City of Albany Projects Receive $5.9 Million from Regional Economic Development Council (REDC) Initiative Round VIII

December 18, 2018

Click Here To Read The Announcement’s Press Release 

The New York State Regional Economic Development Council (REDC) initiative awarded projects that will support new investment and activity in the City of Albany with approximately $5.9 million ($5,988,790) in funding Wednesday. Overall, the Capital Region was awarded a total of $67 million in funding for 95 projects. Of these 95 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 allow Albany and the  Region to continue to harness opportunities for economic growth,” said Albany Mayor Kathy Sheehan. “This new funding, coupled with Albany’s $10 million Downtown Revitalization Initiative award, will help facilitate the transformative redevelopment underway in New York’s Capital City. Thank you to Governor Cuomo for the investments he has made through this year’s Round Eight Regional Council initiative that help continue to unleash Albany’s 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. “Welook forward to assisting these projects as they move forward and begin tocatalyze new opportunities, create jobs and strengthen Albany’s economicvitality.”

As part of the Regional Economic Development Council Initiative, prior to this year’s round the Capital Region was awarded $85 million in round VII, $83.1 million in Round VI, $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.

Click here to learn more about the 17 awarded projects that will support important initiatives in the City of Albany furthering Albany’s current momentum.