GROW

A summary of State funding opportunities & Central New York regional priorities


Central New York Regional Economic Development Council (CNY REDC)

Empire State Development (ESD) Funding – Level of funding determined on a year by year basis in the state budget. Two primary types of funding:

  • Capital Grant Funds – fund up to 20% of total project cost, eligible expenses include building/land acquisition, construction, renovation, and machinery and equipment.
  • Excelsior Jobs Program-
    • Excelsior Jobs Tax Credit- fully refundable 6.85% of wages per new job (specific levels of job creation required, only certain industries are eligible)
    • Excelsior Investment Tax Credit- fully refundable 2% of eligible investments

Upcoming Workshop:

  • CFA Public Workshop – June 20, 2018, 2-4:30 p.m. at Cayuga Community College, 197 Franklin Street, Auburn, NY. Detailed information about the various funding programs accessed through the CFA, including presentations by State representatives.  Register online

Full Regional Strategy:

Goals

1)  Promote growth in established, growing and competitive industry clusters (p. 35-38)

a.  Clean Energy and Environmental Systems

b.  Health, Biomedical Services and Biosciences

c.  Financial Services

d.  Agribusiness and Food Processing

e.  Advanced Manufacturing (Digital and Electronic Devices, Metals Production and Manufacturing, Precision Manufacturing)

f.  Tourism

2)  Improve competitiveness in, and connections to, the regional, national, and global economies (p. 38-41)

a.  Encourage new venture and product development

b.  Prioritize investments in research, innovation, and commercialization

c.  Expand into global markets (exporting)

d.  Build a 21st century infrastructure

e.  Maximize human capital

3)  Revitalize our region’s Urban Cores, Main Streets, and Neighborhoods (p. 41-45)

a.  Leverage Anchor Institutions in Urban redevelopment

b.  Repurpose Existing Infrastructure to recreate Density

c.  Develop the Workforce of Tomorrow


Upstate Revitalization Initiative (URI) – $500M for economic development related investments, generally looks for projects with total cost of $10M+. Business projects generally awarded 10% of total project cost, but level of award in determined on a case by case basis.

Full URI Strategic Plan:

Key Pillars Strategies
Invest in Key Growth Drivers Establish the Region as a Global Center for the Research, Development, and Manufacturing of Precision Sensing Technologies and Data Analytics, particularly in relation to the unmanned systems industry. (p. 43)
Strengthen the Region’s Agribusiness Sector to Meet the Growing Global Demand for Safe and High-Quality Food and Nutrition (p. 43-44)
Build and Inclusive Economic Cultivate an Inclusive Regional Economy (p. 44-45)
Develop Enablers of Prosperity Make CNY a Magnet for Veterans and Their Families (p. 45)
Continue to Grow and Invest in a Globally Competitive Ecosystem for Innovation and Entrepreneurship (p. 45-46)
Develop a Connected and Modern Transportation and Logistics System (p. 46-47)
Build Welcoming and Connected World-Class Communities (p. 47-48)

Signature Investments

1)  Global Center for Unmanned Systems and Cross-Connected Platforms (drones) (p. 56-64)

2)  New York Grown, New York- Certified- Safe and Market-Ready (agriculture, value added agriculture, controlled environment agriculture, food packaging, etc.) (p. 64-67)

3)  Global Manufacturing and Logistics Hub (inland port) (p. 67-70)

4)  National Veterans Resource Complex (p. 70-73)

5)  Consensus Commission on Government Modernization (government consolidation and efficiency efforts) (p. 73-76)

6)  Alliance for Economic Inclusion (increase and improve opportunities for low- and moderate-income individuals and families) (p. 76-80)