$83.1 Million Awarded To Capital Region for Economic Fund

By Xyla Joelle L. Fernandez

Dec 10, 2016 05:47 AM EST

The Capital Region today was awarded $83.1 million in grants and tax credits for economic development projects, a "top performer" during the latest round of Gov. Andrew Cuomo's statewide funding competition.

The amount was the second highest of the 10 regions across the state that received funding. The Mid-Hudson Valley won the highest amount, $83.3 million.

The Capital Region and Mid-Hudson Valley were also two of the five "top performers" in the competition. New York City, which has received the smallest total share every year since Cuomo started the program in 2011 - a sign of how strong the economy already is there- won $80.2 million and was also a "top performer." $717 million was awarded statewide to pay for a wide variety of projects.

Among the "priority projects" that won money include The Mill, a project from Re4orm Architecture that will renovate properties in Schenectady to create a three-block area that will include space for a distillery, a craft brewery, retail establishments and apartments. That project received more than $2.3 million.

Another priority project grants P1 Advanced Manufacturing Center $750,000 to build state-of-the-art advanced manufacturing center.

From 2011 through 2015, the Capital Region was awarded $354 million in grants and tax credits, including $230.8 million for 462 "priority" projects. The Capital Region's haul is the second-lowest total among all the regions in the state since Cuomo started the program. Only New York City has received less.

Last year, the region was awarded $98.1 million in the REDC competition. It lost out on $500 million doled out to each of three other regions under a separate competition called the Upstate Revitalization Initiative. 

Cuomo has promised $50 million as a consolation prize for the Capital Region. The details on how that money will be spent have been unknown for a year, but Barba said he's "hoping" the council will decide by the end of December.

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