New York Gov. Andrew Cuomo today launched the fourth round of the Regional Economic Development Council (REDC) initiative, beginning the 2014 competition for up to $750 million in state economic-development resources.
The consolidated-funding application (CFA) will open to applicants on May 1 and the deadline is 4 p.m. on June 16, the governor’s office said in a news release.
The CFA enables businesses, municipalities, nonprofits and the public to use a single application to apply for assistance from dozens of state-funding programs for job-creating and community-development projects.
Through three rounds of the REDC competition, the initiative has delivered $264.4 million for 226 projects in Central New York; $119.2 million for 129 projects in the Mohawk Valley; $222.4 million for 207 projects in the Southern Tier; and $274.7 million for 222 projects in the North Country, according to data from Cuomo’s office.
“New York’s economy is on a come-back in large part because we have adopted a grassroots approach to economic development that is creating jobs and growing new industries across our state,” Cuomo contended in his news release. “The Regional Councils are working and we plan to continue that success with the fourth round this year.”
The next round of the REDC initiative will award up to $750 million in state funding and tax incentives.
The REDCs will compete for up to $150 million in capital funds and $70 million in Excelsior Tax Credits for projects and activities that the REDCs identify as priorities in their respective regions.
Additionally, New York will award up to $530 million from state-agency programs through the CFA process.
The state is splitting the competition into two parts. The five regions identified as top performers in 2013 will compete for two awards of $25 million each; and the five regions not identified as top performers in 2013 will compete for three awards of $25 million each.
The state will divide the balance of the $25 million in capital funds among the remaining five regions, Cuomo’s office said.
Each region is also eligible for up to $10 million in Excelsior tax credits to help attract business and job creation.
The REDC initiative is a “key” component of Cuomo’s approach to state investment and economic development, the release stated.
Cuomo in 2011 established 10 REDCs to develop long-term, strategic plans for economic growth for their regions.
The councils are public-private partnerships that include local experts and stakeholders from business, academia, local government, and non-governmental organizations.
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