Continuing to build on the success of the first two rounds of Regional Economic Development Council (REDC) funding, Consolidated Funding Applications (CFA) for a third round of funding are now being accepted. Businesses, municipalities, not-for-profits and individuals are encouraged to apply and the funding available has grown to $760 million. The CFA process has significantly streamlined the process for organizations and businesses applying for state resources, saving them vital time and money. These applications will be sent to and evaluated by the Capital Region REDC and appropriate state agencies.
Beginning in 2011 and continuing in 2012, the REDC award program has invested over $1 billion assisting almost 1,500 projects statewide, with nearly $113 million being awarded to 172 projects in the Capital Region. Once the first round of projects that were awarded money is complete, 2,513 permanent, non-construction jobs will have been added to the region, boosting our local economy1.
The success of the REDC has been tremendous in helping transform the Capital Region's economy. Some of these successes are:
- The creation of the New York Capital Research Alliance, a partnership between Albany Medical Center, Rensselaer Polytechnic Institute and the University at Albany which will promote biomedical research;
- The expansion of Transfinder NYBizLab, a local technology company focused on technology start-ups, into downtown Schenectady;
- Construction of a new state of the art research facility at the RNA Institute at the University of Albany; and
- The restoration of the ceiling and 2,700 seat main state at the historic Proctors Theatre.
During my first legislative term as your Assemblymember, I worked to help Capital Region families and local businesses by supporting a state budget that increases the minimum wage by 2016, assists minority- and women-owned businesses, providing a tax credit for businesses that hire veterans, and phases out a burdensome utility surcharge.
Anyone who is interested in applying for REDC funding should visit www.regionalcouncils.ny.gov/faq for more information, or https://apps.cio.ny.gov/apps/cfa/index.cfm to fill out an application. The deadline for these applications is Monday, Aug. 12, 2013, at 4 p.m. If you have any questions about this or any other community issue, please don't hesitate to contact me in my district office at 518-377-0902 or via email at SteckP@assembly.state.ny.us.