Southern Tier Regional Economic Development Council Submits 2014 Progress Report and Round IV Priority Projects
The Southern Tier Regional Economic Development Council (STREDC) submitted its one-year progress report to the State on August 15, 2014, which provides a detailed analysis of the Council’s work, including the tracking of improvements, adjustments, and the implementation of its strategic plans, as well as the advancement of priority job-creating projects. Additionally, the STREDC provided the State with its list of the 28 priority projects the Council has endorsed for Round IV of the Regional Council competition.
The progress report can be found on the Southern Tier Regional Council website: http://regionalcouncils.ny.gov/content/southern-tier.
“The Southern Tier Regional Economic Development Council has spent the year listening to the concerns and ideas of local business owners, community leaders, nonprofits and the public, among others, as we worked to move the council’s strategic plan forward,” said STREDC Co-chairs Harvey Stenger, President of Binghamton University, and Tom Tranter, President & CEO of Corning Enterprises. “This year, the 28 priority projects chosen by the Regional Council include infrastructure, agricultural and community improvement endeavors that will bolster our quality of life, boost employment and advance economic growth in the region. Governor Cuomo’s vision to revitalize New York’s economy through regional collaboration and public-private partnerships has proven to be a great success, and we wish to continue this momentum for years to come.”
A major focus of the Southern Tier this year was the continuing development of a pipeline process for identifying projects and actions that help advance the strategies in the regional plan. The Council engaged in active outreach to community organizations, economic development agencies, colleges and universities and its work groups to encourage applications for Round IV of the Consolidated Funding Application (CFA) process. The Council conducted a thorough Priority Project review to select projects to be considered for competitive State capital funds and tax credits.
The following 28 projects were endorsed by the Council and submitted to the State as regional priorities for Round IV of the Regional Council competition:
- H. P. Hood
- Emhart Glass
- Fourth Bay Project 2, Pacemaker Steel and Piping, Inc.
- Precision Filters Inc. Job and Export Growth Plan
- Buck 3, Buckingham Manufacturing
- Kiln Expansion Project, Tioga Hardwoods
- Security Mutual Life Parking Facility
- Project Seneca, Village of Watkins Glen
- AVRE Sheeter Development Project
- Veterinary Class Expansion, Cornell University
- Mixed Use Development 70-72 Court Street
- Incubator Works, Alfred Technology Resources, Inc.
- Hotel Study, Village of Sidney
- Waterfront Entertainment Study, Village of Sidney
- West Water Street Rowhouse Project, STEG
- Watkins Glen International Modernization Project
- Painted Post Trail Improvements
- Heritage Block Renewal, City of Norwich
- Corning Hospital Redevelopment
- Sportsfield Expansion
- 50 Front Street
- Food Business Incubation Program, TCAD
- BU Global Center Nexus of International Activities
- Big Flats Water Department Improvements
- Granite Works Addition
- SUNY Broome Revitalization & Workforce Development
- Cayuga Nature Center Facility Enhancement Project
- Delaware Broadband Initiative
To continue building on the success of the last three rounds, up to $750 million in State resources is available in 2014. Funding for the fourth round includes $220 million in competitive funds from Empire State Development ($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 $530 million from State agency programs through the CFA to support regionally-significant economic development projects.
The competition will be split into two parts: the five regions identified as Top Performers in 2013 will compete for two awards of $25 million each; and the five regions not identified as Top Performers in 2013 will compete for three awards of $25 million each. The balance of the $25 million in capital funds will be divided among the remaining five regions. Each region will also be eligible for up to $10 million in Excelsior Tax Credits to help attract business and create jobs in the region.
The competition this year will focus on:
- Implementation of regional strategic economic development plans;
- Performance in encouraging economic growth through job creation and investment; and
- Identification of global marketing and export strategies, incorporating veterans’ initiatives and opportunity agenda into Regional Council projects.
Funding awards for the fourth round of the CFA process are expected to be announced this fall.
The STREDC, which is composed of Broome, Tioga, Chenango, Delaware, Chemung, Schuyler, Steuben, Tompkins counties, is one of 10 regional councils across New York state that serve as a single point of contact for economic activity in the regions. The STREDC was named a “Top Performer” in 2013 and after three rounds of the REDC initiative with a total of 118 projects (of which 54 have been Priority Projects) across the region have been awarded a total of over $222 million in state support through the Regional Council and Consolidated Funding Application (CFA) process in the statewide competition.
About the Regional Economic Development Councils
The Regional Economic Development Council initiative (REDC) is a key component of Governor Andrew M. Cuomo's transformative approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. After three rounds of the REDC process, more than $2 billion has been awarded to job creation and community development projects consistent with each region's strategic plans, supporting the creation or retention of more than 100,000 jobs.
For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.