REDC Round XI CFA Process Open for Capital Region Businesses, Deadline Nears

Capital Region businesses have until July 30 to submit a consolidated funding application (CFA) for several state agency programs participating in Round XI of the Regional Economic Development Council (REDC) process. This year, the Capital Region Economic Development Council (CREDC) will be assessing CFA based on their project readiness, potential benefits to the region’s post-pandemic recovery, and alignment with regional strategies.

REDC Process

Since 2011, the CREDC has supported a host of transformation projects in the Capital Region, such as the redevelopment of Albany’s Park South neighborhood redevelopment ($2.5 million CFA award) and the redevelopment of Green Island’s Starbuck Island ($1.8 million CFA award). During the first eight rounds of the REDC process that started in 2011, Capital Region CFA projects received $300 million. That funding leveraged $1.42 million in private investment and helped create or retain 15,776 jobs, according to the CREDC’s last annual Progress Report.

Highlights

People interested in submitting a CFA should review the 2021 REDC Guidebook. Below are some Round XI highlights:

• Nine state agencies are proving CFA funding through 30 programs detailed here.
• $750 million in capital and tax credits funds.
  • $225 million for regional “priority projects.”
  • $525 for community revitalization and business growth
• CFA processes opened May 10.
• Some agency programs have a July 30 deadline while others will remain open until funds are exhausted.
  • Examples of July 30 deadline programs include:
    • Empire State Development’s Market New York ($15 million)
    • Homes and Community Renewal’s Community Development Block Grant Program ($20 million)
    • NYSERDA’s Carbon Neutral Economic Development Program ($15 million)
    • See page 5 of the Available CFA Resources for the complete list of July 30 deadline programs
  • Open enrollment CFA projects will be review on a quarterly basis.
    • Examples of open enrollment programs include:
      • ESD’s Grant Funds ($150 million) and Excelsior Jobs Program ($75 million)
      • NYSERDA’s Energy Efficiency Programs ($3 million)
      • New York Power Authority’s ReCharge NY Program (22 MW)
      • Industrial Development Bond Cap ($30 million)
    • Project readiness, contributions to the post-pandemic recovery and strategic plan alignment will be key considerations for the CREDC.
    • The CREDC scores CFAs based how much the project promises to advance the regional strategic plan and aligns with regional priorities.
      • This CREDC endorsement accounts for 20 percent of a CFA’s total review, with the remainder based on the agency score.
    • Unlike previous REDC rounds when all CFA awardees were announced in December, awardees for the July 30 deadline programs will be announced in the fall.
    • Open enrollment program awardees will be announced on an ongoing basis.

CEG Initiatives

In its five-year plan, Capital 20.20, the CREDC identified the Center for Economic Growth as being positioned to play a “major implementation [role] for our plan.” Since then CEG has become the CREDC’s primary implementation agent of the plan, including company attraction, performance management and reporting. On top of marketing the Capital Region’s R&D and talent assets worldwide, CEG has supported the CREDC is preparing its Progress Report for Rounds VI, VII,  VIII and IX, as well as last years regional recovery plan. CEG is currently assisting the CREDC in updating the regional plan.

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