The Finger Lakes Regional Economic Development Council (FLREDC) today announced it has submitted its 2018 Progress Report to the State to meet the October 1 deadline.  The report details the Council’s achievements in implementing its five-year, Finger Lakes Forward strategic plan and reflects progress on efforts to ensure sustainable and long-term growth in the nine-county region and to leverage the region’s advantages in key industry sectors, including optics, photonics and imaging, advanced and next generation manufacturing and agriculture and food production.

In furtherance of these goals, strategies and initiatives, the report recommends 23 priority projects to advance the region’s growth objectives. These projects, from Genesee, Livingston, Monroe, Ontario, Seneca, Wayne, and Yates counties, represent a total proposed state investment of at least $20 million, leveraging $151 million in private and other funding for total project expenses of more than $171 million with a return on investment of 9 to 1.

Detailed information about the FLREDC’s 2018 endorsed priority projects is available in the progress report at www.regionalcouncils.ny.gov.

The report also outlines the region’s strong performance record in implementing its strategies and projects since the first round of Governor Andrew M. Cuomo’s Regional Economic Development Council initiative in 2011. 732 projects in the Finger Lakes region have received awards through the Consolidated Funding Application (CFA) process over the last seven years. These projects represent $ 2.4 billion in total investment, leveraging $300 million in state support by a ratio of more than 8 to 1.

Finger Lakes Regional Economic Development Council Co-Chairs Monroe Community College President Anne Kress and Greater Rochester Chamber of Commerce President Bob Duffy said, “The state support we have received over the last seven years has truly facilitated our region’s transformation and has accelerated our momentum in moving the Finger Lakes forward. The enthusiasm and commitment of all council members is certainly evident in the 2018 annual report. We remain united for success, and our results show that we are realizing our shared vision to extend economic opportunities to all of the region’s residents.”

Round VIII 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.

By incentivizing the implementation of the strategic plans, the REDCs – composed of leaders from business, educational institutions, local governments, not-for-profit groups and other stakeholders – are further motivated to work together to accomplish the regional vision. The competition emphasizes performance and action to implement strategies, which encourages cooperation among the REDCs and representatives of the community that is critical to achieving successful economic development.

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 $5.4 billion has been awarded to more than 6,300 projects that are projected to create and retain more than 220,000 jobs statewide.

2018 REDC Competition

In 2018, 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.  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.

Accelerating Finger Lakes Forward 

Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $6.1 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture‎ and food production, and advanced manufacturing. 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 Rochester, Batavia and Canandaigua as a destination to grow and invest in.

Now, the region is accelerating Finger Lakes Forward 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 8,200 new jobs. More information is available here.

Contact:

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

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