Capital Region Economic Development Council Submits Progress Report
The Capital Region Economic Development Council (CREDC) today submitted its progress report, “The Tech Valley Advancing Beyond,” to meet New York State’s August 15 deadline. The 2014 progress report provides detail on the Council’s achievements in implementing its five-year strategic plan to expand economic opportunity across the Region. The report also includes revisions to some of the Council’s strategies and work groups to address 2014 priorities, an implementation agenda and tracks the advancement of priority job-creating projects awarded in the previous three rounds of the Regional Council initiative. Additionally, the CREDC provided the State with its list of 65 priority projects, 30 of which the Council has endorsed for the fourth round of the Regional Council competition, as well as priorities supporting Governor Cuomo’s Global NY, NY Rising, Workforce Development, Veterans’ Initiative and Opportunity Agenda initiatives.
The progress report can be found at www.regionalcouncils.ny.gov/content/capital-region.
“The momentum built over the past few years made this an especially gratifying round for the Capital Region Economic Development Council,” said regional council co-chairs James J. Barba, president of Albany Medical Center and Robert J. Jones, president, University at Albany. “Guided by a strong strategic plan, we embraced additional areas of focus from the Governor such as Global NY and the Veterans’ Initiative. The result is 65 priority projects that support multiple aspects of our agenda to ensure that the Tech Valley is advancing and solidifying its foundation for the future.”
Over the last year, the Capital Region Economic Development Council elevated its public engagement strategy, holding open sessions and meetings throughout the region to gain valuable input on refining its eight strategic goals for Capital Region, as well as implementing the Governor’s priorities for the Council in 2014. This participation has led to unprecedented collaboration from the community, business and government leaders and stakeholders across all industries, and resulted in increased awareness of the Council and its Strategic Plan.
In updating its Plan for the fourth round of the Regional Council initiative, the CREDC built on the success of its Strategic Plan and maximized the region’s assets—its natural resources, intellectual capital and financial capital—while also incorporating new direction from the Governor to further economic growth and job creation in the region. In 2014, the CREDC continued to revise its strategies and adjusted its work groups in response to the Governor’s charge of 2014 priorities.
The Council added two work groups to its existing structure—the Global NY and Veterans’ Initiative work groups. Each of the Council’s eight strategic goals are focused and aligned with these and its six other work groups—Infrastructure; Technology; Agriculture; Arts, Culture and Tourism; Workforce and Education; and Public Engagement—in order to develop and support projects that directly fulfill the goals of the Capital Region. In addition, these work groups serve to educate all sectors of the economy about the opportunities and process associated with the Consolidated Funding Application (CFA). As a result, 211 CFAs were submitted this year.
The following 65 projects, located across the eight-county region and supporting the Capital Region’s strategic plan objectives, diversity of economic sectors and 2014 priorities, were endorsed by the Council as regional priorities for the fourth round of the Regional Council competition and submitted to the State for recommended direct funding:
Priority Projects for Regional Competition
- NY CAP Research Alliance
- Arsenal Partnership
- Port of Coeymans
- Premier Products
- Albany Law Hot Spot
- Innovate 518
- Nano Alliance Center for Careers in Sub Systems and Site Services
- Capital Region Educational Learning Object Repository
- Schenectady Observatory
- Columbia Memorial Hospital Medical Office
- CNSE SCIF
- NYQuality for Weather Detection
- Troy Waterfront Farmers Market
- Marina District Transit Center
- Upper State Street Garage
- Community Loan Fund/Schenectady Community Development
- Robinson Block Transformation
- Park South Redevelopment, Phase II
- Renaissance Albany
- Finch Modernization
- Field Goods
- Morcon Tissue
- Castleton Paperboard (2)
- Argyle Cheese
- Hudson Opera House
- Access Art
Additional Priority Projects
- Lighting and Rigging Equipment for Hudson Opera House
- Proctors 21st Century Cinema Project
- Mainly Greene American Masquerade
- American Music Festival
- River Crossing: Contemporary Art at the Thomas Cole Site and Olana
- Next Act New Play Summit
- Watervliet Cleaner Greener Waste to Energy Project 2014
- Audit of Organic Resources in Capital District
- Sustainable Building Development for Communities
- Schenectady Job Net
- LG Watershed Management Priority Action Plan Implementation
- Prattsville Hurricane Irene Storm Recovery Program
- LG Onsite Waste Management Regionalization Improvement Initiative
- Riverfront Park, North Riverwalk
- Town of Bolton WWTF Treatment Improvement Initiative
- Lake George Village WWTF Treatment Improvement Initiative
- The Urban Grow Center
- Roosevelt Baths Parking Lot
- Whitehall Neighborhood Sanitary Sewer Replacement
- Watervliet 2014 Manufacturing Initiative Project
- Greene County Microenterprise Assistance Program 2014
- Town of Bethlehem ME
- Watervliet Microenterprise Program 2014
- Mount Lebanon Shaker Museum, Great Stone Barn Preservation and Tourism Development
- Thomas Cole House
- Historic Cherry Hill Fire Detection/Suppression System for Public Safety and Landmark Preservation
- The Stephen and Harriet Myers Residence Restoration
- Albany Pool Communities Green Infrastructure Program
- Washington County Police Functional Consolidation Implementation
- The Shared Code Enforcement Information Resource Pilot Project Leveraging Cross City Collaborations to Fight the Blight
- Waterford Canal Harbor Visitor Center Rehabilitation Project, Phase II
- Rotterdam Junction Bike Path Railway Tunnel
- Healthcare Occupations Pathway to Employment (HOPE)
- Historic Saratoga Battlefield, Champlain Canal Connector Trail
To continue building on the success of the last three rounds, up to $750 million in State resources is available in 2014. Funding for the fourth round includes $220 million in competitive funds from Empire State Development ($150 million in capital and $70 million in tax credits) to implement regional strategic plans and continue to advance priority job-creating projects, and up to $530 million from State agency programs through the CFA to support regionally-significant economic development projects.
The competition will be split into two parts: the five regions identified as Top Performers in 2013 will compete for two awards of $25 million each; and the five regions not identified as Top Performers in 2013 will compete for three awards of $25 million each. The balance of the $25 million in capital funds will be divided among the remaining five regions. Each region will also be eligible for up to $10 million in Excelsior Tax Credits to help attract business and create jobs in the region.
The competition this year will focus on:
- Implementation of regional strategic economic development plans;
- Performance in encouraging economic growth through job creation and investment; and
- Identification of global marketing and export strategies.
Funding awards for the fourth round of the CFA process are expected to be announced by the end of the year.
About the Regional Economic Development Councils The Regional Economic Development Council initiative (REDC) is a key component of Governor Andrew M. Cuomo's transformative approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. After three rounds of the REDC process, more than $2 billion has been awarded to job creation and community development projects consistent with each region's strategic plans, supporting the creation or retention of more than 100,000 jobs. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.