Regional Economic Development Councils Award $763M to 1,050 Projects
Enterprises that advanced community visions for economic revitalization were funded to create jobs, boost economies and improve the quality of life.
NEW YORK CITY—More than $763 million was awarded through the 2018 Regional Economic Development Councils competition, an initiative that Governor Andrew Cuomo began in 2011.
Local businesses, academics, community groups and the public develop strategic plans to boost regional economies. The competition aims to create a “bottom-up” process to distribute state funding.
Lieutenant Governor Kathy Hochul, chair of the REDC, made the announcements on Tuesday.
“Over the last eight years, we have implemented a vision to move New York State’s economy forward by allowing communities to make strategic investments to help grow their local economies and reenergize and develop their unique regions,” she said. “Regional-based economic development is vital for maintaining New York’s thriving, prosperous economy.”
Ten New York regions each have councils which provide proposals. State agency commissioners and members of the New York State Legislature assess the plans to determine the awards.
All 10 regional economic development councils compete to be one of the five “Top Performers.” With this designation, councils receive up to $20 million in additional Empire State Development grant funding to support projects. The remaining five regions receive up to $10 million. Each region is also eligible for up to $75 million in additional Excelsior Jobs Program tax credits to attract and support businesses.
This year, the Top Performer councils were from Finger Lakes, Central New York, Mohawk Valley, Mid-Hudson and New York City. They each received approximately $84.5 million to $88.2 million to support selected economic development projects in their communities. The five Regional Council awardees were from Western New York, Southern Tier, North Country, Capital Region and Long Island. Each of these councils received between $64.8 million and $68.3 million.
With 1,050 projects across the state receiving awards, New York City received $84.4 million to support 137 projects. Examples of winning projects include the following:
The Icahn School of Medicine at Mount Sinai will receive $2 million from Empire State Development to convert a 64,000 square-foot, 12-story building into a dry lab for life science and information technology research and commercial ventures. The project, that’s estimated to cost $30 million, will include a commercial life sciences incubator operated by BIOHOUSE.
Coalition for Queens (C4Q) will receive $150,000 from Empire State Development and $100,000 from the department of labor to complete a $750,000 expansion of its Center for the Future Workforce. Construction will include adding two classrooms, four workshop and meeting spaces. C4Q prepares low-income individuals, especially those without college degrees, for careers as software developers. It also provides job placement and career support for three years following the program.
Exalt Youth will receive $175,000 from Empire State Development to expand at a new location in Lower Manhattan. The non-profit helps high-risk teens in the court system overcome barriers to employment. The program matches youth to internships in fields such as technology, financial services, life sciences and health care. The nearly $887,000 expansion is estimated to triple the number of people served to 1,000 people per year and to extend career and college opportunity programs for Exalt alumni. Renovations will include three new classrooms, a library, lounge and drop-in center.
REDCs also participated in a $100 million Downtown Revitalization Initiative. The state invests $10 million in 10 municipalities across the state to improve urban centers.
The governor’s press office asserts that since the start of the REDC program, more than $6.1 billion has been awarded to over 7,300 projects. The Cuomo administration expects these enterprises to create and retain more than 230,000 jobs statewide.