On Monday, Gov. Cuomo announced that the state’s Regional Economic Development Council initiative has begun its fourth round. On May 1st, the state will begin accepting applications for $750 million in state economic development resources through the Consolidated Funding Application (CFA). The deadline for applications to be filed is Monday, June 16th at 4:00 p.m.
The Cuomo Administration established the Regional Economic Development Council initiative in 2011. The Administration established 10 Regional Councils throughout the state to develop long-term strategic plans for economic growth for their regions. The Councils are made up of public and private representatives, including local experts and stakeholders, in order to put in place “a community-based, bottom up approach” to distributing state economic development support.
According to the Governor, more than $2 billion in investments from the first three rounds of the REDC process have been awarded in support of some 2,200 projects that have created or retained more than 100,000 jobs statewide.
The fourth round of the REDC competition will focus on:
- Implementation of regional strategic economic development plans;
- Performance in encouraging economic growth through job creation and investment; and
- Identification of global marketing and export strategies.
The REDC process has been successful in getting people around the state to work together, and to establish regional goals, priorities and working relationships. We look forward to this process continuing.