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Southern Tier Regional Economic Development Council Submits One-Year Progress Report

STREDC Endorses 24 Priority Projects for 2012 CFA Round Competition
(September 17, 2012)

Southern Tier Regional Economic Development Council Submits One-Year Progress Report

The Southern Tier Regional Economic Development Council submitted its one-year progress report to the State on September 14, 2012, 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 STREDC provided the State with its list of the 24 priority projects the Council has endorsed for the second round of the CFA competition.

The progress report can be found on the Southern Tier Regional Council website:
http://regionalcouncils.ny.gov/content/southern-tier

“Governor Cuomo’s vision to revitalize New York’s economy through regional collaboration and public-private partnerships has been a great success, and we want to keep that momentum going through 2012 and for years to come. Last year, we developed a blueprint for a more prosperous Southern Tier and continuing to implement the Strategic Plan remains vital to attracting businesses and creating the jobs we need to grow our economy,” said Regional Council Co-chairs David Skorton, President of Cornell University and Tom Tranter, President & CEO of Corning Enterprises. “Throughout the last year we have worked closely with businesses, not-for-profits, municipalities and the public to learn what we are doing right and where there was room for improvement. By building on these experiences and the feedback we’ve received from communities across the region, the Council has refined and strengthened the Strategic Plan to ensure it is the most effective path to a bright economic future.”

A major focus of the Southern Tier in the first year was the 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 the work groups to encourage application for funding in CFA Round 2. The Council conducted a thorough Priority Project review to select projects to be considered for competitive State capital funds and tax credits.

Additionally, the Council added new action areas under three of the five strategic objectives including:

  • Strategy #3 Health Care 2020
    • New Action Item: Development of Cutting Edge Technology
  • Strategy #4 Revitalize the Rural Farm and Forest-based Economy
    • New Action Item: Research and New Product Development
  • Strategy #5 Economic Development Backbone
    • New Action Items: Workforce Development, Business and Technology Development, Tourism

The STREDC is actively guiding 57 CFA Round 1 awards totaling $33,151,882 that will result in the retention of 1,075 jobs, creation of 1,385 jobs and leveraging of $132,314,847 in private investment and other public funds. Notable projects include the establishment of locally administered loan and grant programs in Community & Downtown Revitalization, Rural Initiative and Shovel Ready initiatives; the STREDC was the first Regional Council in the State to accomplish this unique economic development approach. The Region also received $2 million in Excelsior Tax Credits for Norwich Pharmaceuticals.

The following 24 projects were endorsed by the Council and submitted to the State as regional priorities for the second round of the Regional Council initiative’s competitive grant funding process:

  • Southern Tier High Technology Incubator
  • Bates-Troy Heat and Power Co-Gen Production Facility
  • Ithaca Electricians JATC Green Training Center
  • Corning Incorporated’s Environmental Technologies Heavy Duty Diesel Truck Facility in the Town of Erwin
  • BAE Systems’ Next Generation Energy Efficiency Technology
  • Rural Initiative Venture Fund
  • Cornell University Greenhouse
  • Cornell University FPDL Lab Southern Tier
  • Telemedicine and Mobile Technology Fund
  • Radiologic Technology Equipment Upgrade
  • Cornell Medical Technology Innovation Center
  • Elmira Regional City Center Project
  • Renovation of the Former Watkins Brewery Facility
  • Community Revitalization Program
  • The Commons
  • Lansing Infrastructure
  • Emerson Complex Project
  • Infrastructure Fund for Shovel Ready Sites
  • The MARK Small Business Development Fund
  • Buckingham Equipment Acquisition
  • Advanced Microelectronics Manufacturing
  • Castle
  • Margaretville Best Western
  • Project Seneca

Governor Cuomo established the Regional Councils and Consolidated Funding Application (CFA) to fundamentally change New York’s operating model for economic development and job creation. The Regional Councils have transformed the way the State invests in economic development, shifting from a top-down approach to a community-based, performance-driven model which empowers individual regions to develop, invest in, and advance regional solutions and job-creating projects to spur economic growth.

Governor Cuomo created Regional Councils and the Consolidated Funding Application (CFA) to fundamentally change New York’s operating model for economic development and job creation. The Regional Councils have transformed the way the State invests in economic development, shifting from a top-down approach to a community-based, performance-driven model which empowers individual regions to develop, invest in, and advance regional solutions and job-creating projects to spur economic growth.

Last year, $785 million was awarded for job-creating economic and community development projects consistent with each region’s strategic plans. 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 in competitive grant funding ($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.

Five awards of $25 million will be made, and the competition will have 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. Awards will be made based on the progress the Regional Councils have made implementing their strategies and evolution of their strategic plans
  • Second, the remaining six regions will compete for three awards of up to $25 million each in capital funds. Awards will be made based on the regions’ revised and updated strategic plans and progress made implementing their strategies

The balance of the $25 million in capital will be available for priority projects in the remaining five regions. In addition, each region will also be eligible for up to $10 million in Excelsior Tax Credits to help attract and grow business in the region.

Following the submission of each region’s one-year progress reports, beginning in mid-September, the Strategic Implementation Assessment Team will visit each of the 10 regions, to hear oral presentations and participate in a tour of the Councils’ implementation activity and priority projects. These tours will make New York’s economic development process more transparent, open and publicly-accessible. Funding awards for the second round of the CFA process are expected to be announced this fall.

As part of "The New New York Works for Business" campaign, the State has launched a new website – www.thenewNY.com – which provides quick access to information for all areas of business assistance available from New York State. From starting a business, to accessing tax credits and funding incentives, to international trade, to regional assistance, this is a one-stop shop for all businesses to successfully thrive in New York.

To learn more about each Regional Council and their economic development plans, visit www.regionalcouncils.ny.gov.

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