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Applications for regional councils available Thursday

Rochester Business Journal
April 28, 2014

Funding applications for New York’s regional economic development councils will be available Thursday, state officials said Monday.

The Consolidated Funding Application will help determine the distribution of up to $750 million in state funding and tax incentives in the fourth round of the state’s economic development initiative.

The Finger Lakes Regional Economic Development Council has been awarded $224.8 million for 255 projects in the first three years of the competition. It is the fourth-highest funding total among the 10 regional councils.

The Finger Lakes region was awarded $59.8 million in 2013, eighth-highest among the councils.

The regional council initiative has generated investments of more than $2 billion for 2,200 projects statewide, creating or retaining 100,000 jobs, officials said.

The $750 million includes $150 million in capital funds, $70 million in tax credits through the Excelsior Jobs Program and up to $530 million from state agency programs, officials said.

The Finger Lakes and four other councils that finished in the bottom half last year will compete for three awards of $25 million each, officials said. The top five finishers in 2013 will compete for two awards of $25 million.

The balance of the $25 million in capital funds will be divided among the five remaining regions, officials said. Each region is eligible for up to $10 million in Excelsior tax credits.

The application deadline for submission is June 16 at 4 p.m.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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