The third round of funding for Regional Economic Development Councils (REDCs) across New York state was announced Wednesday, with the Finger Lakes receiving their lowest level of funding yet.
Out of a total $715.9 million dollars handed out by Governor Cuomo, the nine county Finger Lakes region was awarded $59.8 million, bringing their total funding over the past three years to a total of $225 million.
In a statement released by University of Rochester President Joel Seligman and Wegmans CEO Danny Wegman, co-chairs of the Finger Lakes REDC, they thanked Governor Cuomo for his support and said:
“We are immensely proud of what we have achieved to date. The Finger Lakes region has been responsible for more than 40 percent of all job growth in upstate New York since 2009. The $165 million in state awards in 2011 and 2012 will create or retain more than 9,000 jobs and result in more than $911 million in total investment.” “We also understand our efforts have only just begun and look forward to continuing to work with the state to build a new economic future for our region.”
This year’s award is a bit of step down for the region’s REDC which was awarded $96.2 million last year, taking home the largest chunk of the funding pie. This year, the largest award went to the Long Island REDC which was named a ‘Top Performer’ and granted $83 million in funding.
In a statement President and CEO of the Rochester Business Alliance, Sandy Parker, acknowledged that the local REDC would have liked to replicate last year's first place funding level. But, she says this years funding is still a great achievement.
"While we were hoping to repeat last year’s first place finish, receiving $59.8 million is a significant win for our community and confirms that the collaborative efforts of our regional partners continue to pay off. Once again, our Council developed and delivered a solid plan that positions the Finger Lakes Region on a path to creating thousands of jobs in the coming years. We thank the Governor and his team for this important recognition.”
The New York City REDC took home the smallest capital award, walking away with $57.4 million.
Development and revitalization of Eastman Business Park will continue to be the number one priority for the Finger Lakes region. Other projects that are slated for funding from the REDC in the coming year include an expansion of the Rochester Public Market and RIT’s Center for Urban Entrepreneurship.
