With Upstate Revitalization Initiative & REDC Competition, All Regions of New York State to Receive $90 Million - $130 Million in Economic Development Funding This Year under Governor’s Proposal
NY.gov/UpstateRevitalization Launched to Provide Information on Governor’s Proposal
Governor Andrew M. Cuomo today launched a new website to engage New Yorkers and provide information on the Upstate Revitalization Initiative (URI) that is included in his Executive Budget. Through the URI, every Upstate region except for Western New York will compete for one of three $500 million awards that will be disbursed over five years. Because the URI will run alongside the Regional Council initiative, even regions that do not secure an award from the URI are estimated to receive at least $90 million in economic development funding this year – which is more than any single region received in the last two years of the Regional Council awards.
“After decades of being abandoned by state government and spending years working to recover from the 2008 recession, Upstate New York is finally coming back. Now is the time to make that recovery permanent, by making our biggest and best investment yet,” Governor Cuomo said. “The Upstate Revitalization Initiative will put major funding behind some of our best regional assets, and because it complements the Regional Council process, every corner of the State will walk away as a winner this year with each region receiving at least $90 million – more than the highest amount awarded last year. Upstate’s communities have waited long enough – it’s time we realize the tremendous and untapped potential that they have always had but have yet to realize.”
The URI will run simultaneously to the Regional Economic Development Council (REDC) initiative, and to ensure fairness to all regions without sacrificing the competitive nature that has brought out the best in each region over the past four years, the three URI winners will only be eligible for an estimated $30 million each from this year’s REDC funding, and the remaining seven regions – statewide – will compete for the majority of this year’s $750 million REDC funding.
This means that no region will be a loser – to the contrary, every region of the state will be positioned to receive far more funding than in year’s past, even if they do not compete for or win a URI award. Under this approach, each region is estimated to receive between $90 million and $130 million this year. By comparison, the top REDC winners in the past two years received approximately $83 million, so even a last place finisher this year would receive more than a top place finisher in prior years.
More information on how the Upstate Revitalization Initiative and the REDCs will complement each other and continue building on the State’s investment in the Upstate economy is available here .
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