The state will divvy up as much as $762 million in economic-development funds Wednesday to help finance projects boosted by 10 regional councils.
The competitive grants and tax breaks—which Gov. Andrew Cuomo has promoted as a way to spur the state’s economy—totaled $785 million last year, the first year the Regional Economic Development Council program was developed. Those incentives were used to help finance 732 projects across the state, according to the Cuomo administration.
Five awards of $25 million will be awarded to the top regions based on development plans created by the councils, which are made up of elected officials, business representatives, college presidents and labor leaders.
Four councils topped $100 million in total grants last year, including those in central New York, the North Country, Long Island and the Buffalo area. The other panels—including those in the Hudson Valley and Finger Lakes—received pots of money for their regional projects.
The awards will be unveiled at a ceremony in the state capital hosted by CNBC’s Maria Bartiromo. It is scheduled to begin at 10 a.m. You can watch live, courtesy of WGRZ-TV: