Local participation will be included in report to
Capital Region Economic Development Council
Albany, NY – Mayor Jennings today hosted a planning forum to engage local participation from the local business community and other stakeholders as part of the Regional Economic Development Council process. The Capitalize Albany Corporation together with Mayor Jennings, an active member and leader on the regional council, connected with various stakeholders in the City of Albany to garner their input for submission to the regional council. The goal is to have this considered for the strategy currently under development and due by November 14th.
This summer, Governor Andrew Cuomo unveiled his plans to reform and redesign the way state government operates and how it delivers economic, community and business development assistance. At the core of this initiative is a bottom up approach to have ten regional councils represented by a cross section of business, government, education and institutional leaders who will develop a regionally significant action plan to achieve growth and prosperity across geographic boundaries and industry sectors.
“Governor Cuomo’s new initiative will have a positive effect on the way business is conducted in the State of New York,” said Albany Mayor Gerald D. Jennings. “I want to be sure that the City of Albany is at the forefront for receiving these necessary economic development incentives. It is important that the business and local community be engaged and their perspective be heard throughout this process, and today is another way for us to get their feedback.”
In order to ensure local participation and to benefit the local community and make sure unique, local issues are considered, Mayor Jennings and the Capitalize Albany Corporation first issued a survey to local stakeholders to initiate participation. The results of this survey were presented at the forum today. Staff then guided participants through two engaging planning exercises, ultimately resulting in a list of priorities that will benefit Albany and the Capital Region’s business climate.
This local input will help formulate local priorities, resources and critical needs. The next step will be the development of a report outlining issues, opportunities, and potential projects. The report will be distributed to the Capital Region Economic Development Council (CREDC) to help provide as much detail concerning our local business climate and economic development efforts. The CREDC is under an extremely tight timeframe to develop a regional strategy to guide what could be billions in state resources for the next several years.
The council has a deadline to present the strategy to Governor Cuomo by November 14th. The plan will be included in a competitive process that could result in $40 million dollars in grants and tax incentives to support business development and job growth. Also through a Consolidated Funding Application Process, the regional councils will serve as gateways to almost $1 billion in state programming related to economic, community and business development.
The City of Albany is included in the eight county (Albany, Columbia, Greene, Rensselaer, Saratoga, Schenectady, Warren, Washington) Capital Region Economic Development Council. Capital Region Co-Chairs are: Michael Castellana, President and CEO of SEFCU, and Dr. Shirley Ann Jackson, President RPI.
To find out more about CREDC and to participate in their topic focused surveys visit:
To find out more about Governor Cuomo’s statewide initiative, including this year’s 10 region competition for $200 million in economic development funds and tax credits visit: http://nyworks.ny.gov/
