Five cities that are defining New York State's innovation economy

Empire State Development Blog

Find the latest news on economic development in New York State

We feature stories of innovative businesses that are making New York their home, plus offer updates on economic activity and development from around the state.

All
Blog Posts
Filter Options
Close
2567

items

Public Notice

Monday, October 7, 2019 - 2:00pm
learn more
Press Release

Friday, October 4, 2019 - 3:12pm
Event Promotes Tourism in the North Country, Supporting Statewide Industry that Generated a Record $71.8 Billion in Direct Visitor Spending Historic $240 Million Investment Leads to New Lodge, Mountain Coaster, Zipline and Olympic Center - Renderings Are Available Here New York State to Welcome the World University Games to Lake Placid January 12-23, 2023 I LOVE NY Launches $1 Million, Two-Year Global Campaign Aimed at Athletes Worldwide, Showcases Region as Premier Location for High Performance Sports Empire State Trail Brewery Passport Launched to Promote Craft Beer and the 750 Mile Empire State Trail Governor Andrew M. Cuomo today announced the success of the 2019 I LOVE NY Adirondack Oktoberfest, promoting the world-class tourism destinations, attractions and recreational opportunities in Upstate New York. This year's Oktoberfest was the eighth event hosted by the Governor in the Adirondacks, showcasing the attractions, excitement, heritage and natural beauty of the region that welcomes visitors from around the world. "The Adirondacks are one of New York's crown jewels, and we are investing heavily in the region with new improvements for an enhanced tourism experience," Governor Cuomo said. "The success of this year's Oktoberfest events shows how the Adirondacks are becoming a world-class destination for travel, sports and relaxation for visitors from around the world. The new attractions will make it a place that has something for everyone to enjoy, driving up revenue for the North Country region and positioning it as a global leader in premier sports." "The annual Adirondack Challenge showcases the beauty of the North Country and our commitment to preserving it," said Lieutenant Governor Kathy Hochul, who participated in this year's challenge. "We have invested significantly in the growth of upstate New York with tourism serving as the third largest employer in the state. Continued investments in the Adirondacks are helping to promote the area, support craft beverage manufacturers, and increase recreational opportunities. Lake Placid is an iconic destination for sports and outdoor recreation, and we are proud to host the World University Games in 2023 to further strengthen regional tourism." Read the full press release here.
learn more
Press Release

Thursday, October 3, 2019 - 11:01am
Cryogenic Equipment Manufacturer Will Consolidate Operations in New 76,000 Square-Foot Facility in the Town of DeWitt; Will Create Almost 20 New Jobs Investment Complements “CNY Rising” – The Region’s Comprehensive Strategy to Revitalize Communities and Grow the Economy Empire State Development (ESD) today announced that cryogenic equipment manufacturer Cryomech will consolidate operations in an expanded facility in the Town of DeWitt in Onondaga County.  Cryomech, will occupy space in a new, 76,000 square-foot facility at 6682 Moore Road that is owned, by Quantum Cool. The project will allow the company to consolidate its workforce, currently housed in three buildings, into one production facility, adding up to 19 new jobs and retaining its current workforce of 123.  Cryomech broke ground on the project today and  expects to begin operating in the new space by late summer 2020. Empire State Development Acting Commissioner and President & CEO-Designate Eric Gertler said, "The continued growth of Cryomech in Central New York supports the strategic and locally focused state initiatives and investments that are fueling the region’s rising momentum and adding to the ongoing revitalization happening across all of Upstate New York.” Founded in 1963, Cryomech develops and manufactures high-performance cryogenic equipment, including cryocoolers and laboratory-scale helium management systems. The company develops products that cater to the specific needs of researchers and industries in a wide array of fields, including medical, agricultural, energy and aerospace. Half of its sales are highly custom-designed products.  Cryomech’s customers are located on all seven continents. Cryomech President Kelly Wypych said, “This expansion allows Cryomech to grow in pace with our customer’s growth.  This new building is custom designed to streamline our operations and increase our production capacity.  Our team of employee-owners are deeply committed to growing our business here in Central New York.  We are excited to grow our team, serve our customers and support our community.”  ESD is assisting the expansion with a $600,000 Capital Grant, and up to $600,000 through the Excelsior Jobs Program in exchange for job creation commitments. The total project cost has been placed at close to $17 million. State Senator Bob Antonacci said, “Cryomech’s investment in Central New York will support the economic development and job growth in this region. This is a great project that will help keep the economy growing.” State Assembly Member Pamela Hunter said, “Cyromech’s expansion and location consolidation further underscores the growth we are experiencing in our region. Central New York will continue to lead in technical innovation and economic opportunity. The new jobs to be created will directly benefit our communities and revitalization efforts.” Onondaga County Executive Ryan McMahon said, “This exciting project will support the continued momentum and economic development success that our region is experiencing. By leveraging our unique resources and making strategic investments, Onondaga County and Central New York are positioned to continue growing for generations to come.” Town of DeWitt Supervisor Edward M. Michalenko said, "We’re focused on building a thriving community in DeWitt. A key component of that focus is economic development, jobs, and facilitating positive, prosperous partnerships with future-oriented businesses like Cryomech. Over the years, several of the nation’s most distinguished manufacturing companies have made the Town of DeWitt their home; as a manufacturer of hig-tech equipment Cryomech represents the next chapter of manufacturing in DeWitt. We appreciate Cryomech choosing to consolidate their business at the Moore Road site in DeWitt, they are a valued member of our community and an important contributor to job growth in the broader community." For additional information regarding Cryomech, click here. Accelerating CNY Rising Today's announcement complements “Central NY Rising,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $5.6 billion in the region since 2012 to lay the groundwork for the plan – capitalizing on global market opportunities, strengthening entrepreneurship and creating an inclusive economy. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Syracuse, Oswego and Auburn as a destination to grow and invest in. Now, the region is accelerating Central NY Rising with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 5,900 new jobs. More information is available here. Contact: Shari Vincent | [email protected]| (585)399-7055 | (800) 260-7313 Press Office | [email protected] | (800) 260-7313
learn more
Press Release

Wednesday, October 2, 2019 - 8:21pm
The Mohawk Valley Regional Economic Development Council (MVREDC) today announced it recently submitted its 2019 Progress Report – entitled State of the Region: Mohawk Valley 2019 Progress Report – to New York State to meet the October 1 deadline. The progress report details the council’s achievements in implementing its strategic plan and reflects the (region)'s progress on efforts to ensure sustainable and long-term growth in the six-county region and to leverage the region’s advantages in key industry sectors, including STEM Intensive industries and advanced manufacturing, cybersecurity, agribusiness and tourism. In furtherance of these goals, strategies and initiatives, the report recommends 30 priority projects to advance the region’s growth objectives. These projects represent up to $22 million in requested state funding, leveraging $156 million in private and other funding for total project expenses of more than $178 million. Detailed information about the MVREDC’s 2019 endorsed priority projects is available in the progress report at this link regionalcouncils.ny.gov/mohawk-valley. Lawrence T. Gilroy III, MVREDC Co-Chair and President of Gilroy, Kernan & Gilroy, Inc, said, “It has been exciting to see the growth the Mohawk Valley has experienced over the last eight years, especially in the fields of cyber security, UAS technology, and high tech manufacturing.  The signs of progress are undeniable, and as we continue to attract new families, new talent and new industry to the region, we are proud of the progress we are making every day and to continue to implement our strategy to rebuild and reinvigorate the communities that call the Mohawk Valley home.” Dr. Marion Terenzio, MVREDC Co-Chair and President of SUNY Cobleskill, said, “We continue to rewrite the story of the Mohawk Valley’s bright future after decades of decline and we continue to witness chapter after chapter of positive growth in every corner of our six county region. Through sound investments and the continuation of a regional strategy that focuses on cybersecurity and UAS technology, STEM intensive industries, agribusiness and food systems and tourism, we are ensuring that boundless opportunities are available to every single person who lives and works in the Mohawk Valley.” Round IX of the REDC initiative will award more than $750 million in state funding and tax incentives, including up to $150 million in capital grants and up to $75 million in Excelsior Tax Credits for projects and activities identified by the Councils as regional priorities in their communities. Additionally, over $525 million from state agency programs will be awarded through the CFA process.  Funding awards will be announced by the end of the year. The REDC process has transformed New York State government’s approach economic development, creating a statewide framework for bottom-up, regional economic growth and streamlining the state funding application process. Since 2011, the first year of the initiative, more than $6.1 billion has been awarded to over 7,300 job creation and community development projects consistent with each region’s strategic plans, projecting to create and retain more than 230,000 jobs. 2019 REDC Competition In 2019, all 10 REDCs will be competing for a designation as a Top Performer. Five Top Performers will be selected and will receive a share of $100 million in Empire State Development Capital Grant funding, with the remaining five regions receiving a share of $50 million in Empire State Development Capital Grant funding. Each region will also be eligible for up to $75 million in Excelsior Tax Credits.  Each region will also receive $10 million to implement projects identified through the Downtown Revitalization Initiative, and projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds. About the Consolidated Funding Application As part of Governor Cuomo’s efforts to improve the state’s economic development model, a NYS Consolidated Funding Application (CFA) was created to streamline and expedite the grant application process. The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs. The CFA serves as the single-entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination. Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive. To access the CFA, please visit apps.cio.ny.gov/apps/cfa/. About the Regional Economic Development Councils The Regional Economic Development Council (REDC) initiative is a key component of Governor Cuomo’s approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. For more information on the Regional Councils, visit regionalcouncils.ny.gov. Contact:  Kristin Devoe | [email protected] | 518-292-5107 ESD Press Office | [email protected] | 800-260-7313
learn more
Press Release

Wednesday, October 2, 2019 - 12:45pm
New York Rapidly Approaching Goal of Utilizing MWBEs for 30 Percent of Contracting During the 2018-2019 Fiscal Year, Nearly $3 Billion in State Contracts was Awarded to MWBES; Since 2011, Nearly $16 Billion Has Been Awarded Governor Andrew M. Cuomo today announced that the utilization rate for Minority and Women-Owned Business Enterprises on state contracts increased to 29.13 percent during the 2018-2019 Fiscal Year, once again achieving the highest rate in the nation. In total, MWBEs won more than $2.93 billion in state contracts during the 2018-2019 Fiscal Year. The announcement was made in conjunction with New York State's ninth annual MWBE Forum, which brings together thousands of business owners, community leaders, state officials and contractors' representatives to discuss state contracting opportunities and learn about resources available to MWBEs. "In New York, we know that diversity is a strength, not a weakness — and when we empower minority and women-owned businesses to compete for state contracts, we create a better New York for all," Governor Cuomo said. "Our nation-leading utilization rate reflects the unmatched pool of MWBEs in the Empire State and our concerted efforts to create a more equal playing field for these companies." "We are breaking down barriers for aspiring entrepreneurs and providing opportunities to ensure the growth and success of minority and women owned businesses," said Lieutenant Governor Kathy Hochul. "The renewal and expansion of our robust MWBE program is advancing New York's nation-leading MWBE goals, with the utilization rate climbing to 29.13%. We are committed to encouraging and supporting minority and women owned businesses across the state, creating jobs and strengthening the economy as part of our overall efforts to promote diversity." Read the full press release here. 
learn more
Press Release

Wednesday, October 2, 2019 - 11:47am
The Long Island Regional Economic Development Council (LIREDC) today announced it recently submitted its 2019 Progress Report to New York State to meet the October 1 deadline. The progress report details the council’s achievements in implementing its strategic plan and reflects Long Island's progress on efforts to ensure sustainable and long-term growth in the two-county region and to leverage the region’s advantages in key industry sectors, including life sciences, clean energy, agriculture and tourism, among others. In furtherance of these goals, strategies and initiatives, the report recommends 41 priority projects to advance the region’s growth objectives. These projects represent at least $33.6 million in requested state funding, leveraging $168.8 million in private and other funding for total project expenses of more than $202.4 million. Detailed information about the LIREDC’s 2019 endorsed priority projects is available in the progress report here. Kevin Law, LIREDC Co-Chair and Long Island Association President, said, "Since 2011, the Long Island regional council has brought together experts from industry, non-profits, and academia to develop data-driven plans that have helped make our region a better place to work, live and play. This year, we will continue those efforts and support inclusive economic development — ensuring that Long Islanders in every community can share in our growing economy." Stuart Rabinowitz, LIREDC Co-Chair and President of Hofstra University, said, "Over the last eight years, our regional council has worked to support Long Island’s legacy industries while investing in new sectors that will power our economy for years to come. Now, we are doubling-down on those strategies and trying to help build the modern, walkable communities that will attract and retain the next generation of Long Islanders.” Round IX of the REDC initiative will award up to $750 million in state funding and tax incentives, including up to $150 million in capital grants and up to $75 million in Excelsior Tax Credits for projects and activities identified by the Councils as regional priorities in their communities. Additionally, up to $525 million from state agency programs will be awarded through the CFA process. Funding awards will be announced by the end of the year. The REDC process has transformed New York State government’s approach economic development, creating a statewide framework for bottom-up, regional economic growth and streamlining the state funding application process. Since 2011, the first year of the initiative, more than $6.1 billion has been awarded to over 7,300 job creation and community development projects consistent with each region’s strategic plans, projecting to create and retain more than 230,000 jobs. 2019 REDC Competition In 2019, all 10 REDCs will be competing for a designation as a Top Performer. Five Top Performers will be selected and will receive a share of $100 million in Empire State Development Capital Grant funding, with the remaining five regions receiving a share of $50 million in Empire State Development Capital Grant funding. Each region will also be eligible for up to $75 million in Excelsior Tax Credits.  Each region will also receive $10 million to implement projects identified through the Downtown Revitalization Initiative, and projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds. About the Consolidated Funding Application As part of Governor Cuomo’s efforts to improve the state’s economic development model, a NYS Consolidated Funding Application (CFA) was created to streamline and expedite the grant application process. The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs. The CFA serves as the single-entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination. Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive. To access the CFA, please visit https://apps.cio.ny.gov/apps/cfa/. About the Regional Economic Development Councils The Regional Economic Development Council (REDC) initiative is a key component of Governor Cuomo’s approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov. Contact: Jack Sterne (ESD) | [email protected] | (212) 803-3764 ESD Press Office | [email protected] | (800) 260-7313
learn more
Press Release

Wednesday, October 2, 2019 - 11:28am
The New York City Regional Economic Development Council (NYCREDC) today announced it recently submitted its 2019 Progress Report to New York State to meet the October 1 deadline. The progress report details the council’s achievements in implementing its strategic plan and reflects New York City's progress on efforts to ensure sustainable and long-term growth in the region and to leverage the region’s advantages in key industry sectors like life sciences, while supporting priorities such as workforce development and the revitalization of downtown communities In furtherance of these goals, strategies and initiatives, the report recommends 19 ESD Capital Grant and Excelsior Tax Credit priority projects to advance the region’s growth objectives. These projects represent at least $36 million in applicant requested state funding, leveraging $269 million in private and other funding for total project expenses of more than $306 million. Detailed information about the NYCREDC’s 2019 endorsed priority projects is available in the progress report here. Winston Fisher, NYCREDC Co-Chair and Partner at Fisher Brothers, said, "New York City is an economic juggernaut — but we must continue to grow our economy, diversify the industries that power that growth, and ensure all New Yorkers are able to participate. Our regional council looks forward to making critical investments in developing New York City’s workforce and ensuring environmental and economic justice in all five boroughs." Cheryl A. Moore, NYCREDC Co-Chair and President and Chief Operating Officer of the New York Genome Center, said, “Over the past eight years, the New York City regional council has focused on strengthening New York’s life sciences ecosystem, supporting workforce development and revitalizing the City’s downtowns. In the coming year, we will continue to pursue partnerships that support this critical work, while building a fairer economy for all New Yorkers.” Round IX of the REDC initiative will award up to $750 million in state funding and tax incentives, including up to $150 million in capital grants and up to $75 million in Excelsior Tax Credits for projects and activities identified by the Councils as regional priorities in their communities. Additionally, up to $525 million from state agency programs will be awarded through the CFA process. Funding awards will be announced by the end of the year. The REDC process has transformed New York State government’s approach economic development, creating a statewide framework for bottom-up, regional economic growth and streamlining the state funding application process. Since 2011, the first year of the initiative, more than $6.1 billion has been awarded to over 7,300 job creation and community development projects consistent with each region’s strategic plans, projecting to create and retain more than 230,000 jobs. 2019 REDC Competition In 2019, all 10 REDCs will be competing for a designation as a Top Performer. Five Top Performers will be selected and will receive a share of $100 million in Empire State Development Capital Grant funding, with the remaining five regions receiving a share of $50 million in Empire State Development Capital Grant funding. Each region will also be eligible for up to $75 million in Excelsior Tax Credits.  Each region will also receive $10 million to implement projects identified through the Downtown Revitalization Initiative, and projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds. About the Consolidated Funding Application As part of Governor Cuomo’s efforts to improve the state’s economic development model, a NYS Consolidated Funding Application (CFA) was created to streamline and expedite the grant application process. The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs. The CFA serves as the single-entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination. Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive. To access the CFA, please visit https://apps.cio.ny.gov/apps/cfa/. About the Regional Economic Development Councils The Regional Economic Development Council (REDC) initiative is a key component of Governor Cuomo’s approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov. Contact: Jack Sterne (ESD) | [email protected] | (212) 803-3764 ESD Press Office | [email protected] | (800) 260-7313
learn more
Press Release

Wednesday, October 2, 2019 - 11:21am
The Mid-Hudson Regional Economic Development Council (MHREDC) today announced it recently submitted its 2019 Progress Report to New York State to meet the October 1 deadline. The progress report details the council’s achievements in implementing its strategic plan and reflects the Mid-Hudson's progress on efforts to ensure sustainable and long-term growth in the seven-county region and to leverage the region’s advantages in key industry sectors, including advanced manufacturing, life sciences, food and beverage manufacturing, and tourism.   In furtherance of these goals, strategies and initiatives, the report recommends 21 priority projects to advance the region’s growth objectives. These projects represent at least $20 million in requested state funding, leveraging $293 million in private and other funding for total project expenses of more than $313 million. Detailed information about the MHREDC’s 2019 endorsed priority projects is available in the progress report here.   “The MHREDC is committed to providing meaningful opportunities for economic growth and job creation that benefit communities throughout the Mid-Hudson region, and the state’s regional approach to economic development allows us to allocate funding in close partnership with local municipalities,” said Donald Christian, co-chair of the Mid-Hudson Regional Economic Development Council and president of SUNY New Paltz. “We are proud to introduce the latest MHREDC priority projects and look forward to seeing them revitalize downtowns, expand businesses and provide stable employment in the coming years.”   Round IX of the REDC initiative will award up to $750 million in state funding and tax incentives, including up to $150 million in capital grants and up to $75 million in Excelsior Tax Credits for projects and activities identified by the Councils as regional priorities in their communities. Additionally, up to $525 million from state agency programs will be awarded through the CFA process. Funding awards will be announced by the end of the year.   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. Since 2011, the first year of the initiative, more than $6.1 billion has been awarded to over 7,300 job creation and community development projects consistent with each region’s strategic plans, projecting to create and retain more than 230,000 jobs.  2019 REDC Competition In 2019, all 10 REDCs will be competing for a designation as a Top Performer. Five Top Performers will be selected and will receive a share of $100 million in Empire State Development Capital Grant funding, with the remaining five regions receiving a share of $50 million in Empire State Development Capital Grant funding. Each region will also be eligible for up to $75 million in Excelsior Tax Credits.  Each region will also receive $10 million to implement projects identified through the Downtown Revitalization Initiative, and projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds.  About the Consolidated Funding Application As part of Governor Cuomo’s efforts to improve the state’s economic development model, a NYS Consolidated Funding Application (CFA) was created to streamline and expedite the grant application process. The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs. The CFA serves as the single-entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination. Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive. To access the CFA, please visit https://apps.cio.ny.gov/apps/cfa/.  About the Regional Economic Development Councils The Regional Economic Development Council (REDC) initiative is a key component of Governor Cuomo’s approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov. Contact: Adam Kilduff | [email protected] | (212) 803-3744 ESD Press Office | [email protected] | (800) 260-7313
learn more
Press Release

Wednesday, October 2, 2019 - 11:03am
The Capital Region Economic Development Council (CREDC) today announced it recently submitted its 2019 Progress Report to New York State to meet the October 1 deadline. The progress report details the council’s achievements in implementing its strategic plan and reflects the Capital Region's progress on efforts to ensure sustainable and long-term growth in the eight-county region and to leverage the region’s advantages in key industry sectors, including life sciences, high-tech manufacturing and agriculture. In furtherance of these goals, strategies and initiatives, the report recommends 12 priority projects to advance the region’s growth objectives. These projects represent up to $25.4 million in requested state investment, leveraging $113 million in private and other funding for total project expenses of more than $138 million. Detailed information about the CREDC’s 2019 endorsed priority projects is available in the progress report at www.regionalcouncils.ny.gov/capital-region. Dr. Havidán Rodríguez, CREDC Co-Chair and University at Albany President, said, "This year's report shows the Capital Region is alive with projects and possibilities. Together, we have taken our opportunities to the next level—leveraging our creativity, our diversity and the multitude of investments we’ve attracted over the past eight rounds of the REDC. We are proud to showcase our recent achievements alongside the new and innovative ideas that will create an even brighter future for the region." Ruth Mahoney, CREDC Co-Chair and KeyBank Market President, said, "We are already seeing the positive results of this year’s new statewide REDC priorities. Working with regional partners to increase the availability of child care has added an important dimension to our work, and creating a regional conversation around environmental justice has furthered our capacity to address this issue. The council's efforts in these areas, combined with our workforce development strategy, will generate sustainable, impactful results." Round IX of the REDC initiative will award more than $750 million in state funding and tax incentives, including up to $150 million in capital grants and up to $75 million in Excelsior Tax Credits for projects and activities identified by the Councils as regional priorities in their communities. Additionally, over $525 million from state agency programs will be awarded through the CFA process.  Funding awards will be announced by the end of the year. The REDC process has transformed New York State government’s approach economic development, creating a statewide framework for bottom-up, regional economic growth and streamlining the state funding application process. Since 2011, the first year of the initiative, more than $6.1 billion has been awarded to over 7,300 job creation and community development projects consistent with each region’s strategic plans, projecting to create and retain more than 230,000 jobs. 2019 REDC Competition In 2019, all 10 REDCs will be competing for a designation as a Top Performer. Five Top Performers will be selected and will receive up to $20 million in Empire State Development Capital Grant funding, with the remaining five regions receiving up to $10 million in Empire State Development Capital Grant funding. Each region will also receive $10 million to implement projects identified through the Downtown Revitalization Initiative, and projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds. About the Consolidated Funding Application As part of Governor Cuomo’s efforts to improve the state’s economic development model, a NYS Consolidated Funding Application (CFA) was created to streamline and expedite the grant application process. The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs. The CFA serves as the single-entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination. Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive. To access the CFA, please visit https://apps.cio.ny.gov/apps/cfa/. About the Regional Economic Development Councils The Regional Economic Development Council (REDC) initiative is a key component of Governor Cuomo’s approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov. Contact: Adam Ostrowski (ESD) | [email protected] | (518) 292-5148 | (800) 260-7313 ESD Press Office | [email protected] | (800) 260-7313
learn more
Press Release

Wednesday, October 2, 2019 - 10:41am
The North Country Regional Economic Development Council (NCREDC) today announced it recently submitted its 2019 Progress Report to New York State to meet the October 1 deadline. The progress report details the council’s achievements in implementing its strategic plan and reflects the North Country's progress on efforts to ensure sustainable and long-term growth in the seven-county region and to leverage the region’s advantages in key industry sectors, including manufacturing, tourism and agriculture. In furtherance of these goals, strategies and initiatives, the report recommends 11 priority projects to advance the region’s growth objectives. These projects represent up to $13.6 million in requested state funding, leveraging nearly $55 million in private and other funding for total project expenses of more than $68.5 million. Detailed information about the NCREDC’s 2019 endorsed priority projects is available in the progress report at www.regionalcouncils.ny.gov/north-country. James McKenna, Regional Office of Sustainable Tourism CEO and NCREDC Co-Chair, said, "Our first act as Co-Chairs this year was to revise the way the council works by directly aligning its efforts with those of the state. Through the reorganization of our work groups, we created five groups to plan and position us for further progress, while mirroring the state's economic development pillars, to better align our regional vision and strategies. We are proud of the work the council has done over the past year, and we look forward to implementing the approved projects to continue the strong trajectory that will propel us forward." Dr. Ty Stone, Jefferson Community College President and NCREDC Co-Chair, said, "Working together to represent all seven counties in the North Country, we continue to find common threads and additional regional priorities, like determining a common Competitive Regional Identity that helps people understand what our region is all about. Together, we are building a stronger region by supporting projects that encourage sustainable economic growth, bolstered by the leadership and participation of our council members Round IX of the REDC initiative will award more than $750 million in state funding and tax incentives, including up to $150 million in capital grants and up to $75 million in Excelsior Tax Credits for projects and activities identified by the Councils as regional priorities in their communities. Additionally, over $525 million from state agency programs will be awarded through the CFA process.  Funding awards will be announced by the end of the year. The REDC process has transformed New York State government’s approach economic development, creating a statewide framework for bottom-up, regional economic growth and streamlining the state funding application process. Since 2011, the first year of the initiative, more than $6.1 billion has been awarded to over 7,300 job creation and community development projects consistent with each region’s strategic plans, projecting to create and retain more than 230,000 jobs. 2019 REDC Competition In 2019, all 10 REDCs will be competing for a designation as a Top Performer. Five Top Performers will be selected and will receive up to $20 million in Empire State Development Capital Grant funding, with the remaining five regions receiving up to $10 million in Empire State Development Capital Grant funding. Each region will also receive $10 million to implement projects identified through the Downtown Revitalization Initiative, and projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds. About the Consolidated Funding Application As part of Governor Cuomo’s efforts to improve the state’s economic development model, a NYS Consolidated Funding Application (CFA) was created to streamline and expedite the grant application process. The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs. The CFA serves as the single-entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination. Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive. To access the CFA, please visit https://apps.cio.ny.gov/apps/cfa/. About the Regional Economic Development Councils The Regional Economic Development Council (REDC) initiative is a key component of Governor Cuomo’s approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov. Contact: Adam Ostrowski (ESD) | [email protected] | (518) 292-5148 | (800) 260-7313 ESD Press Office | [email protected] | (800) 260-7313
learn more

Pages