NYC will get a big boost thanks to Governor Cuomo’s Regional Economic Development Council competitions, a six-year-old initiative that provides “ground-up” funding driven by a community’s success in improving quality of life and growing the local economy. New York City was named a “top performer” by the administration and awarded $80.2 million. The hefty sum will be allocated towards 121 projects across all five boroughs, including $1 million to build a tech incubator facility in Brooklyn, $1 million for a shuttle-bus service for the Brooklyn Navy Yard, $2.1 million to support the Green Point Manufacturing and Design Center, and $1.24 million to complete the final section of the Brooklyn Bridge Park beneath the bridge. Money will also go towards brownfield clean-up, supporting workforce expansion in local organizations, job training, and improving parks in low-income neighborhoods.
“Through the Regional Economic Development Councils, we have replaced the ‘one-size fits all’ approach to economic growth with a ‘ground-up’ strategy that focuses on cooperation and investing in regional assets to generate opportunity,” Governor Cuomo said in a statement released yesterday afternoon. “By bringing together ideas from local government and community leaders with state resources, we are giving these councils the tools to create jobs and drive economic activity in their communities for generations to come. I congratulate the Regional Councils on their awards, and look forward to continuing to work together to build a stronger New York for all.”
More than $700 million was awarded statewide, and the $80.2 million was one of the largest sums ever received by NYC through the competitions. Since the first year the program was launched (2011), more than 5,200 projects have been funded with over $4.6 billion. The same projects are anticipated to generate and maintain more than 210,000 jobs statewide over the long term.
If you want to see exactly how NYC’s 2016 money will be spent, a complete breakdown is available here (pdf).
[Via Governor Cuomo’s Office]
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