Finger Lakes, Southern Tier, Central NY to Split $1.5B in Economic Development Funding
BY TWC
The Finger Lakes Region, Southern Tier Region and Central New York Region will receive a share of $1.5 billion in economic development funding – the largest investment in Upstate New York since the Erie Canal.
The Upstate Revitilization Initiative will award $500 million to each of the three regions over five years. Governor Andrew Cuomo said this initiative will allow for future planning.
Over the past few months, each Regional Economic Development Council (REDC) put together what they thought the best plan would be to earn that funding, and it all rested on Governor Cuomo.
The Capital Region, Central New York, Finger Lakes, Mohawk Valley, Southern Tier, Mid-Hudson and the North Country, each vied for three $500 million awards.
The regions that didn’t win the half billion were still be eligible for Regional Economic Development Funding — that’s the $50 to $100 million that gets handed out each year for similar projects.
Western New York will get $83.9 million. Mohawk Valley was chosen as a top performer in the REDC awards sweepstakes and will receive $100.3 million. North County will get $85.1 million. Capital Region is an REDC top performer and will get $98.1 million for its proposals. The Mid-Hudson region will get $90.4 million. The NYC region – the five boroughs – will get $84.1 million.
