Finger Lakes Regional Economic Development Council Releases Draft 2019 Annual Report for Comment

September 24, 2019

The Finger Lakes Regional Economic Development Council (FLREDC) today released its draft 2019 Regional Economic Development Council (REDC) Annual Report, opening a public review period that will allow the council to consider comments and ideas that will help make this year’s competitive submission as strong as possible. 

The draft FLREDC 2019 Annual Report can be viewed on the FLREDC website. Comments can be submitted on the draft via email to [email protected] and will be considered until Monday, September 23, 2019.

The FLREDC, which represents a nine-county region composed of Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming and Yates counties, will submit its final Annual Report to New York State on October 1, 2019 to compete for a portion of the funding made available in this year’s REDC competition.  Round IX of the REDC initiative includes core capital and tax-credit funding that will be combined with a wide range of existing agency programs totaling approximately $750 million. The core funding includes $225 million in grants and tax credits to fund high value regional priority projects. The Budget also makes over $525 million in resources from State agencies available to support community revitalization and business growth consistent with the existing REDC plans 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, over $6.1 billion has been awarded to more than 7,300 projects that are projected to create and retain more than 230,000 jobs statewide. Through EIGHT rounds of the REDC competition, Finger Lakes REDC has been awarded $656.6 million for 856 projects.

2019 Round IX Awards

The Regional Councils will compete in 2019 for up to $150 million in capital funds and $75 million in Excelsior Tax Credits for projects identified by the Regional Councils as priorities in their regions. All ten regions will be competing this year for designation as a Top Performer. Five top performing regions will be awarded a share of $100 million in ESD Capital grants. The remaining five regions will be awarded a share of $50 million in ESD Capital grants. Each region will also be awarded a share of $75 million in Excelsior Tax Credits to help attract and grow business in the region.

In addition, each region will once again 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.  After seven rounds of the REDC process, over $5.4 billion has been awarded to job creation and community development projects consistent with each regions strategic plans, projecting to create and retain more than 220,000 jobs. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.

Contact:
Shari Voorhees-Vincent | [email protected] | (585) 399-7055
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