Capital Region a top finisher in development awards

Capital Region a top finisher in development awards

The Capital Region received $83.1 million in grants, tax breaks and bonding opportunities in the sixth round of the state’s Regional Economic Development Council awards, which were announced Thursday afternoon at The Egg.

Almost half of the Capital Region’s allocation will come in the form of tax credits and bonds: $9 million through the state’s Excelsior Jobs Program, plus $30 million in low-cost economic development financing offered by the state through the Federal Industrial Development Bond program.

Some of the larger brick-and-mortar efforts include $5 million for the Port of Albany to acquire an 80-acre parcel south of its Albany operation, and complete infrastructure improvements including a new heavy-capacity access bridge; $2 million for facility upgrades at three buildings connected to the state University at Albany’s Bioscience Development Corp.; and $2.3 million for Re4orm Architecture to renovate properties in Schenectady to create The Mill Artisan District, a three-block space that will include a brewery, retail and apartments.

Smaller sums will go to support items as diverse as $371,000 for the Albany Symphony Orchestra’s planned series of concerts along the route of the Erie Canal to celebrate its bicentennial with newly commissioned compositions, and $300,000 to help the Legal Aid Society of Northeastern New York acquire and renovate a new building on Central Avenue.

The 10 regional councils are intended to create long-term economic development blueprints through collaborations with local leaders from business, academia and government.

The final funding decisions, however, are made by entities controlled by Cuomo, including Empire State Development Corp. As a result, the new arrangement has engendered periodic pushback from lawmakers.

Cuomo is currently at odds with the Legislature over more immediate political disputes, including an intraparty feud with the state Senate’s mainline Democrats and a wider impasse over his push for a special legislative session before the end of the year to swap his desired legislation for a pay raise sought by lawmakers.
Source: Times Unition
Capital Region a top finisher in development awards

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