Governor Announces Second Round of REDC Funding

Also on Thursday, Gov. Cuomo announced that the second round of funding through the state’s 10 Regional Economic Development Councils will total $750 million.  The 2012-13 budget appropriated $200 million in new grants and tax credits. The rest will come from existing economic development incentives.

In this round of funding, five $25 million awards will be made. The competition will have two parts:

  • The four regions with the 2011 Best Plans will compete for two awards of up to $25 million each in capital funds. Awards will be made based on the progress the Regional Councils have made implementing their strategies and evolution of their strategic plans.
  • The remaining six regions will compete for three awards of up to $25 million each in capital funds. Awards will be made based on the regions’ revised and updated strategic plans and progress made implementing their strategies.

The balance of the $25 million in capital will be available for priority projects in remaining five regions. In addition, each region will also be eligible for up to $10 million in Excelsior Tax Credits to help attract and grow business in the region.

The Consolidate Funding Application (CFA) is now open to applicants. Applications will be reviewed by the local Regional Council based on its alignment with the strategic plan and will be reviewed on a technical basis by agencies from which the applicant may be eligible for funding.

We are pleased that the state will again be coordinating the state’s economic development effort.  We hope to see a similar level of commitment on the part of the governor toward reforming the business regulatory environment to keep the state’s positive momentum continuing.