Round 8 of Regional Economic Development program launched, which has funded North Country projects
Friday, April 27, 2018 - 5:40 pm

The state is launching round eight of the Regional Economic Development Council initiative, officially kicking off the 2018 competition for more than $750 million in state economic development resources.

The Consolidated Funding Application 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 programs, through a single application, for job-creation and community development projects.

The North Country has received $549.5 million for 537 projects through the first seven rounds.

Round eight of the REDC initiative will award more than $750 million in state funding and tax incentives, including up to $150 million in capital grants and up to $75 million in Excelsior Tax Credits for projects and activities identified by the councils as regional priorities in their communities. Additionally, over $525 million from state agency programs will be awarded through the CFA process.

The Regional Councils will compete in 2018 for up to $150 million in capital funds and $75 million in Excelsior Tax Credits for projects identified by the Regional Councils as priorities in their regions.

All 10 regions will be competing this year for designation as a Top Performer.

Five Top Performers will receive awards of up to $20 million in ESD Capital Grants.

The remaining five regions identified as Regional Awardees will receive up to $10 million in ESD Capital Grants.

In addition, each region will once again receive $10 million to implement projects identified through the Downtown Revitalization Initiative, and projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds.

The 2018 REDC Guidebook and list of available resources will be accessible at www.regionalcouncils.ny.gov. The CFA will open to applicants on May 1st and the deadline for applications is Friday, July 27th at 4 p.m. For applicants, the CFA is available at https://apps.cio.ny.gov/apps/cfa/.

The Downtown Revitalization Initiative, part if this year’s round, will invest $10 million in each of 10 communities for development.

DRI awards will reinforce and secure additional public and private investments within and near downtown neighborhoods, and build upon growth spurred by the Regional Councils.

Each Regional Council will solicit interest in the program from communities in the region, accepting revised applications from communities that requested consideration in 2017, and new applications from communities that didn't participate last year.

For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.