City of Albany Projects Receive $10.3 Million from Regional Economic Development Council (REDC) Initiative Round VII

December 13, 2017

The New York State Regional Economic Development Council (REDC) initiative awarded City of Albany projects with approximately $10.3 million ($10,313,807) in funding Wednesday. Overall, the Capital Region—a top performer—was awarded a total of $85 million in funding for 110 projects. Of these 110 projects, 16 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 harness opportunities for economic growth,” said Albany Mayor Kathy M. Sheehan. “It is exciting to see new funding made in this area and I want to thank Governor Cuomo for the investments he’s made through this year’s Round Seven Regional Council initiative. I look forward to seeing additional development and continuing to unleash Albany’s and the Region’s potential.”

“In meeting Governor Cuomo’s and the Regional Council’s challenge this year—more than $10 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 move forward and begin to catalyze new opportunities, create jobs and strengthen Albany’s economic vitality.”

As part of the Regional Economic Development Council Initiative, prior to this year’s round the Capital Region was awarded $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.

These 16 awarded projects (click here) will support important initiatives in the City of Albany furthering Albany’s current momentum.