New York state has launched Round VII of the Regional Economic Development Council initiative, officially kicking off the annual competition for more than $800 million in state economic development resources.
The Consolidated Funding Application opened to applicants on May 1, enabling businesses, municipalities, nonprofits and members of the public to begin applying, through a single application, for assistance from dozens of state programs for projects that create jobs and help to revitalize communities.
“The Regional Economic Development Councils have successfully brought local communities together like never before, spurring economic growth from the ground up and creating jobs across New York,” Gov. Andrew Cuomo said. “With the seventh round of the REDC awards, the state will continue its partnership with local governments and community leaders—making smart investments in our cities, towns and villages to give the Regional Councils the tools needed to build their communities for years to come.”
Through six rounds of the REDC competition, the Capital Region REDC, which includes Saratoga and Warren counties, has delivered $436.9 million for 608 projects, officials said.
Round VII of the REDC initiative will award more than $800 million in state resources across all 10 regions, including up to $225 million in performance-based grants and tax credits from Empire State Development, and approximately $575 million from two dozen state agency programs.
The governor said the REDC process has transformed New York state government’s approach to economic development, creating a statewide framework for bottom-up economic growth and streamlining the application process for state funding. Since 2011, the first year of the initiative, over $4.6 billion has been awarded to more than 5,200 projects that are projected to create and retain more than 210,000 jobs statewide.
Lt. Gov. Kathy Hochul, who heads the Regional Economic Development Councils said, “By empowering the people who know their communities the best, the governor has transformed this state’s economic development strategy into one that is not only successful, but is built to last. As the chair of the Regional Councils, I have seen proof that this investment in innovation and technology has revitalized our economy and there is a new confidence among local elected officials. Projects initiated with REDC funding are redeveloping our downtowns, retaining and expanding businesses, and rebuilding our infrastructure for the 21st Century.”