Our Central New York region has had remarkable success through the Regional Economic Development Council (REDC) process, receiving the most funding to date out of all 10 council regions. This funding has advanced hundreds of projects and allowed businesses in our community to expand and create thousands of new jobs. Again this year, more than […]
Our Central New York region has had remarkable success through the Regional Economic Development Council (REDC) process, receiving the most funding to date out of all 10 council regions. This funding has advanced hundreds of projects and allowed businesses in our community to expand and create thousands of new jobs.
Again this year, more than $750 million in in state economic-development resources will be distributed in Round IX of the REDC awards. This includes up to $150 million in capital grants and $75 million in Excelsior Tax Credits for projects statewide identified as regional priorities. Additionally, more than $525 million from state agency programs will be awarded through the CFA process.
I strongly encourage those considering an expansion project to review the application and funding opportunities and submit a Consolidated Funding Application (CFA) (https://apps.cio.ny.gov/apps/cfa/) by the July 26 deadline. You can also attend an upcoming informational workshop on June 21 in Auburn to learn more (https://regionalcouncils.ny.gov/central-new-york/events/central-new-york-cfa-workshop-auburn-jun-21-2019).
In this round, the CNY REDC will also develop strategies that: support community investment in placemaking and downtown revitalization; advance the state’s Workforce Development Initiative; identify and develop childcare solutions in collaboration with local businesses and communities; and develop an economic and environmental justice strategy for the region.
Additionally, one downtown in each of the state’s 10 regions will be awarded $10 million in the fourth round of the Downtown Revitalization Initiative (DRI), to execute downtown strategic investment plans that support the community’s vision for revitalization. Cortland, Oswego, and Auburn’s downtowns were prior DRI recipients.
I look forward to continuing the progress we have started and supporting CNY REDC co-chairs Randy Wolken, president and CEO of the Manufacturers Association of Central New York; and Deborah Stanley, president of SUNY Oswego, in this important work. Should you have any questions about the application process, please contact Andrew Fish, CenterState CEO’s senior VP of business development at afish@centerstateceo.com.
Robert M. (Rob) Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This viewpoint is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on May 23.