Hustling toward a mid-November deadline for a plan that could bring $40 million in state funding to spur business and job growth in the Hudson Valley, the Mid-Hudson Regional Economic Development Council recently unveiled a 15-point list of goals for the seven-county region.
The draft list first was publicly aired at the council”™s Oct. 25 community forum at SUNY Purchase. Some small-business owners there worried that they will be overlooked in the council”™s weighing of jobs-creating projects to recommend to Albany in tandem with the region”™s five-year strategic plan for economic development. Applicants have an Oct. 31 deadline to submit project proposals to the regional council as part of the state”™s new consolidated funding applications process.
Council members identified 15 chief goals for the economically diverse region (see list, page 2).
Among the strategies proposed to achieve those goals, the council said startup biotech firms in the region would have greater access to capital if the state”™s $15million Common Retirement Fund and $25-million Innovate New York Fund were expanded. Many state seed-fund programs exceed $100 million, they noted.
The council also proposed that biotech companies be allowed to buy and sell available research and development tax credits in order to monetize credits held by unprofitable young companies. Net operating losses also could be traded between companies to allow young firms to monetize their losses.
In the IT sector, the council wants to assist large, established companies such as IBM and research organizations by developing a regional public Cloud Center to foster development projects and new applications of cloud and analytics technology. Mid-sized businesses and new companies to the region would have access to Cloud Center services at affordable rates.
The council also proposed to create a Mid-Hudson Small Business One-Stop Resource website that contains information from each of the seven counties as well as state and federal resources available to small businesses.
To make the region more business-ready through infrastructure improvements, the council proposed an infrastructure bank that combines state, federal and union pension funds to finance projects that have a demonstrable rate of return to taxpayers and pension-fund investors and also provide jobs.
The mid-Hudson council”™s strategic plan is due Nov. 14 in Albany. It will compete with plans submitted by the state”™s nine other regional councils for a share of an initial $200 million in state funding. Each of the councils whose plans are ranked among the top four in the state will receive $40 million in capital grants and employer tax credits.
Approximately $800 million in grants and loans are available for economic development projects through various state programs in a newly consolidated funding pipeline. The regional council will submit a list of priority projects for funding with its strategic plan.
The regional council”™s chief goals
- Target job-creation investments in industry clusters such as biotechnology, high-tech manufacturing and information technology.
- Develop strategies to retain and stimulate more mature industries such as distribution, business and professional services, health care and food and beverage.
- Leverage the region”™s natural resources in a “natural infrastructure” strategy that views agriculture, tourism and the environment as quality-of-life attributes that are critical to attracting and retaining high-quality jobs for all key industry sectors.
- Improve key regional infrastructure to make the region more business-ready.
- Use housing investment to attract jobs to the region, create construction jobs and support the overall health of the regional economy through a vibrant housing market.
- Develop an urban strategy in consultation with the region”™s mayors.
- Enhance the region”™s talent pipeline through its colleges and universities, one-stop employment and workforce training centers, BOCES and school systems. Support investments in education and training that build long-term growth strategies as well as short-term responses to emerging needs.
- Serve small and medium-sized businesses by making it easier for them to reach public-sector and private-sector resources for access to capital, workforce training and business and technical consulting.
- Make the region and state more business-friendly by removing tax and administrative policies that are major disincentives to businesses locating and staying in the region.
- Develop voluntary programs that encourage and foster green development projects.
- Embrace interregional partnerships that leverage cross-region resources.
- Make the mid-Hudson region more attractive to young educated professionals in order to stop the flight of youths and intellectual talent from the region.
- Build on the unique location of the Hudson Valley between waterways to promote waterfront development that enhances tourism, recreation and trade.
- Support minority and women business executives.
Align public and private support for regional economic development.
