New York City Regional Economic Development Council Submits 2019 Progress Report

Council Endorses 19 ESD Priority Projects for Round IX of Governor Cuomo’s Regional Economic Development Council Initiative

October 2, 2019

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