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Capital Region Economic Development Council Awarded Top Performer and Receives $82.8 Million for 100 Projects

Projects that will move forward as a result of the Regional Council initiative Round 3 include CNSE workforce training center, ALCO waterfront development and Catamount Ski Resort
(December 12, 2013)

Capital Region Economic Development Council Awarded Top Performer and Receives $82.8 Million for 100 Projects

As part of Round 3 of Governor Andrew M. Cuomo’s Regional Council initiative, the Capital Region Economic Development Council (CREDC) was named a Top Performer and awarded $82.8 million for 100 projects, including the College of Nanoscale Science and Engineering (CNSE) to support a Digital Data Open-Innovation Training Center (DO-IT Center) for workforce training; ALCO to develop an economically vibrant, mixed-use waterfront community in downtown Schenectady; and Catamount Ski Resort & Adventure Park in Columbia County to support the growing tourism industry, on Wednesday in Albany. In total, $715.9 million was awarded throughout the state through Round Three of the Regional Economic Development Council initiative.

“The recognition of the Capital Region Economic Development Council as a Top Performer is great news for the Region and a testament to the hard work and dedication of our Council and workgroup members, as well as the increased public engagement we have seen this year,” said CREDC Co-Chairs, James Barba and Robert J. Jones. “We believe we have a winning formula and have made steady progress in building a vibrant economy for the Capital Region. The nearly $83 million in funding awarded will allow us to further implement our strategic plan and move several priority projects in high-tech, manufacturing, agriculture, educational and service industries forward more quickly, creating jobs, spurring private investment, revitalizing our cities and encouraging long-term sustainable growth for our region. We thank Governor Cuomo for his leadership and vision in creating this new community-based approach to economic development that is creating jobs and supporting real economic growth across the state.”

The CREDC’s efforts over the last two years have helped advance the Region as a global leader in nanotechnology research and development, while also improving the quality of life for residents through downtown and waterfront revitalization projects. The Council’s focus in 2013, as demonstrated through the funded projects below, includes investing in and expanding the local supply-chain to the semi-conductor industry, technology training to generate employment opportunities, and a continued investment in important redevelopment and community development projects. In addition, the Council has sustained its support of growing the agriculture and tourism industries.

Funded priority projects include:

  • $5,000,000 to the College of Nanoscale Science and Engineering (CNSE) to support continued growth. CNSE will establish a Digital Data Open-Innovation Training Center (DO-IT Center) for workforce training, a SMWBE Business Enterprises business center for software development, a data operations center, and a smart city operations training & development lab.
  • $5,000,000 to redevelop the former ALCO site in downtown Schenectady into an economically vibrant, mixed-use waterfront community that is expected to support significant job creation, and will attract and retain young professionals and families to the region.
  • $1,000,000 and $200,000 to Catamount Ski Resort & Adventure Park in Columbia County to support the development of the ski area into a four season resort. Phase I includes 60 one, two, and three bedroom units, indoor/outdoor pool, fitness center, restaurant and meeting rooms.
  • $1,200,000 to Fruitura Bio Sciences to build new integrated modular bioreactors, producing innovative products from cultured cells of fruits and vegetables.
  • $225,000 to Hudson Valley AgriBusiness Development Corporation to establish the Mid-Hudson/Capital Region LTL Local Food Distribution Hub, which will allow farmers to cost effectively get their product to market.
  • $64,956 to Capital District Community Gardens (CDCG) for the Urban Grow Center, a multiphase project which will enable CDCG to expand its use of agriculture in the Capital Region. The Center will include a local food supply hub, a rehabbed green building with alternate power generation and conservation, a fresh produce market, and expanded year-round programming.
  • $1,000,000 to Dockside Lofts for mixed -use redevelopment in downtown Troy that includes renovation of a 35-unit building, the construction of a modern walkway on the Hudson River, parking and infrastructure.
  • $550,000 to Tech Valley Center of Gravity for the purchase and renovation of a vacant building in Downtown Troy to establish maker space/tech incubator.
  • $2,500,000 to the Glens Falls Industrial Development Agency to construct a 132,000 square foot, six story commercial/residential building along with a multi-story parking structure.

The Regional Council initiative empowers community, business, and academic leaders, as well as members of the public in each region of the state, to develop strategic plans specifically tailored to their region’s unique strengths and resources in order create jobs and support economic growth. As part of the Round 3 process, a Strategic Implementation Assessment Team (SIAT) composed of state agency commissioners traveled to every region of the state to view progress on projects that have received state funding, assess the regions’ strategic plan implementation, and review priority projects endorsed by the regions in their 2013 applications.

To learn more about the CREDC, visit http://regionalcouncils.ny.gov/content/capital-region.

The full list of 2013 Regional Economic Development Council awards can be found at: http://regionalcouncils.ny.gov/assets/documents/2013REDCBooklet.pdf.

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