$1 Billion in Funding from Agency Programs now Available under One Application
Albany, NY (July 20, 2011)
Governor Andrew M. Cuomo today announced historic changes to the state's economic development grant application process, continuing the Governor's efforts to redesign the way state government works in order to drive economic growth and create jobs.
Under the new process, the ten Regional Councils will be able to apply for state funding to support projects they determine to be part of their regional strategy using a new Consolidated Funding Application (CFA), making the projects eligible for grant money and tax credits from dozens of existing programs. The combined pool of funding accessible through the CFA totals up to $1 billion.
"Today's action unlocks $1 billion in economic development and job creation in every region of the state," Governor Cuomo said. "We are redesigning and streamlining the way economic development projects in New York receive state aid to ensure that the best projects with the most potential for regional economic growth receive the support they need."
In the past, funding has been supported by several different agencies and sources across state government, without any mechanism to coordinate allocations. The CFA will now be accepted as a threshold application for multiple state funding sources.
Nine state agencies and authorities have made funding available through the CFA process, including: Empire State Development; NYS Canal Corporation; New York State Energy Research and Development Authority; Environmental Facilities Corporation; Homes and Community Renewal; Department of Labor; Parks, Recreation and Historic Preservation; Department of State; and Department of Transportation.
State agencies participating in the councils have identified $1 billion in resources that can be used to support regional growth strategies.
To access these resources, the Regional Councils will use the CFA, which will be accepted as a threshold application for multiple State funding sources. Through this process, Councils can fill out one application per project to access the multiple funding sources associated with the CFA.
Once a project is referred through the CFA process, a dedicated project team within the relevant agencies will review and determine applicable funding sources, and if necessary help the applicant provide supplemental, project specific information. The application will then be expedited through a streamlined internal review process, which will ensure that projects are approved and funded as quickly as possible.
Today Governor Cuomo also introduced the blueprint for his Regional Economic Development Councils, which will redesign the relationship between the state government and businesses to stimulate regional economic development and create jobs statewide.
The Governor released a guidebook that details a fundamental shift in the state's approach to economic development. The Regional Councils will change a top-down development model to a community-based approach that emphasizes regions' unique assets, harnesses local expertise, and empowers each region to set plans and priorities.
Currently, New York State's economic development efforts are managed through dozens of separate state and local agencies and are supported by several disparate funding sources. The Regional Councils will now bring together stakeholders in every region of the state to serve as a coordinated point of contact for economic development. Each Council will be chaired by Lieutenant Governor Bob Duffy and will be led by two Vice Chairs from the business and academic community. Additional membership is comprised of local leaders from business, academia, labor, agriculture, nonprofits, and community-based organizations.
Each Council will develop a plan for the development of their region. The state will work with the Councils to align state resources and policies, eliminate unnecessary barriers to growth and prosperity, and streamline the delivery of government services and programs to help the Regional Councils carry out their plans for development.
Lieutenant Governor Robert Duffy said, "By incentivizing regional collaboration and coordination of economic development strategies, the Regional Councils will optimize the state's limited funds, maximize job creation, and promote sustainable community development throughout New York. I look forward to working with the Regional Councils to ensure Governor Cuomo's vision for economic development is achieved all across our state."
Empire State Development CEO and President Kenneth Adams said, "Governor Cuomo's economic development agenda presents an opportunity for New York State to revitalize its economy and put people back to work. It is only with a region-by-region, competitive approach that we will be able to optimize the state's resources and maximize our potential to create new jobs that will deliver on the promise of sustainable economic growth throughout the state."
Governor Cuomo will create the Regional Councils through Executive Order. Regional Councils will be established in the Capital District, Central New York, Finger Lakes Region, Long Island, Mid-Hudson, Mohawk Valley, New York City, North Country, Southern Tier, and Western New York.
To download a Regional Council Guidebook please visit www.governor.ny.gov/regional-council-guidebook.pdf