Today, the governor's office announced $761 million in economic development grants statewide, including $1.4 million for projects in Genesee County.
Governor Andrew M. Cuomo today announced that more than $761 million in economic and community development funding has been awarded through Round IX of the Regional Economic Development Council initiative. Since its inception in 2011, more than $6.9 billion has been awarded to more than 8,300 projects that are projected to create and retain more than 240,000 jobs statewide through the REDC process.
"Throughout the Regional Economic Development Council process over the past nine years, we have seen unprecedented regional investment focusing on a ground-up, strategic model that has spurred tremendous growth in every corner of this great state," Governor Cuomo said. "By bringing together local leaders and stakeholders who are invested in their communities we have replaced the 'one size fits all' approach to economic development with one that is unique to each community, creating opportunities for success all across the Empire State."
"By empowering local officials and stakeholders who know their communities best, we have transformed the state's economic development strategy into one that is not only successful, but is built to last," said Lieutenant Governor Kathy Hochul, chair of the Regional Economic Development Councils.
"Together, we are revitalizing downtowns, supporting and attracting businesses, and welcoming new residents and visitors. Through the REDCs, we are advancing the strategic economic development strategies of each region and supporting growth as part of the Downtown and Upstate Revitalization Initiatives. With a focus on workforce development and growth of high-tech industries, we are adding new job opportunities and strengthening the economy of New York State."
Today, more than $761 million in economic and community development funding was awarded through Round IX of the REDC initiative:
- Western New York: Regional Council Awardee | $67.3 million supporting 109 projects
- Finger Lakes: Regional Council Awardee | $64.4 million supporting 94 projects
- Southern Tier: Top Performer | $88.9 million supporting 109 projects
- Central New York: Top Performer | $86.2 million supporting 93 projects
- Mohawk Valley: Top Performer | $82.7 million supporting 81 projects
- North Country: Regional Council Awardee | $67.9 million supporting 83 projects
- Capital Region: Top Performer | $84.1 million supporting 120 projects
- Mid-Hudson: Regional Council Awardee | $65.8 million supporting 105 projects
- New York City: Regional Council Awardee | $66.3 million supporting 109 projects
- Long Island: Top Performer | $87.9 million supporting 94 projects
More information on the 2019 Regional Economic Development Council Awards, including a full list of awardees, is available here.
Empire State Development Acting Commissioner and President and CEO-designate Eric Gertler said, "For nearly 10 years, the REDC process has been the driving force behind New York State's economic development decisions, and the model is a proven success. As the process enters the next decade, we are seeing the legacy of past projects being completed and excited about the new economic development opportunities our REDCs continue to identify."
The REDC process has transformed New York State government's approach to economic development, creating a statewide framework for bottom-up, regional economic growth and streamlining the state funding application process. Established in 2011 as a centerpiece of the governor's strategy to jumpstart the economy and create jobs, the Regional Councils replaced the state's old top-down approach with one that is community-based and performance-driven.
This spring, Governor Cuomo launched Round IX of the REDC initiative and the fourth round of the Downtown Revitalization Initiative. A full list of communities in which $10 million will be invested through the DRI, along with their applications, is available here.
In 2019, all 10 REDCs competed 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. All 10 regions competed for designation as a Top Performer with the five top performing regions being awarded a share of $100 million in ESD capital grants. The remaining five regions were awarded a share of $50 million in ESD capital grants. Each region was also awarded a share of $75 million in Excelsior Tax Credits to help attract and grow business in the region.
The Regional Council priorities this year included working with local businesses and communities to identify childcare needs and develop potential solutions; developing an economic and environmental justice strategy for the region; supporting community investment in place-making and downtown revitalization; and supporting the state's $175 million Workforce Development Initiative. Each council was asked to address these items in ways that complement each regional vision.
During Round IX, the Strategic Implementation Assessment Team (SIAT), comprised of state agency commissioners and members of the New York State Legislature, received presentations on this year's proposals from each of the 10 Regional Councils and assessed the implementation of the regions' strategic plans.