Capital Regional Economic Development Council Submits 2019 Progress Report

Council Endorses 12 Priority Projects for Round IX of Governor Cuomo’s Regional Economic Development Council Initiative

October 2, 2019

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