ALBANY - Round IV of the Regional Economic Development Council (REDC) initiative, officially kicking off the 2014 competition for up to $750 million in state economic development resources, launched on Monday. The Consolidated Funding Application (CFA) will open to applicants on May 1, enabling businesses, municipalities, not-for-profits and the public to begin applying for assistance from dozens of state funding programs, through a single application, for job-creating and community development projects.
“A fourth round of the Regional Economic Development Councils will continue the achievements we’ve seen in every area of the state over the past three years,” said Lieutenant Governor Robert Duffy, Chair of the Regional Economic Development Councils. “I applaud the work being done by each of the Co-Chairs and their teams—jobs are being created, businesses are expanding, and New York State is back on the right track."
The REDC process has transformed economic development in New York State, creating a statewide framework for bottom-up regional economic growth and streamlining the state funding application process. Over $2 billion in investments from the past three rounds are supporting more than 2,200 projects that have already created or retained more than 100,000 jobs statewide.
Through three rounds of the REDC competition:
· Western New York REDC has delivered $213.9 million for 235 projects
· Finger Lakes REDC has delivered $224.8 million for 255 projects
· Southern Tier REDC has delivered $222.4 million for 207 projects
· Central New York REDC has delivered $264.4 million for 226 projects
· Mohawk Valley REDC has delivered $119.2 million for 129 projects
· North Country REDC has delivered $274.7 million for 222 projects
· Capital Region REDC has delivered $195.8 million for 272 projects
· Hudson Valley REDC has delivered $219.4 million for 232 projects
· New York City REDC has delivered $175 million for 160 projects
· Long Island REDC has delivered $244.3 million for 250 projects
Round IV of the REDC initiative will award up to $750 million in state funding and tax incentives.