update: Here's the list of projects that were awarded REDC money, both in the Capital Region and other regions.. The Capital Region's money will go to a variety of projects including infrastructure, Capital Rep's renovation, the Good Market public market in the Warehouse District, expansion plans at Nine Pin Cider Works, the Tower on the Hudson project, and a music television show to be produced at Proctors.
The list of Capital Region projects from the REDC booklet is embedded after the jump.
The Capital Region left this year's state economic development grant game show with $98.1 million.
Sure, that's a large chunk of money. But the big money this year was in snagging one of the $500 million Upstate Revitalization Initiative awards, a Cuomo admin program inspired in part by the "Bufallo Billion."* The three winning regions for the URI prizes were the Finger Lakes, Southern Tier, and Central New York.
That the Capital Region didn't win one of the URI awards isn't really surprising, It's doing relatively well compared to the rest of the upstate, and it's already benefited from state money for projects like SUNY Poly and GlobalFoundaries. But the Capital Region's economic development council paid the famous consulting firm McKinsey $2 million to help it formulate its plan for the competition, a sign that it thought it had a real shot. (So... refund?) [Biz Review]
Here's a scan of the plan the Capital Region submitted. Officials have said that even if the region didn't win, the plan would still be useful as a map for future economic development.
And here's a scan of the "priority projects" as part of the Capital Region's regular REDC app. Which projects got money -- and how much -- will be out later today.
Here's the list of what each region was awarded...
Western New York: $83.9 million
Finger Lakes: $500 million - URI
Southern Tier: $500 million - URI
Central New York: $500 million - URI
Mohawk Valley: $100.3 million - REDC top performer
North Country: $85.1 million
Capital Region: $98.1 million - REDC top performer
Mid-Hudson: $90.4 million
New York City: $84.1 million
* Though as Andrew Cuomo pointed our during the presentation today, only about half of that billion has been spent so far. And these new $500 million awards are for $100 million a year for five years. He framed the Buffalo Billion as being about signaling that things were different, and changing the way people thought about the region.
Capital Region REDC project grants 2015
screengrab from Cuomo admin livestream
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