Funding for REDC competition, Downtown Revitalization Initiative included in state budget proposal

ALBANY, N.Y. — The proposed New York State budget includes funding for a 10th round of the Regional Economic Development Council (REDC) competition and a fifth round of the Downtown Revitalization Initiative.

The budget proposal offers up to $750 million of grants and agency resources for a 10th round of REDC awards, Gov. Andrew Cuomo said in a Friday news release.

It also provides $100 million for a fifth round of the Downtown Revitalization Program.

“Our targeted economic-development approach is working all across the State, creating new jobs, revitalizing communities and boosting local economies,” Cuomo contended. “This significant investment will be used to fund more rounds of the successful Downtown Revitalization Initiative and Regional Economic Development Councils and continue our state’s unprecedented growth.”

About the programs

In 2011, Cuomo established 10 Regional Economic Development Councils to develop long-term regional strategic economic-development plans. Since then, the state has invested more than $6.9 billion through the REDCs, funding more than 8,300 projects and supporting more than 240,000 jobs across the state.

The Downtown Revitalization Initiative seeks to turn downtown neighborhoods into “vibrant communities where the next generation of New Yorkers will want to live, work and raise families.” The state’s 10 REDCs nominate participating communities based on the downtown’s “potential for transformation.”

Through four rounds of awards, each winning community was awarded $10 million to develop a downtown strategic investment plan and implement key projects that “advance the community’s vision for revitalization.”

Contact Reinhardt at ereinhardt@cnybj.com