The details: Cuomo's economic development plan

Jul 20, 2011

New York Governor Andrew Cuomo offered more details today about his plan to revitalize New York's economy, and overhaul the way the state funds economic development.

Ten regional councils will compete for money using a new consolidated funding application (CFA), which will allow them to access a billion-dollar pot of grants and tax credits from nine state agencies.

Most of that money will come from the Empire State Development Corporation (ESDC), as well as the state's Energy Research and Development Authority (NYSERDA), and the Homes and Community Renewal agency.

Here's the breakdown (in millions):

  • ESDC $270
  • NYSERDA $175
  • Homes and Community Renewal $169
  • Department of Transportation $50
  • Environmental Facilities Corporation $20
  • Parks, Recreation, and Historic Preservation $13
  • Department of State $10
  • NYS Canal Corporation $1.5

Cuomo says he wants to put an end to a fragmented system of funding.

"There will be a compounding effect," he explained, "So ... you're going to build the same number of housing units. You'll have more of an impact on the community when you coordinate those housing units with transportation, with labor, with parks etcetera."

Each of the 10 councils will be charged with coming up with a long-term vision for its region's economic  future. Cuomo says the state won't prioritize any particular industry, but rather use the money to encourage regional cooperation.

The grants will be awarded by a selection committee made up of members from the participating agencies, with the ESDC at the helm.

In the coming weeks, Cuomo says he will release the grant applications, along with judging criteria to demonstrate what a winning application will look like.