New York state launched on two major economic
\ndevelopment programs on April 30 – the
\nUpstate Revitalization Initiative and Round V of
\nthe Regional Economic Development Councils
\n– officially kicking off the 2015 competitions
\nfor $1.5 billion and up to $750 million in state
\neconomic development resources, respectfully.<\/p>\n
In the Capital region, $255.8 million is available
\nfor 365 projects, according to the office of
\nGov. Andrew Cuomo.<\/p>\n
“New York’s Regional Councils have transformed
\nour state’s economy over the past four
\nyears, and we’re going to continue that progress
\nwith the largest single investment in the program
\nand an unprecedented focus on revitalizing
\nUpstate,” Cuomo said.
\n“Between the fifth round
\nof the Regional Economic Development Council
\ncompetition and the new $1.5 billion Upstate
\nRevitalization Initiative, we are helping communities
\nacross the state invest in their many
\nunique assets and expand opportunities for
\ngrowth from the ground up.”<\/p>\n
This year, the 10 regional councils will once
\nagain compete for awards from up to $750 million
\nin state economic development resources
\nthrough Round V of the REDC competition. Additionally,
\nthrough the new Upstate Revitalization
\nInitiative (URI), seven regions – Finger Lakes,
\nSouthern Tier, Central New York, Mohawk Valley,
\nNorth Country, Capital District, and Mid-Hudson
\n– are eligible to compete for three $500 million
\nawards, which will be disbursed at a rate of $100
\nmillion per year for five years, officials said.<\/p>\n
The three upstate winners of the URI will
\nreceive approximately $130 million each this year
\n($100 million in URI funding, and an estimated
\n$30 million from Round V of the REDC competition).
\nAside from those regions, three regions
\nwill earn “top performer” distinction in the REDC
\ncompetition and will receive approximately $105
\nmillion each.<\/p>\n
Officials said the remaining four regions will
\nreceive approximately $90 million each through
\nthe REDC competition – which is more than
\nthe average amount awarded to the top place
\nfinisher in prior years. This approach ensures
\nthat no region is a loser, while also maintaining
\nthe competitive nature that has worked so well to
\nbring local business, academic, and community
\nleaders together to develop long term, impressive
\neconomic visions for their regions.<\/p>\n
Lt. Gov. Kathy Hochul, chairwoman of the
\nRegional Economic Development Councils said
\nthe regional council initiative helps communities
\nacross the state “put their best foot forward when
\nit comes to attracting new growth and economic
\ndevelopment – and with the new Upstate Revitalization
\nInitiative offering extra support to select
\nregions with greater needs, this year is certain to
\nbe our most exciting yet. ”<\/p>\n
The Consolidated Funding Application (CFA)
\nopened in May and has a deadline of July 31 at 4
\np.m., allotting more time than past years for the
\nregional councils to solicit and identify projects
\nin their areas. Officials said the extended period
\nalso provides additional time for businesses,
\nmunicipalities, nonprofits and the public to
\napply for assistance from dozens of state funding
\nprograms 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 projects
\nthat are projected to create or retain at least
\n150,000 jobs statewide, according to the state.<\/p>\n
Round V of the REDC initiative will award
\nup to $750 million in state funding and tax
\nincentives. To continue to motivate investment
\nopportunities and job creation, the REDCs will
\ncompete for up to $220 million from Empire State
\nDevelopment ($150 million in capital funds and
\n$70 million in Excelsior Tax Credits) for projects
\nand activities identified by the Councils as priorities
\nin their regions, officials said. Additionally, up
\nto $530 million from dozens of state agency programs
\nwill be awarded through the CFA process.<\/p>\n
As in prior years, the REDCs will submit a
\nprogress report for Round V, which provides both
\nan update on the council’s implementation of
\ntheir strategic plan and an outline of the projects
\nand proposals for which the REDC is seeking
\nfunding. Each REDC will be required to identify
\npriority projects to help advance the initiatives
\noutlined in their report. The 2015 REDC progress
\nreport updates and priority project lists for all 10
\nregions are due on Sept. 21.<\/p>\n
Officials said the for the seven Upstate regions
\neligible for the $1.5 billion Upstate Revitalization
\nInitiative, the regions will submit a “revitalization
\nplan” as an addendum to their progress report.
\nThe purpose of each region’s Revitalization
\nPlan will be to provide a well-researched and
\ncredible argument that the region is ready for
\nrevitalization; and to describe the transformation
\nthat will happen in the region if granted
\nthose funds.<\/p>\n
Examples of the types of projects or how funds
\nwill be used include:<\/p>\n
\u2022 Infrastructure targeted to job creation and
\neconomic growth;<\/p>\n
\u2022 Acquisition and development of sites for
\nindustrial growth;<\/p>\n
\u2022 Job training and employment readiness,
\nparticularly when focused on key local economic
\nsectors;<\/p>\n
\u2022 Encouragement of and support to start-up
\ncompanies and their founders;<\/p>\n
\u2022 Creation of venture capital funds;<\/p>\n
\u2022 Direct support of companies in sectors
\ntargeted by REDC;<\/p>\n
\u2022 Support innovation, particularly college and
\nuniversity based;<\/p>\n
\u2022 Targeted support to companies to assist
\nthem in keeping up with technological advances;
\nand<\/p>\n
\u2022 Creation of opportunities for hard to place
\nworkers, including veterans, ex-offenders, low
\nincome, under educated, refugees, immigrants
\nand persons with special needs.<\/p>\n
For more information on the Regional Councils,
\nvisit www.regionalcouncils.ny.gov.<\/p>\n","protected":false},"excerpt":{"rendered":"
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…<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[66,76,118],"yoast_head":"\r\n