State’s annual eco-dev competition set to start

stuart rabinowitzHofstra President Stuart Rabinowitz co-chairs the Long Island regional economic development council, which will compete for funding with nine other New York regions.

The state kicked off its annual regional economic development council competition, which this year includes an extra $1.5 billion for upstate projects.

As in previous years, the competition will split $750 million between New York’s 10 regional councils, with three top winners receiving $105 million each and others landing about $90 million per region. The program will also award three $500 million awards, to be disbursed at a rate of $100 million per year for five years, to winners from the Finger Lakes, Southern Tier, Central New York, Mohawk Valley, North Country, Capital District, and Mid-Hudson areas.

The local economic development council is co-chaired by Hofstra President Stuart Rabinowitz and Long Island Association chief Kevin Law. The contest officially opens Friday with a final deadline in July. The awards will be announced in the fall.

Since 2011, the competition has awarded nearly $3 billion to support more than 3,100 projects that are projected to create or retain at least 150,000 jobs statewide, according to Gov. Andrew M. Cuomo.

A breakdown of the funding so far:

· Western New York: $272.5 million for 304 projects
· Finger Lakes: $305.5 million for 355 projects
· Southern Tier: $303.2 million for 298 projects
· Central New York: $344.5 million for 311 projects
· Mohawk Valley: $261.9 million for 264 projects
· North Country: $338.1 million for 291 projects
· Capital Region: $255.8 million for 365 projects
· Mid-Hudson: $302.2 million for 350 projects
· New York City: $236.1 million for 231 projects
· Long Island: $326.2 million for 347 projects

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