Tier, Central New York, Mohawk Valley,
North Country, Capital District, and Mid-Hudson
– are eligible to compete for three $500 million
awards, which will be disbursed at a rate of $100
million per year for five years, officials said.
The three upstate winners of the URI will
receive approximately $130 million each this year
($100 million in URI funding, and an estimated
$30 million from Round V of the REDC competition).
Aside from those regions, three regions
will earn “top performer” distinction in the REDC
competition and will receive approximately $105
million each.
Officials said the remaining four regions will
receive approximately $90 million each through
the REDC competition – which is more than
the average amount awarded to the top place
finisher in prior years. This approach ensures
that no region is a loser, while also maintaining
the competitive nature that has worked so well to
bring local business, academic, and community
leaders together to develop long term, impressive
economic visions for their regions.
Lt. Gov. Kathy Hochul, chairwoman of the
Regional Economic Development Councils said
the regional council initiative helps communities
across the state “put their best foot forward when
it comes to attracting new growth and economic
development – and with the new Upstate Revitalization
Initiative offering extra support to select
regions with greater needs, this year is certain to
be our most exciting yet. ”
The Consolidated Funding Application (CFA)
opened in May and has a deadline of July 31 at 4
p.m., allotting more time than past years for the
regional councils to solicit and identify projects
in their areas. Officials said the extended period
also provides additional time for businesses,
municipalities, nonprofits and the public to
apply for assistance from dozens of state funding
programs for job creation and community
development projects.
Since 2011, the new process has awarded
nearly $3 billion to support more than 3,100 projects
that are projected to create or retain at least
150,000 jobs statewide, according to the state.
Round V 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 $220 million from Empire State
Development ($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, officials said. Additionally, up
to $530 million from dozens of state agency programs
will be awarded through the CFA process.
As in prior years, the REDCs will submit a
progress report for Round V, which provides both
an update on the council’s implementation of
their strategic plan and an outline of the projects
and proposals for which the REDC is seeking
funding. Each REDC will be required to identify
priority projects to help advance the initiatives
outlined in their report. The 2015 REDC progress
report updates and priority project lists for all 10
regions are due on Sept. 21.
Officials said the for the seven Upstate regions
eligible for the $1.5 billion Upstate Revitalization
Initiative, the regions will submit a “revitalization
plan” as an addendum to their progress report.
The purpose of each region’s Revitalization
Plan will be to provide a well-researched and
credible argument that the region is ready for
revitalization; and to describe the transformation
that will happen in the region if granted
those funds.
Examples of the types of projects or how funds
will be used include:
• Infrastructure targeted to job creation and
economic growth;
• Acquisition and development of sites for
industrial growth;
• Job training and employment readiness,
particularly when focused on key local economic
sectors;
• Encouragement of and support to start-up
companies and their founders;
• Creation of venture capital funds;
• Direct support of companies in sectors
targeted by REDC;
• Support innovation, particularly college and
university based;
• Targeted support to companies to assist
them in keeping up with technological advances;
and
• Creation of opportunities for hard to place
workers, including veterans, ex-offenders, low
income, under educated, refugees, immigrants
and persons with special needs.
For more information on the Regional Councils,
visit www.regionalcouncils.ny.gov.