7.20.11 Cuomo Econ Dev Release

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Printed by: Rachel Ward Wednesday, July 20, 2011 1:53:30 PTitle: GOVERNOR CUOMO ANNOUNCES $1 BILLION IN ECONOMIC DEVELOPMENT FUNDING WILL BE AVAIL : wxxi Page 1

Wed, Jul 20, 2011 1:51:39 PM

GOVERNOR CUOMO ANNOUNCES $1 BILLION IN ECONOMIC DEVELOPMENT ...

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Rachel Ward

State

of New York | Executive ChamberAndrew M. Cuomo | GovernorFor Immediate Release: July 20, 2011

GOVERNOR CUOMO ANNOUNCES $1 BILLION IN ECONOMIC

DEVELOPMENT FUNDING WILL BE AVAILABLE THROUGH NEW

CONSOLIDATED APPLICATION PROCESS

$1 Billion in Funding from Agency Programs now Available under One Application

Governor Andrew M. Cuomo today announced historic changes to the state's economic

development grant application process, continuing the Governor's efforts to redesign the wstate government works in order to drive economic growth and create jobs.

Under the new process, the ten Regional Councils will be able to apply for state funding tosupport projects they determine to be part of their regional strategy using a new Consolidat

Funding Application (CFA), making the projects eligible for grant money and tax credits fr

dozens of existing programs. The combined pool of funding accessible through the CFA toup to $1 billion.

"Today's action unlocks $1 billion in economic development and job creation in every regithe state," Governor Cuomo said. "We are redesigning and streamlining the way economicdevelopment projects in New York receive state aid to ensure that the best projects with themost potential for regional economic growth receive the support they need."

In the past, funding has been supported by several different agencies and sources across sta

government, without any mechanism to coordinate allocations. The CFA will now be accepas a threshold application for multiple state funding sources.


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Nine state agencies and authorities have made funding available through the CFA process,

including: Empire State Development; NYS Canal Corporation; New York State Energy

Research and Development Authority; Environmental Facilities Corporation; Homes andCommunity Renewal; Department of Labor; Parks, Recreation and Historic Preservation;Department of State; and Department of Transportation.

State agencies participating in the councils have identified $1 billion in resources that can bused to support regional growth strategies.

To access these resources, the Regional Councils will use the CFA, which will be acceptedthreshold application for multiple State funding sources. Through this process, Councils ca

out one application per project to access the multiple funding sources associated with the C

Once a project is referred through the CFA process, a dedicated project team within the

relevant agencies will review and determine applicable funding sources, and if necessary happlicant provide supplemental, project specific information. The application will then be

expedited through a streamlined internal review process, which will ensure that projects areapproved and funded as quickly as possible.

Today Governor Cuomo also introduced the blueprint for his Regional Economic Develop

Councils, which will redesign the relationship between the state government and businesse

stimulate regional economic development and create jobs statewide.

The Governor released a guidebook that details a fundamental shift in the state's approach t

economic development. The Regional Councils will change a top-down development modecommunity-based approach that emphasizes regions' unique assets, harnesses local expertis

and empowers each region to set plans and priorities.

Currently, New York State's economic development efforts are managed through dozens of

separate state and local agencies and are supported by several disparate funding sources. ThRegional Councils will now bring together stakeholders in every region of the state to serve

coordinated point of contact for economic development. Each Council will be chaired by

Lieutenant Governor Bob Duffy and will be led by two Vice Chairs from the business andacademic community. Additional membership is comprised of local leaders from business,

academia, labor, agriculture, nonprofits, and community-based organizations.

Each Council will develop a plan for the development of their region. The state will work w

the Councils to align state resources and policies, eliminate unnecessary barriers to growthprosperity, and streamline the delivery of government services and programs to help the

Regional Councils carry out their plans for development.

Lieutenant Governor Robert Duffy said, "By incentivizing regional collaboration and


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coordination of economic development strategies, the Regional Councils will optimize the

limited funds, maximize job creation, and promote sustainable community development

throughout New York. I look forward to working with the Regional Councils to ensureGovernor Cuomo's vision for economic development is achieved all across our state."

Empire State Development CEO and President Kenneth Adams said, "Governor Cuomo'seconomic development agenda presents an opportunity for New York State to revitalize itseconomy and put people back to work. It is only with a region-by-region, competitiveapproach that we will be able to optimize the state's resources and maximize our potential t

create new jobs that will deliver on the promise of sustainable economic growth throughou

state."

Governor Cuomo will create the Regional Councils through Executive Order. Regional Cowill be established in the Capital District, Central New York, Finger Lakes Region, Long

Island, Mid-Hudson, Mohawk Valley, New York City, North Country, Southern Tier, andWestern New York.

To download a Regional Council Guidebook please visit

www.governor.ny.gov/regional-council-guidebook.pdf

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Additional news available at www.governor.ny.govNew York State | Executive Chamber | [email protected] | 518.474.8418

7.20.11 Cuomo Econ Dev Release

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