Last week, the state’s 10 regional economic development councils each submitted their list of priorities for the 2013 round of funding. They also submitted a progress report that details projects currently underway, and also explains new strategies each council plans to implement as it competes for additional state money.
This year, all ten regions will compete against each other. The competition places emphasis on Regional Council performance and action to implement strategies. Five regions will be identified as the “Top Performer” and will receive up to $25 million each. The remaining regions will compete for the balance of $25 million. Each region will also be eligible for up to $10 million in Excelsior Tax Credits.
Over its first two years, the state’s REDC process has been a successful one. It has brought more stakeholders and members of the public into the economic development conversation, and succeeded in getting different industry sectors to look at the big picture and to work together on larger goals. We think it is making a difference.
State officials will announce funding winners in December.