For the third time in four years, central New York was victorious at the annual state regional economic development council awards ceremony in Albany.
The Central New York Regional Economic Development Council won a top performer award and will receive $80.2 million in state funding. The combination of grants and tax credits will fund 85 projects in the region, including 15 in Cayuga County.
Some of the notable Cayuga County projects receiving funding include US Intercorp’s plans to launch a manufacturing company that will produce energy-efficient heating systems. The project was awarded $1,750,000 in grants and tax credits.
A city of Auburn-backed initiative, the implementation of a micro-hydro smart grid project, received $1,200,000. Stonewell Bodies & Machine in Genoa will get $700,000 in state aid to expand its facility and add high-tech equipment.
VG Rentals, Inc. was approved for $700,000 to help finance the rehabilitation of the Auburn Floors and Piccirillo buildings in downtown Auburn. The city of Auburn received $250,000 to assist in the renovation project.
With Thursday’s announcement, central New York has received more than $344 million in state funding since the regional council competition launched in 2011.
Central New York won a best plan award in 2011 and $103.7 million. The region won a top performer award in 2012 and $93.8 million in funding.
In 2013, the central New York council didn’t win a top performer award, but did receive $66.9 million to fund projects throughout the region.
This year, $709.2 million was awarded to the 10 councils. Along with central New York, the Finger Lakes, Long Island, Mid-Hudson Valley and Southern Tier regions won top performer awards.
“Four years ago, we decided to take a different approach on economic development — emphasizing cooperation and investing in local assets instead of continuing the state’s old and ineffective top-down mentality,” Gov. Andrew Cuomo said in a statement. “That’s what the regional councils are all about, and today is proof that they are continuing to drive an economic renaissance in every region of the state.”
Here’s a breakdown of how much each region received in the 2014 competition:
Mid-Hudson Valley – $82.8 million
Long Island – $81.9 million
Southern Tier – $80.8 million
Finger Lakes – $80.7 million
Central New York – $80.2 million
North Country – $63.4 million
New York City – $61.2 million
Capital Region – $60 million
Mohawk Valley – $59.6 million
Western New York – $58.6 million