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New York state awards $763M in economic development funding

December 18, 2018

ALBANY, N.Y. (AP) — More than 1,000 companies, startups and community projects around New York state will share more than $763 million in economic development funding announced Tuesday.

The money is part of Democratic Gov. Andrew Cuomo’s regional economic development initiative. It seeks to use targeted funding to leverage the economic strengths of each of the state’s 10 economic regions. This is the program’s eighth year.

Central New York was the year’s biggest winner, taking home more than $88 million. The other nine regions each won between $65 million and $87 million.

“By empowering the people who know their communities best, we have transformed the state’s economic development strategy into one that is not only successful, but is built to last,” said Lt. Gov. Kathy Hochul, a Democrat, who joined state and local leaders at the funding announcement in Albany.

Some of the more notable projects receiving funding include:

—SAF GLAS LLC, which produces high-tech glass materials for indoor farms, will receive $8 million for a $59 million project to relocate a Florida manufacturing facility to central New York.

—Rochester Institute of Technology will get $1.5 million to upgrade a life sciences lab.

—The Saratoga Performing Arts Center will receive $1.5 million to help with a $5.5 million upgrade and expansion.

—In the Hudson Valley, the Orange County Community College Association will use $1.8 million in new funds to renovate two buildings in downtown Newburgh.

—Hofstra University on Long Island will receive $200,000 for a cybersecurity research center.

—The Icahn School of Medicine at Mount Sinai in New York City will get $2 million to support a $30 million lab upgrade.

—A workforce training initiative in Queens will receive $250,000 for new classroom and meeting spaces.

In all, more than $6 billion in economic development funding has been awarded through the program in eight years. State officials say the money has supported more than 7,300 projects.

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