REDCs to vie for $750M in state funds in 2018
Round VIII of the Regional Economic Development Council initiative is now underway, kicking off the 2018 competition for more than $750 million in state economic development resources. The competition places an emphasis on Regional Council performance and action to implement strategies.
All 10 regions will be competing this year for designation as a Top Performer. Five Top Performers will receive awards of up to $20 million in Empire State Development capital grants. The remaining five regions identified as Regional Awardees will receive up to $10 million in ESD Capital Grants. Additionally, each region will once again receive $10 million to implement projects identified through the Downtown Revitalization Initiative, and projects from all 10 regions submitted through the Consolidated Funding Application will be eligible for more than $525 million in other state agency funds. The CFA will open to applicants on May 1.
Regional Council priorities in 2018 include: Supporting Downtown Revitalization Plans and identifying downtown projects for DRI Round 3; identifying workforce development strategies to meet business’ needs and improving the regional talent pipeline; identifying projects for the state life sciences cluster; implementing strategies through the project pipeline; and measuring the performance and progress of the strategic plan
Since 2011, the first year of the REDC initiative, more than $5.4 billion has been awarded to 10 regions, supporting at least 6,300 projects that are projected to create and retain more than 220,000 jobs statewide.
Through seven rounds of the REDC competition:
- Western New York REDC has delivered $487.2 million for 663 projects;
- Finger Lakes REDC has delivered $570.1 million for 715 projects;
- Southern Tier REDC has delivered $547.9 million for 554 projects;
- Central New York REDC has delivered $615.5 million for 617 projects;
- Mohawk Valley REDC has delivered $529.6 million for 563 projects;
- North Country REDC has delivered $549.5 million for 537 projects;
- Capital Region REDC has delivered $521.9 million for 718 projects;
- Mid-Hudson REDC has delivered $560.7 million for 687 projects;
- New York City REDC has delivered $465.1 million for 573 projects; and
- Long Island REDC has delivered $570.8 million for 688 projects.