New York City Regional Economic Development Council Submits 2018 Progress Report

The New York City Regional Economic Development Council (NYCREDC) today announced it recently submitted its 2018 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 five-county region and to leverage the region’s advantages in key industry sectors, including financial services, technology, life sciences and tourism.

In furtherance of these goals, strategies and initiatives, the report recommends 14 priority projects to advance the region’s growth objectives. These projects, located in all five boroughs, represent a total proposed state investment of at least $20 million, leveraging private and other funding for total project expenses of more than $489 million. Collectively, these priority projects would support the creation of 946 new jobs, 4,584 indirect jobs, 1,314 construction jobs and the retention of 850 existing jobs, and leverage a return on investment of 24 to 1.

Detailed information about the NYCREDC’s 2018 endorsed priority projects is available in the progress report here.

“We are proud that New York City’s economic output has reached an all-time high and the city is adding more jobs, showing the success of the state’s community-based economic development strategy,” said Cheryl A. Moore, NYCREDC Co-chair and President & COO of the New York Genome Center. “The NYCREDC will continue to work hard to support all New Yorkers and the many people who seek their fortunes here from around the world.”

“The NYCREDC 2018 Progress Report shows that the Big Apple continues to be a thriving economic success that draws the world’s top talent,” said Winston Fisher, NYCREDC Co-chair and Partner of Fisher Brothers. “The NYCREDC will ensure that New York City’s economy expands in key industries like life sciences, financial services and technology while pursuing a regional, bottom-up strategy for economic development to serve the city well for decades to come.”

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.

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, 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 region’s 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:
Adam Kilduff | [email protected] | (212) 803-3744
ESD Press Office | [email protected] | (800) 260-7313