Regeneron: a global leader in biotech innovation
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Regeneron: a global leader in biotech innovation
How does a biotechnology firm become a global leader, with multiple medications on the market and a solid reputation for innovative solutions that help it break through...
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Press Release
Tuesday, October 30, 2018 - 1:39pm
Empire State Development (ESD) today announced that Maria College in Albany will expand the school's educational infrastructure for practice-ready health care professionals as part of a nearly $4 million project. The expansion will address structural needs and capacity limitations at three buildings on campus and provide more registered professional nurses (RNs) with the opportunity to meet New York State requirements.
ESD President, CEO and Commissioner Howard Zemsky said, "The expansion of Maria College's health professions program will address the growing demand for skilled, educated health care professionals in the Capital Region while supporting sustainable workforce and economic development efforts across the region."
Maria College will invest nearly $4 million to renovate part of the McAuley Residence, creating simulation clinical areas with health care informatics technology for high-level technical nursing; create three simulation lab spaces for hands-on training and testing; renovate Marian Hall to update and create dedicated wet lab space for anatomy and physiology courses; and address critical needs at both Marian Hall and the Main Building including providing handicapped access to the second floor and replacing an 89-year-old wooden elevator. ESD has offered to support this project through a $250,000 performance-based capital grant.
Dr. Thomas J. Gamble, Maria College President, said, "Maria College has been a leader in nursing and health care education for 60 years and has provided the region with skilled and compassionate professionals. We are grateful to New York State for its monetary support that will help create state-of-the-art learning space equipped with simulation and informatics technology to ensure nursing and health profession students develop skills in real world practice scenarios."
Last year the entire nursing program at Maria College had an average enrollment of around 400 students, or 46 percent of the student body. The Bachelor of Science program enrollment numbers have been capped due to physical space limitations. Creating the new nursing program space in the McAuley building and renovating spaces in the Marian and Main buildings, will allow the College to double the program capacity over the next five years.
Currently, all RNs are required to have at least an associate degree and pass a licensure exam. New legislation in New York State requires that all new RNs with an associate degree earn a Bachelor of Science (B.S.) degree in nursing within 10 years of licensure. There is a critical demand for these nurses in the Capital Region, with some hospitals offering to pay tuition for employees who enroll in this program.
There are more than 12,100 RNs in the Capital Region, and the number is expected to climb to more than 13,100 by 2022. About 500 nurses graduate with an associate degree from Capital Region schools annually and will need to earn a B.S. degree within 10 years. Currently licensed RNs are exempt but will need to attend a completion program to earn a promotion or attend graduate school.
Senator Neil Breslin said, "Maria College has been a Capital Region leader in educating students for careers in health professions. This expansion will help meet the growing demand for nurses in the area, and I thank Empire State Development for supporting this project."
Assembly Member Patricia Fahy said, "Upstate New York has a need for more qualified healthcare providers than ever. The expansion of Maria College’s healthcare education campus will offer the Capital Region’s next generation of providers the hands-on experience they need to serve our families. Congrats to Maria College on this much needed expansion."
Albany County Executive Daniel P. McCoy said, "The quality nursing programs found at Maria College go hand-in-hand with the industry leading hospitals located right here in Albany County. Empire State Development deserves recognition for investing in this multi-million-dollar expansion project being spearheaded by President Gamble, that will continue the investment in experienced, well-educated nurses that are critical to providing our residents with the first-rate health care they deserve."
Albany Mayor Kathy Sheehan said, "Maria College’s investment demonstrates their longstanding commitment to our community and to providing quality education that meets the healthcare needs of the City of Albany and the entire Capital Region. I would like to thank Governor Cuomo and Empire State Development for supporting this important project."
About Maria College
Founded in 1958, Maria College is one of 17 colleges and universities in the United States sponsored by the Sisters of Mercy of the Americas. The private, co-educational, Catholic college in Albany serves approximately 800 students in a variety of degree and certificate programs including liberal arts, healthcare management, nursing, occupational therapy assistant, and health and occupational sciences. With an unwavering commitment to the humanities, the College instills in its graduates a respect for the dignity of each person and the ability to transform learned skills into caring service. More information is available at www.mariacollege.edu
About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of "I LOVE NEW YORK," the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
Contact:
Adam Ostrowski | Adam.Ostrowski@esd.ny.gov | (518) 292-5148
ESD Press Office | PressOffice@esd.ny.gov | (800) 260-7313
Press Release
Tuesday, October 30, 2018 - 10:39am
Empire State Development (ESD) today announced that Wayfair, a leading e-commerce retailer, has officially opened its state-of-the-art sales and service center in Big Flats, Chemung County. The company plans to create up to 450 new, full-time jobs in the Southern Tier region over the next three years across a variety of management, sales and service roles. So far, the company has hired 250 employees who are already working on site. The company renovated a vacant building at Corporate Park in the town of Big Flats. Investing in successful companies supports the strategy of the Southern Tier Soaring initiative which is working to revitalize communities by supporting the regional economy.
Empire State Development President, CEO & Commissioner Howard Zemsky said, "Wayfair's commitment to invest millions of dollars and create hundreds of jobs in the Southern Tier reflects the success of our strategic investments in the region, aimed at attracting new businesses and strengthening the economy for the long term.”
Founded in 2002 by Cornell University graduates Steve Conine and Niraj Shah, Wayfair is one of the world’s largest online retailers of home furnishings, décor and home improvement products. The company is headquartered in Boston, Massachusetts and employs more than 9,700 people with operations throughout North America and Europe. The Wayfair family of sites includes Wayfair, Joss & Main, AllModern, Birch Lane and Perigold.
“We are excited to join the Chemung County community and contribute to the ongoing economic development in the region,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “Wayfair’s success is built on our commitment to provide customers with an exceptional shopping experience. The Big Flats team will ensure we continue to deliver on that promise to customers by making shopping for home fast, easy and fun. We look forward to sharing Wayfair’s great workplace culture and company values with new team members and the greater community.”
To encourage this project to move forward in the Southern Tier, ESD has offered performance-based incentives totaling up to $4.5 million, which includes a $3 million grant and $1.5 million in Excelsior Jobs Program tax credits. The incentives are tied to Wayfair’s job creation and investment commitments, including employing at least 450 people at the facility. The total cost of the project is approximately $8.1 million.
Southern Tier Regional Economic Development Council Co-Chairs Tom Tranter, President & CEO of Corning Enterprises and Harvey Stenger, President of Binghamton University said, “The regional council is committed to supporting the growth of successful businesses like Wayfair which was founded by two entrepreneurs who spent their collegiate years in the Southern Tier. The regionally designed Southern Tier Soaring economic development plan is truly making a difference, spurring economic development and creating good jobs for the region.”
Senator Tom O’Mara said, "We are grateful to welcome Wayfair to Big Flats and the Southern Tier. Needless to say, we are excited about this significant investment in the economic future of the Southern Tier region and potentially hundreds of meaningful new jobs for area workers."
Chemung County Executive Tom Santulli said, “The opening of the new Wayfair Sales and Service Center is fantastic news for the residents of Chemung County and the Southern Tier. Wayfair’s entry into our region’s workforce will created 450 new full-time jobs that will have a major positive impact on our economy. I want to personally thank Governor Cuomo and Empire State Development for their continued support and financial investment in the Southern Tier.”
Big Flats Town Supervisor Ed Fairbrother said, “Big Flats is proud to officially welcome Wayfair to the community. We are thrilled that this well-respected company saw the benefits of opening their new state-of-the-art sales and service center here. I am grateful to the Governor and to Empire State Development for helping to ensure that this incredibly successful company will no doubt become a key player in our local economy.”
For more information about Wayfair, click here.
Accelerating Southern Tier Soaring
Today's announcement complements “Southern Tier Soaring,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $4.6 billion in the region since 2012 to lay for groundwork for the plan – attracting a talented workforce, growing business and driving innovation. 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 Binghamton, Johnson City and Corning as a destination in which to grow and invest.
Now, the region is accelerating Southern Tier Soaring 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 10,200 new jobs. More information is available here.
Contact:
Shari Voorhees-Vincent | Shari.Voorhees-Vincent@esd.ny.gov | (585)399-7055
ESD Press Office | PressOffice@esd.ny.gov | (800) 260-7313
Report
Friday, October 26, 2018 - 1:06pm
As required by statute, these reports contain the status of economic development programs administered by Empire State Development. Funding for the projects listed herein was approved by ESD during Fiscal Year 2018-19.
Quarterly Status Report - First Quarter of Fiscal Year 2018-2019
Quarterly Status Report - Second Quarter of Fiscal Year 2018-2019
Press Release
Thursday, October 25, 2018 - 1:27pm
Presentations will be streamed live online at www.regionalcouncils.ny.gov
Empire State Development today announced an updated schedule for this year’s Regional Economic Development Council presentations to the Strategic Implementation Assessment Team, which is led by Secretary of State Rossana Rosado and composed of state officials.
The schedule follows:
TOMORROW, Friday, October 26
Location: NYPA Building, Jaguar Room, 123 Main Street, White Plains, NY 10601
Regions Presenting:
9 a.m. – Mid-Hudson
10:30 a.m. – New York City
1 p.m. – Long Island
Friday, November 2
Location: Monroe Community College, Brighton Campus, 1000 East Henrietta Road, Rochester, NY 14623
Regions Presenting:
9 a.m. – Finger Lakes
10:30 a.m. – Western NY
1 p.m. – Southern Tier
Representatives from each region will provide an in-person presentation to the SIAT, including updates on their strategic plan goals, progress achieved on priorities and projects funded in previous rounds, and outlines of their Round VIII strategies. The presentations will be followed by questions from the review team.
The SIAT team includes Rossana Rosado, Secretary of State, NYS Department of State (DOS); RoAnn Destito, Commissioner, New York State Office of General Services (OGS); Matt Driscoll, Acting Executive Director, NYS Thruway Authority; Roberta Reardon, Commissioner, Department of Labor (DOL); Sabrina Ty, President and CEO, New York State Environmental Facilities Corporation (EFC); RuthAnne Visnauskas, Commissioner, NYS Homes and Community Renewal; Richard Ball, Commissioner, NYS Department of Agriculture and Markets; Brian Stratton, Director, NYS Canal Corporation; and Hon. Helene Weinstein, Chair of Ways and Means Committee, New York State Assembly.
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 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:
ESD Press Office | pressoffice@esd.ny.gov | (800) 260-7313
Press Release
Thursday, October 25, 2018 - 11:21am
Empire State Development (ESD) today announced that Hudson Valley Lighting, a manufacturer of high-end light fixtures, has completed construction of its new 262,000 square-foot facility in Wappinger, Dutchess County. The assembly and distribution facility will serve as the company’s world headquarters and include both warehousing and manufacturing space. The project will create 34 new jobs and retain 47 jobs, while vastly increasing the company's ability to design, manufacture and ship products worldwide as well as provide appropriate showroom space to welcome buyers.
Empire State Development President, CEO and Commissioner Howard Zemsky said, “Hudson Valley Lighting’s vastly expanded facility will create advanced manufacturing jobs, spur innovation and enhance economic growth in the Mid-Hudson region.”
Hudson Valley Lighting was founded in 1985 by David S. Littman and is now one of the five distinct brands under the Littman Brands banner. Littman Brands industry-recognized brands are united by the pursuit of excellence, a design-driven culture, attention to ever-changing environmental considerations, and commitment to the highest possible quality.
Hudson Valley Lighting Founder and CEO David Littman said, "Thanks to the Governor's Regional Economic Development Council I am able to grow and expand my business in New York State. Instead of relocating, we are investing in the region by creating jobs, participating in the community and serving as a catalyst for positive change. I’ve always seen the potential that exists in the Hudson Valley to create a vibrant economy in one of the most beautiful places on earth. Thanks to the leadership of Governor Cuomo, there is a growing energy and excitement welcoming new residents and businesses to the region. This energy, combined with a creative and educated workforce, bode well for the future. Frankly, I’m surprised it’s taken so long for others to discover what we’ve known all along, New York State is a great place to live and work.”
As a result of the Regional Economic Development Council Initiative, Hudson Valley Lighting was awarded a $705,000 performance-based grant in Round III to support the $17.2 million project and up to $200,000 in Excelsior Jobs Program tax credits, which are directly tied to job commitments. Hudson Valley Lighting, which has nine locations throughout the world, had outgrown its rented facility in Newburgh, creating the need for a new location that would adequately serve the company’s needs and become its world headquarters.
Donald Christian, Chair of the Mid-Hudson Regional Economic Development Council said, “Hudson Valley Lighting’s success has had positive economic impacts throughout the region, creating good-paying jobs and a valuable product that’s sold around the world. We are pleased that this new world headquarters and assembly facility in Dutchess County provide such a meaningful boost to the next steps in the company’s evolution.”
Wappinger Town Supervisor Richard Thurston said, “The decision of Hudson Valley Lighting to expand its operations in the Town of Wappinger is both exciting and inspiring. It shows that our Town can still provide a very attractive base for manufacturing and job growth.”
About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I LOVE NEW YORK,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.
Contacts:
Adam Kilduff | adam.kilduff@esd.ny.gov | (212) 803-3744
Adam Ostrowski | adam.ostrowski@esd.ny.gov | (518) 292-5148
ESD Press Office | pressoffice@esd.ny.gov | (800) 260-7313
Board Meeting
Wednesday, October 24, 2018 - 2:00pm
Press Release
Wednesday, October 24, 2018 - 1:24pm
Empire State Development (ESD) today announced that Studco Building Systems plans to grow its North American operations in the Town of Webster, Monroe County. The sheet metal manufacturer will double the size of its current facility, adding an additional 56,000 square-feet to its existing structure in an effort to increase production of the company’s steel stud framing components in an effort to better meet the needs of its customers. The expansion project is expected to create up to 18 new jobs in the region over the next five years; 62 jobs will be retained. Investing in successful companies supports the strategy of the Finger Lakes Forward initiative which is working to revitalize communities by supporting the regional economy.
Empire State Development President, CEO & Commissioner Howard Zemsky said, “Studco Building Systems’ decision to expand in Monroe County reflects the success of our strategic support for growing and revitalizing the Upstate economy, adding jobs and opportunity.”
Empire State Development is providing up to $200,000 through the Excelsior Jobs Tax Credit Program in exchange for job creation commitments. The nearly $4 million project is expected to be completed in late 2019.
Ben Stevens, Studco Building Systems President & Global Managing Director said, “The support of the State is encouraging manufactures like ourselves to stay in New York. Studco is the only New York manufacturer of Steel Stud and prides itself on its patented innovative building solutions for the North American market.”
Founded in Australia more than 40 years ago, the company manufactured T-bar ceiling systems under the brand name, Duraclamp®, cementing itself in the Australian market as a leader for state-of-the-art ceiling systems. In 1986, Duraclamp was sold to United States Gypsum, (USG) eventually evolving into Studco Building Systems®. The company established its North American headquarters in Webster at Boulter Industrial Park in 2005 to ensure better access to clients in both the United States and Canada. The innovative company continues to expand globally serving clients in Australia, New Zealand, the United Kingdom, European and Middle Eastern markets.
Assembly Majority Leader Joseph D. Morelle said, “Studco’s continued success and expansion is great news for our economy and further demonstrates that our community is a truly exciting place for the businesses of today and the future to locate, grow, and thrive. Most exciting is that this expansion means new jobs and good wages that will further strengthen families across Monroe County.”
State Senator Pamela Helming said, “The expansion of Studco Building Systems’ manufacturing facility in Webster is an exciting endeavor not only because it will create and retain jobs but also because it shows that manufacturers can grow and thrive in our region. I recently had the privilege of visiting Studco’s North American headquarters with representatives of the Workforce Development Institute and seeing the area where the company will double the size of its current building. It is an impressive site, and I applaud Gordon Ben Stevens and their team for continuing to build upon the company’s success and for supporting our community. As State Senator, I will keep working to ensure that manufacturers such as Studco can do business and grow jobs in our region and in our state.”
State Assemblyman Mark Johns said, “It is wonderful news for the region that Sutdco Building Systems has decided to expand its operations in Webster. I am very grateful to Empire State Development for supporting this project. Because of that assistance, this successful international company has committed to creating top quality jobs which will help the regional economy continue to grow.”
For more information about Studco Building Systems, click here.
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 | Shari.Voorhees-Vincent@esd.ny.gov | (585) 399-7055
Press Office | pressoffice@esd.ny.gov | (800) 260-7313
Report
Wednesday, October 24, 2018 - 12:08pm
The Excelsior Jobs Program provides job creation and investment incentives to firms in targeted industries in order to encourage businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments. Below please find the quarterly program report for the second quarter of 2018, ending 6/30/2018.
6/30/2018: EXCELSIOR JOBS PROGRAM - Quarterly Report
CHART A - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Admitted To Program
CHART B - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2012
CHART C - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2013
CHART D - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2014
CHART E - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2015
CHART F - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2016
CHART G- EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2017
Report
Wednesday, October 24, 2018 - 11:48am
The Empire State Jobs Retention Program was created to provide financial incentives to retain strategic businesses and jobs that are at risk of leaving the state due to the impact on business operations from a natural disaster. Below please find charts A & B of the quarterly program report detailing businesses admitted to the program and credits issued for the second quarter, ending 6/30/2018.
Empire State Jobs Retention Program Quarterly Report - Chart A: Businesses Admitted To Program
Empire State Jobs Retention Program Quarterly Report- Chart B: Credits Issued
Press Release
Monday, October 22, 2018 - 4:45pm
Presentations will be streamed live online at www.regionalcouncils.ny.gov
Empire State Development today announced the schedule for this year’s Regional Economic Development Council presentations to the Strategic Implementation Assessment Team, which is led by Secretary of State Rossana Rosado and composed of state officials.
Empire State Development President, CEO & Commissioner Howard Zemsky said, “The SIAT presentations give regions an opportunity to make their best pitches for support of their strategies and the priority projects in their communities that reflect a shared commitment to shaping a thriving and sustainable New York State economy.”
The schedule follows:
Tuesday, October 23
Location: Mohawk Valley Community College, Rome Campus
1101 Floyd Ave
Rome, NY 13440
Regions Presenting:
9 a.m. - Mohawk Valley
10:30 a.m. - North Country
1 p.m. - Capital Region
2:30 p.m. - Central NY
Friday, October 26
Location: NYPA Building, Jaguar Room
123 Main Street
White Plains, NY 10601
Regions Presenting:
9 a.m. - Mid-Hudson
10:30 a.m. - Long Island
1 p.m. - New York City
Friday, November 2
Location: Monroe Community College, Brighton Campus
1000 East Henrietta Road
Rochester, NY 14623
Regions Presenting:
9 a.m. - Finger Lakes
10:30 a.m. - Western NY
1 p.m. - Southern Tier
Representatives from each region will provide an in-person presentation to the SIAT, including updates on their strategic plan goals, progress achieved on priorities and projects funded in previous rounds, and outlines of their round VI strategies. The presentations will be followed by questions from the review team.
The SIAT team includes Rossana Rosado, Secretary of State, NYS Department of State (DOS); RoAnn Destito, Commissioner, New York State Office of General Services (OGS); Matt Driscoll, Acting Executive Director, NYS Thruway Authority; Roberta Reardon, Commissioner, Department of Labor (DOL); Sabrina Ty, President and CEO, New York State Environmental Facilities Corporation (EFC); RuthAnne Visnauskas, Commissioner, NYS Homes and Community Renewal; Richard Ball, Commissioner, NYS Department of Agriculture and Markets; and Brian Stratton, Director, NYS Canal Corporation.
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 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, visitwww.regionalcouncils.ny.gov.
Contact:
ESD Press Office | PressOffice@esd.ny.gov | (800) 260-7313