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Capital Region Economic Development Council Calls for Priority Project Proposals for Second Round of CFA Process

Priority project proposals due by 5 p.m. on July 2
(June 26, 2012)

Capital Region Economic Development Council Calls for Priority Project Proposals for Second Round of CFA Process

The Capital Region Economic Development Council (CREDC) announced it is seeking proposals for projects to be identified and recommended by the Council as Priority Projects for the second round of Governor Andrew M. Cuomo’s Regional Council initiative. The Council is encouraging applicants to submit a Priority Project Worksheet by 5 p.m. on Monday, July 2 to help the Council identify those projects that may be truly transformative for the region.

Priority Projects are chosen based on their ability to stimulate job creation, private sector investment and transformational economic growth in accordance with the goals identified by the Council’s Strategic Plan. The Council will identify priority projects that are consistent with the region’s eight-core strategies and recommend those projects that apply through the Consolidated Funding Application (CFA) for the 2012 round of economic development resources. Strategies expressed in the Plan include: Leverage and Collaborate; Open New Doors; Prepare for Tomorrow; Build a Superhighway; Bring Cities to Life; Celebrate and Optimize Our Surroundings; Showcase Our Beauty; and Spotlight Our Strengths. The Capital Region Economic Development Council’s Strategic Plan can be viewed at www.capitalregionopenforbusiness.com.

Priority project applicants must also complete the Consolidated Funding Application by the deadline, 4 p.m. on Monday, July 16, 2012. Application materials are available online at https://apps.cio.ny.gov/apps/cfa/index.cfm. Once the CFA is submitted by the applicant, it goes to the local Regional Council to be reviewed and ranked as part of its strategic planning process.

Last year, Governor Cuomo announced the creation of ten Regional Economic Development Councils to transform New York’s approach to economic development. The Regional Councils exceeded all expectations and redefined the way New York invests in job creation. To build on that success and keep the momentum going, Governor Cuomo has launched a second round of up to $750 million in economic development funding, including $220 million to implement regional strategic plans and support priority projects – $150 million in capital and $70 million in tax credits from the Excelsior Jobs Program – and over $530 million from state agency programs through the CFA to support regionally significant economic development projects.

As part of the Regional Council initiative, the NYS Consolidated Funding Application was created to serve as the single application economic development projects must complete to be eligible to access the state resources that have been made available to support the Regional Councils. The CFA allows an applicant to access multiple funding sources from dozens of existing programs through one comprehensive, web-based application.

For the second round, the CFA will provide access to economic development resources from 21 programs across a dozen state agencies. Improvements to the CFA in 2012 have made it an even more business-friendly and productive tool for economic development. It will remain the primary portal for businesses to apply for state agency resources, including resources for community development, direct assistance to business, waterfront revitalization, energy and environmental improvements, sustainability, workforce development, agricultural economic development and low-cost financing.

State agencies and authorities making resources available in the 2012 CFA include: Empire State Development; NYS Canal Corporation; NYS Energy Research and Development Authority; Environmental Facilities Corporation; Homes and Community Renewal; Department of Labor; Parks, Recreation and Historic Preservation; Department of State; New York Power Authority; Agriculture and Markets; Department of Environment Conservation; and the Council on the Arts.

In addition, the New York Power Authority and Economic Development Power Allocation Board (EDPAB) will be using the CFA to implement “Recharge New York,” a new, low-cost power program for New York businesses and not-for-profits. NYSERDA will continue to accept applications to its open enrollment energy efficiency programs until all funds have been exhausted.

To learn more about each regional council and their economic development plans, visit www.nyworks.ny.gov.

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