Last week, the state’s 10 Regional Economic Development Councils (REDCs) made their pitches for state funding for their chosen projects. This is the fourth year of the REDC process. The ten regions are competing for more than $700 million in state aid.
The REDCs, made up of top business and government leaders, have received $2.2 billion in state aid over the first three years of the process, which was instituted by Gov. Cuomo in 2011.
Most of the funding comes from pools of economic development aid that has been controlled by state agencies for years, but the state adds in $220 million a year in capital aid and tax breaks.
The next round of funding is expected to be announced in October.