NY governor launches economic development programs
ALBANY, N.Y. — Gov. Andrew M. Cuomo has launched two economic development programs to spur growth and innovation in the state through the Regional Economic Development Council.
The two programs are the Upstate Revitalization Initiative and Round V of the Regional Economic Development Councils – officially kicking off the 2015 competitions for $1.5 billion and up to $750 million in state economic development resources, respectively.
“New York’s Regional Councils have transformed our state’s economy over the past four years — and we’re going to continue that progress with the largest single investment in the program and an unprecedented focus on revitalizing Upstate,” Cuomo said. “Between the fifth round of the Regional Economic Development Council competition and the new $1.5 billion Upstate Revitalization Initiative, we are helping communities across the state invest in their many unique assets and expand opportunities for growth from the ground up.”
This year, the 10 Regional Councils will once again compete for awards from up to $750 million in state economic development resources through Round V of the REDC competition. Additionally, through the new Upstate Revitalization Initiative (URI), seven regions – Finger Lakes, Southern Tier, Central New York, Mohawk Valley, North Country, Capital District, and Mid-Hudson — are eligible to compete for three $500 million awards, which will be disbursed at a rate of $100 million per year for five years.
Source: Gov. Andrew M. Cuomo