Central New York Regional Economic Development Council Makes Progress Presentation
The Central New York Regional Economic Development Council (CNYREDC) today delivered a presentation to the Strategic Implementation Assessment Team (SIAT) on its progress, achievements, and endorsed priority projects for the second round of the Regional Council competition. The presentation was a part of Governor Andrew M. Cuomo’s statewide Regional Economic Development Council Progress Tour, which kicked off today in Syracuse, as part of a firsthand review of last year’s strategic economic development plans and job-creating projects.
“Last year, the Central NY REDC developed a strategy that will help grow our local economy and create quality jobs for our residents,” said Regional Council Co-chairs Nancy Cantor, Chancellor & President of Syracuse University, and Robert Simpson, President of CenterState CEO. “Now, thanks to the leadership of Governor Cuomo, Lieutenant Governor Duffy, and the work of our Council members, we are turning that plan for economic growth into a reality by strengthening key industries, increasing our global competitiveness, and revitalizing our municipal cores.”
Following the Governor’s tour of priority projects to review their economic impact on the region, the CNYREDC provided a formal presentation to SIAT outlining the progress they have made in advancing last year's strategic plans and projects, as well as their endorsed projects for the coming year to the Strategic Implementation Assessment Team at Syracuse University.
Based upon published guidelines (available in the 2012 Guidebook), the Strategic Implementation Assessment Team will review and assess each region’s progress as it relates to their accomplishments in the following categories:
- Strategy updates;
- Implementing the strategic plan;
- Leveraging resources;
- Advancing priority projects;
- Measuring performance; and
- Engaging the public and involving stakeholders.
The Regional Council competition awards will be made based on the progress the Councils have made implementing their strategies and the evolution of their strategic plans including any revisions or updates.
Prior to the statewide progress tour, each Council submitted to the State on September 14, 2012, its one-year progress report, which provides detail on the Council’s achievements in implementing its five year strategic plan. The report includes a description of how the Council established a framework to advance the plan, revisions to some of its strategies, an implementation agenda and a tracking of the advancement of priority job-creating projects awarded in 2011. Additionally, the CNY REDC provided the State with its list of the 34 priority projects the Council has endorsed for the second round of the Regional Council competition.
The progress report can be found at http://regionalcouncils.ny.gov/content/central-new-york.
In 2012, the CNY REDC is implementing strategies that most immediately transform communities and increase the region’s economic growth. The Council’s priorities include advancing Round 1 projects, working to select Round 2 projects that accomplish multiple goals and strategies, creating a more collaborative and inclusive environment for economic development, and leveraging outside investments that support the plan. One of the most notable changes implemented by the Council this year has been the development of Transformational Initiative teams to take the lead on long-term economic development efforts in targeted areas. These leadership teams will provide insight and expertise to coordinate investments and policies that advance the implementation of the Transformational Initiatives established in the Five-Year Strategic Plan.
In the first round of the Regional Council initiative, the Central New York Region was awarded $103.7 million in state resources through the Consolidated Funding Application (CFA) process to support 74 projects. Currently, 68 of those projects have met the first performance milestone including the execution of contracts with the State, and 90 percent of the active projects are estimated to be finished by the end of 2014. These projects are growing and sustaining jobs in core industries, generating new construction that is improving the physical character of the region’s communities, and advancing the Council’s strategic plan.
The priority projects endorsed by the Central NY REDC will significantly boost the local economy by creating and retaining nearly 2,000 jobs and over 16,000 construction jobs, and leveraging over $200 million in private investment.
Last year, Governor Cuomo created Regional Councils and the Consolidated Funding Application (CFA) to transform New York’s operating model for economic development from a top-down approach to a community-based model which empowers individual regions to develop and advance regionally-targeted strategic plans and job-creating projects. In support of this initiative, $785 million was awarded for economic and community development projects consistent with each region’s strategic plans. This year, the primary focus of the Regional Council initiative was to successfully implement and operationalize their strategic plans to make each region’s vision for economic growth a reality.
To build on the success of the first round, a second round of up to $762 million in state resources was launched in 2012. Funding for the second round includes $220 million ($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 $542 million from state agency programs through the CFA to support regionally-significant economic development projects.
The Regional Council competition will result in 5 best implementation awards, where regions will be awarded enhanced funding for priority projects based on the progress they have made in implementing last year’s strategic plans. While project funding will be awarded in all 10 regions through the second round of the CFA, the competition places emphasis on Regional Council performance and action to implement strategies.
The competition phase will be split in two parts:
- First, the four regions with the 2011 Best Plans will compete for two awards of up to $25 million each in capital funds.
- Second, the remaining six regions will compete for three awards of up to $25 million each in capital funds.
The balance of the $25 million in capital funds will be divided among the remaining regions. Each region will also be eligible for up to $10 million in Excelsior Tax Credits to help attract and grow business in the region.
Funding awards for the second round of the CFA process will be announced later this year.
To view the CNY REDC presentation and learn more about their economic development plans, visit http://regionalcouncils.ny.gov/content/central-new-york.