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 a ninth round of REDC awards totaling $750 million.

In round eight, $220,000 was awarded to the University to construct a green roof on top of its new Emerging Technology and Entrepreneurship Complex (ETEC) building.

A new $55 million appropriation is provided for another round of NYSUNY 2020 grants, and all colleges, universities and community colleges are eligible to compete. Priority will be given to plans that use technology to improve academic success, leverage public-private partnerships, and better connect students to the workforce.

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 11 Centers of Excellence. Additionally, the Executive Budget provides $325 million to the Urban Development Corporation for the High Technology Innovation and Economic Development Infrastructure Program for projects that foster research and development of innovative technologies and leverage private investment in advanced science and technology economic development.

$100 million for a fourth round of funding is allocated for this initiative which transforms downtown neighborhoods into vibrant communities where New Yorkers want to live, work and raise families. among the communities selected last year, the Clinton Square area of Albany received $10 million for the Capital Region.

The Executive Budget includes $750 million to support construction of a state-of-the-art public health laboratory to replace the Wadsworth Center’s aging facilities. Redesigned as “A Lab for the 21st Century,” the new facility will be located on the Harriman Campus and will function as a magnet for future private sector investments and public-private collaboration. The lab is being developed as part of the State’s initiative to spur the growth of a world-class life science research cluster and expand its ability to commercialize this research and grow the economy.