Posted by Tracy Verrier
This week the Central New York Regional Economic Development Council (CNY REDC) released their annual progress report. This report is submitted to the state in order to show how the region has advanced its priorities, showcase projects, and provide a list of projects the region has prioritized for funding as part of the current year’s Consolidated Funding Application (CFA) process.
The CFA allows for a streamlined application process for a variety of state funding resources. A large portion of the funding distributed through this process is for economic development and business projects through Empire State Development (ESD).
Each year, CEDA’s staff assist businesses and organizations with this application process. Furthermore, I sit on the CNY REDC board along with three other representatives from Cayuga County, Chairman Keith Batman, Mayor Michael Quill, and John Currier of Currier Plastics. As CNY REDC members, we have the opportunity to advocate on behalf of Cayuga County projects while also considering what projects will have the greatest impact locally and regionally. This year, all five of the applications from Cayuga County that were submitted for ESD funding were prioritized by the region.
These projects account for a total potential investment of nearly $13.3m, including $2.9m in requested funding from ESD. There were also nine projects within the county that were prioritized for other funding sources, totaling approximately $6.4m in investments including almost $3.4m in funding requested. While being on the priority list does not guarantee that a project will be awarded funds, this is certainly a good first step toward bringing additional dollars to Cayuga County.
The big announcement is expected to happen in December, so keep your fingers crossed!