New York City Regional Economic Development Council Delivers Progress Presentations
The New York City Regional Economic Development Council (NYCREDC) 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 the Statewide Regional Economic Development Council Progress Tour, where the Lieutenant Governor, joined by a team of state agency leaders and independent business experts and academics, conducted a firsthand review of the progress being made on last year’s strategic economic development plans and job-creating projects.
“Last year, the New York City Regional Economic Development Council developed a strategic plan proposing support for investments in key industry clusters to encourage business vitality and job creation,” said Matthew Goldstein, Regional Council Co-chair and Chancellor of The City University of New York. “Thanks to the exemplary leadership of Governor Cuomo, Lieutenant Governor Duffy, and the work of our Council members, we are now implementing an action plan to promote greater economic opportunity and the growth of the workforce.”
Following the presentation of regionally significant projects by the Chancellor to review their impact on the local economy, the NYCREDC provided a formal presentation to SIAT at Steiner Studios in the Brooklyn Navy Yard where they outlined the progress they have made in advancing last year’s strategic plans and projects, as well as their endorsed projects for the coming year.
Based upon published guidelines (available in the 2012 Guidebook), SIAT 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 NYCREDC provided the State with its list of the 12 priority projects the Council has endorsed for the second round of the Regional Council competition.
The Council’s progress report and full list of endorsed priority projects for 2012 can be found at http://regionalcouncils.ny.gov/content/new-york-city.
In the first round of the Regional Council initiative, New York City was awarded $66.2 million in state support through the Regional Economic Development Council initiative and CFA process for 50 projects across the region. Ninety percent of the projects awarded funding have executed contracts with State funding agencies and have begun to reach their first performance milestones. Throughout its first year, the Council has reported substantial progress in implementing an integrated approach to advance economic activity that focuses on the redevelopment of distressed communities, workforce training, leveraging opportunities for business growth in the tourism, advanced and green manufacturing, and biosciences industries, supporting educational and health care services and institutions, and connecting entrepreneurs with funding and markets to build innovation industry clusters.
Once completed, the projects endorsed by the New York City REDC and awarded funding through the 2011 CFA will significantly boost the local economy by creating and retaining 5,660 jobs and leveraging over $700 million in additional private sector and other investment.
In 2012, the NYCREDC endorsed five priority projects requesting $33.5 million in State capital investment that have the potential to create more than 8,300 construction jobs and 8,030 permanent jobs, retain 30 existing jobs, leverage over $1.1 billion in private and other investment, and move the region decisively closer to meeting dozens of specific strategy goals. Additionally, the NYCREDC has endorsed 7 priority projects requesting $7.37 million in Excelsior Jobs Tax Credits to create over 600 jobs and retain 587 jobs.
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 five 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 in the coming weeks.
To view the NYCREDC presentation and learn more about their economic development plans, visit http://regionalcouncils.ny.gov/content/new-york-city.