Press Release On December 13th, Governor Cuomo announced that more than $755 million in economic and community development funding was awarded through Round VII of the REDC initiative:
Western New York $68.8 million to support 112 projects
Finger Lakes $63.9 million to support 110 projects
Southern Tier $67.3 million to support 83 projects
Central New York Top Performer Awardee of $86.4 million to support 112 projects
Mohawk Valley Top Performer Awardee of $85.5 million to support 101 projects
North Country $64.9 million to support 81 projects
Capital Region Top Performer Awardee of $85 million to support 110 projects
Mid-Hudson Top Performer Awardee of $84.8 million to support 113 projects
New York City $64.8 million to support 121 projects
Long Island Top Performer Awardee of $84.3 million to support 98 projects
In the spring, Governor Cuomo kicked off REDC Round VII and the second year of the Downtown Revitalization Initiative. The $100 million Downtown Revitalization Initiative (DRI) is a comprehensive, community-driven effort to improve the urban vitality of city centers across New York State by investing $10 million in 10 municipalities statewide. Earlier this year, after thoroughly evaluating each downtown’s potential for transformation, each of the REDCs selected the top community plan in their region. To guide the use of the $10 million DRI awards, each municipality follows a Strategic Investment Plan, which identifies specific projects that align with a unique vision for revitalization of their downtown area.
View the full list of communities in which $10 million will be invested through the DRI.
in 2017, all 10 REDCs competed for designation as a “Top Performer”. The five Top Performers will receive up to $20 million in additional Empire State Development grant funding to support priority projects, with the remaining five regions receiving up to $10 million. Additionally, each region is eligible for up to an additional $75 million in Excelsior Jobs Program tax credits to help attract and grow businesses in the region.
View the full list of the 2017 REDC awards at www.regionalcouncils.ny.gov.
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.
Source: Governor Cuomo Announces More Than $755 Million in Economic and Community Development Resources Awarded Through 2017 Regional Council Competition by the office of Governor Cuomo – December 12, 2017