The state’s 10 Regional Economic Development Councils (REDCs) have submitted their one-year progress reports, which detail their work toward implementing their five year strategic plans. Each regional report can be accessed here.
A second round of up to $762 million in state resources was launched in 2012. Funding for the second round includes $220 million in competitive grant funding ($150 million in capital and $70 million in tax credits) to implement regional strategic plans and continue to advance priority job-creating projects, and up to $542 million from state agency programs through the CFA to support regionally-significant economic development projects.
Five awards of $25 million will be made, and 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 the evolution of their strategic plans; and
- 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 the 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.
Funding awards for the second round of the CFA process are expected to be announced later this fall.