Governor to Announce Economic Development Awards Thursday

John Jordan | December 2015

New York State Governor Andrew Cuomo

ALBANY—Economic development officials and business leaders from across New York State will be arriving in Albany for Thursday’s announcement of the annual economic development awards.

There is a lot at stake at this year’s competition among the state’s regional councils, including the Mid-Hudson Regional Economic Development Council, since Gov. Andrew Cuomo is expected to hand out three $500-million awards as part of his upstate revitalization initiative (URI) program. That funding was derived from bank settlement funds secured by New York State.

Gov. Cuomo will be announcing the recipients of the three URI awards, along with the Consolidated Funding Application (economic development) awards at a ceremony on Thursday at the Hart Theater at the Egg Center for Performing Arts. The awards program is scheduled to run from 10:30 a.m. to noon. The event will be streamed live at www.governor.ny.gov.

HGAR Nov. 19th CID Meeting Featured Speaker  Meghan Taylor
HGAR Nov. 19th CID Meeting Featured Speaker Meghan Taylor

Meghan Taylor, regional director for the Mid-Hudson Region for Empire State Development Corp. said that the New York City, Long Island and Western New York regions were declared ineligible for URI funds, thus leaving seven regions to compete for the three $500-million awards. Taylor appeared at the Nov. 19th meeting of the Hudson Gateway Association of Realtors Commercial Investment Division at the HGAR offices in White Plains.

“This year there was an unprecedented amount of funding being directed to the Regional Council process with more resources available leading to more opportunities to really increase economic growth and the quality of life in the 10 regions,” Taylor told the CID gathering.

Meghan Taylor
Meghan Taylor

Taylor said that the CFA funding will include a total of $150 million in Empire State Development capital grant funding; $70 million in Excelsior tax credits and $530 million in additional funding from various state agencies, including programs from the Department of Labor, Office of General Services, and Homes and Community Renewal. She said however, that if the Mid-Hudson did secure one of the $500-million Upstate Revitalization Initiative awards, it could still compete for a portion of the $150 million in Empire State Capital grants, but would be ineligible for the tax credits and $530 million in other state agency funding.

She added that if the Mid-Hudson were not to secure the $500-million upstate award, it would then have the opportunity to secure up to $110 million in the CFA competition.

Please check back for further updates and for more In-Depth coverage, see the print edition of Real Estate In-Depth, which will be available later this month.

 

HGAR CID Meeting Photo Caption: From left, HGAR CEO Richard Haggerty, Jennifer Maher, Meghan Taylor of Empire State Development, CID President John Barrett and John Lease III.

 

John Jordan
Editor, Real Estate In-Depth