City of Albany Projects Receive $5.58 Million from Regional Economic Development Council (REDC) Initiative Round VI

December 8, 2016

Click Here To View The Announcement Press Release 

The New York State Regional Economic Development Council (REDC) initiative awarded City of Albany projects with approximately $5.58 million ($5,587,650) in funding Thursday. Overall, the Capital Region—a top performer—was awarded a total of $83.1 million in funding for 116 projects. Of these 116 projects, 17 directly benefit activities within the City of Albany and will catalyze strategic initiatives and job creation.

“This year’s Regional Economic Development Council funding will bring exciting proposals for new investments to life, allowing Albany and the Region to harness opportunities for economic growth,” said Albany Mayor Kathy M. Sheehan. “We thank Governor Cuomo for the investments he’s made through this year’s Round Six Regional Council Initiative and I look forward to seeing these projects develop further, unleashing Albany and the Region’s potential.”

“In meeting Governor Cuomo’s and the Regional Council’s challenge this year—more than $5 million will now support several strategic investments throughout the City of Albany—having an incredible impact on the capital city’s  building momentum,” said Capitalize Albany Corporation president Sarah Reginelli. “We look forward to assisting these projects as they progress and begin to catalyze new opportunities, create jobs and boost Albany’s economic vitality.”   

The Capital Region Economic Development Council’s 2016 progress report “The Capital Region CREATES,” provided detail on the Council’s achievements in implementing its five-year strategic plan to expand economic opportunity across the Capital Region, and further develop the blueprint set forth in the Capital 20.20 plan. As part of the Regional Economic Development Council Initiative, prior to this year’s round the Capital Region was awarded $98.1 million in Round V, $60 million in Round IV, $82.8 million in Round III, $50.3 million in Round II and nearly $63 million in Round I.

View the announcement press release to learn more about the 17 awarded projects that will support important initiatives in the City of Albany furthering Albany’s current momentum.