CITY OF ALBANY PROJECTS RECEIVE $21.8 MILLION FROM REGIONAL ECONOMIC DEVELOPMENT COUNCIL INITIATIVE ROUND V

December 10, 2015

The Regional Economic Development Council (REDC) initiative awarded City of Albany projects with approximately $21.8 million ($21,841,067) in funding Thursday. Overall, the Capital Region was awarded a total of $98.1 million in funding for 114 projects. Of these 114 projects, 24 directly benefit activities within the City of Albany and will catalyze strategic initiatives and job creation.

“In meeting Governor Cuomo’s and the Regional Council’s challenge in this funding round, more than $21 million will now support several strategic initiatives throughout the City of Albany having an incredible impact on Albany’s building momentum,” said Capitalize Albany Corporation President Sarah Reginelli. “Recognizing the investments catalyzed by this year’s competition, and the potential of additional funding being awarded to Capital 20.20 projects, the City of Albany will further strengthen its status as a destination and economic driver for the Capital Region and beyond.”

This year’s report and plan was developed by the Capital Region Economic Development Council, co-chaired by University at Albany President Dr. Robert Jones and Albany Medical Center President and CEO James Barba. As part of the Regional Economic Development Council Initiative, prior to this year’s round the Capital Region was awarded $60 million in round four, $82.8 million in round three, $50.3 million in round two and nearly $63 million in round one.

24 of the awarded projects will support important initiatives in the City of Albany furthering Albany’s current momentum. To read about each project, click here to view this announcement’s press release.