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Home  »  Business News  »  NY State’s Upstate Revitalization Initiative Is Accepting Applications For Round V
Business News

NY State’s Upstate Revitalization Initiative Is Accepting Applications For Round V

Posted onMay 7, 2015

New York state launched 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 to applicants on May 1 with 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 for that 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 startup
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, exoffenders,
low income, under educated,
refugees, immigrants and persons with
special needs.

For more information on the Regional
Councils, visit www.regionalcouncils.ny.gov.

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