Economic Development

In 2011, Governor Cuomo established ten Regional Economic Development Councils (REDCs) to develop long-term regional strategic economic development plans. The Executive Budget provides for an eighth round of REDC awards totaling $750 million.

In round seven, $1.25 million was awarded to Innovate 518, the Capital Region’s innovation hotspot led by UAlbany. This represents an additional five years of funding at $250,000 per year (Innovate 518 received $250,000 in round four). The regional grant will help drive commercialization within the region by leading the development of a supportive innovation infrastructure and connecting entrepreneurs to the start-up ecosystem. Innovate 518 does this through a coordinated affiliate partner network of over 20 incubators, accelerators and entrepreneurial service providers. Read more here.

$1.7 billion in continuing projects is reappropriated for this initiative. Three winning URI regions (Central New York, the Finger Lakes and the Southern Tier) each received $500 million and four regions (Capital Region, Mohawk Valley, North Country and Mid-Hudson) each received a $50 million consolation prize.

The Executive Budget maintains funding for the Centers for Advanced Technology (CATs) at $13.82 million, $5 million for the Innovative Hot Spots and $8.7 million for ten Centers of Excellence at $8.7 million. Additionally, the Executive Budget provides $35 million to support ongoing, university-based matching grants and other high technology research and development programs administered by NYSTAR.

$100 million for a third round of funding is allocated for this initiative which will target ten downtown areas ($10 million per region), one in each economic development region that is either suffering from economic distress or population loss. The cities of Hudson and Glens Falls have won in the last two competitions. Albany has focused its application around the waterfront.

The Executive Budget includes $600 million to support construction of a state-of-the-art life sciences public health laboratory in the Capital District that will promote collaborative public/private research and development partnerships. This is in addition to $150 million provided last year. This is a joint effort between the NYS Department of Health and Empire State Development.

The Executive Budget includes $44.8 million for the tenth year of a 10-year commitment of $500 million for the Stem Cell Innovation Fund.

The Executive Budget maintains $5 million to support the partnership between the State, Clarkson University, and the Trudeau Institute for biotechnology research and development.