Governor Cuomo today announced that $715.9 million has been awarded through Round Three of the Regional Economic Development Council initiative–where more than $14.8 million of that is directly granted to SUNY campuses in order to help advance New York’s economy through research and innovation.
A centerpiece of the Governor’s strategy to jumpstart the economy and create jobs, the Regional Councils were put in place in 2011 to redesign the state’s approach to economic development from a top-down model to a community-based, performance-driven approach. The initiative empowers community, business, and academic leaders, as well as members of the public in each region of the state, to develop strategic plans specifically tailored to their region’s unique strengths and resources in order to create jobs and support economic growth.
“In the last three years, we have put New York’s fiscal house in order by controlling spending and cutting taxes and the global business community has taken notice,” Governor Cuomo said. “We are transforming New York State into a top destination for companies from around the world to locate, invest and grow with initiatives like StartUp NY to provide tax-free areas and support to businesses. These efforts have allowed the Regional Councils for the last three years to pursue economic development projects on the ground all across the state, from creating new technologies and supporting innovation to building hospitals and tourism destinations that will further our economic growth.”
Governor Cuomo kicked off Round III of the REDCs in May 2013 and announced two new initiatives to the process: the Innovation Hot Spots Competition and Regional Opportunity Agendas. These new aspects of the Regional Councils will foster innovative new businesses to keep New York at the forefront of the global economy and will ensure the state’s most distressed communities are being provided with greater employment opportunities.
Additionally, as part of the Round III process, a Strategic Implementation Assessment Team composed of state agency commissioners traveled to every region of the state to view progress on projects that have received state funding, assess the regions’ strategic plan implementation, and review priority projects endorsed by the regions in their 2013 applications.
By design, each REDC is knitted closely to colleges and universities within the region so that research and innovation can be closely associated with the community that it naturally impacts. Three regional co-chairs, SUNYIT Acting President Geer (Mohawk Valley), Binghamton University President Stenger (Southern Tier), and University at Albany President Jones (Capital Region) lead regions named “Top Performers” in Round III. This designation is accompanied by additional funds.
“This third round of awards continues the State’s commitment to these creative and groundbreaking plans and recognizes the immense progress that has already been made in revitalizing our economy and putting New Yorkers back to work,” Governor Cuomo added.
Distribution of $14.8 million to SUNY campuses is below:
Click here to explore the entire disbursement, including additional grants to SUNY campuses.
The Regional Economic Development Council initiative (REDC) is a key component of Governor Cuomo’s transformative approach to State investment and economic development. The Councils are public-private partnerships composed 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.
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