New York City Regional Economic Development Council Seeking Proposals for Priority Projects for Second Round of CFA Process
The New York City Regional Economic Development Council 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. 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 New York City Regional Economic Development Council (NYCREDC) is focused on identifying several new Priority Projects that are consistent with the region’s strategic plan to incorporate into the Council’s proposal for capital and tax credit funding this fall. As part of the 2011 process of creating its five-year economic development plan for New York City, the Council identified several criteria for identifying priority projects. These criteria included: the multi-region economic impact, relief of conditions of economic distress, its transformative role, feasibility, measurable impact, innovation and its leveraging. In addition to considering these criteria, the council will give special consideration to proposals that incorporate interregional cooperation, partnerships between business and institutions of higher education or have strong business partnerships.
Those wishing to respond to this call should attend the upcoming public forum to present a priority project proposal on Tuesday, June 26, at 10:30 a.m., in the Richard Harris Terrace at Borough of Manhattan Community College, 199 Chambers Street. Individuals representing companies and organizations with projects proposed for selection as a priority project by the Council should plan to testify at this forum and submit supplemental materials as well. The NYCREDC Strategic Plan can be found at www.nyworks.ny.gov/content/New York City.
Applicants wishing to receive economic development resources from New York State must complete a CFA for each project submitted. The deadline for all CFA submissions is 4 p.m. on Monday, July 16, 2012. Application materials are available online at https://apps.cio.ny.gov/apps/cfa/index.cfm.
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.
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. The New York City Regional Economic Development Council includes New York, Queens, Kings, Bronx, and Richmond counties.
For more information about the Regional Council initiative, please visit www.nyworks.ny.gov.