On Thursday Governor Cuomo proposed a $1.5 billion upstate economic revitalization fund competition among seven regions. The seven regions will compete for three awards of $500 million each in economic aid. The seven regions that are eligible are: Capital Region, Central New York, Finger Lakes, Southern Tier, Mid-Hudson, Mohawk Valley, and North Country. Buffalo, Long Island, and New York City are excluded from the competition. The money comes from a $5 billion inflow our state has seen over the past couple years due to bank settlements.
This proposal requires state legislative approval, but if approved it would begin in April with grants awarded to the three winners in the fall. The seven regions will each have until July 1 to submit a proposal for using the economic aid. New York State will look most favorably on ideas that improve critical infrastructure, increase workforce development, grow tourism, and improve the quality of life.
Forcing these regions to compete for government aid is seen as tough love for these struggling economic areas. Governor Cuomo has stated that he believes competition yields the best results as opposed to just giving away the money. He was quoted as saying: "And the competition amongst yourselves, I'm telling you, brings up the performance of everybody." If this proposal is passed it will be an anxious, yet exciting summer for the seven different regions.
Ethan Wade, Financial Advisor
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).