More than $2 billion in funding for the fifth year of Gov. Andrew M. Cuomo”™s Regional Economic Development Council initiative was doled out Dec. 10 as part of the competitive program to fund or subsidize economy-strengthening projects across the state.
The stakes were higher at this year”™s ceremony, which took place in Albany, because seven of the 10 development council regions were eligible for one of three $500 million grants over five years. All 10 regions were eligible for shares of of a total $750 million in grants, loans and tax credits  as part of the governor”™s strategy since 2011 to have the state”™s divvied districts compete for money to fund job-creating and business opportunity projects.
The Mid-Hudson Valley region, which was considered a “top performer” last year and won the largest share of money in 2014, was not a winner for one of the half-billion dollar inaugural Upstate Revitalization Initiative awards. The region did receive $90.4 million for 109 projects this year, up from the $82.8 million it received last year that was divided among 118 regional projects.
The $500 million grants were awarded to the development councils in the Central New York, Finger Lakes and Southern Tier areas. The four other regions that were eligible for that money will get a portion of an additional $50 million, Cuomo said at the event Thursday morning.
The projects that won the most amount of money in the seven-county Hudson Valley region include two mixed-use development projects, one in Yonkers the other in Hyde Park, and an infrastructure improvement project at Stewart International Airport in New Windsor.
A $96.4 million plan to create a tourism destination in Dutchess County, called Bellefield at Hyde Park, will receive $2.25 million to help construct a hotel, conference center, restaurant, spa and space for retail businesses incorporated in the development designs.
Known as SoYo Phase II, a $197 million plan to create a 442-unit apartment building in downtown Yonkers by Van Der Donck Park will receive $1.25 million in funding from the Mid-Hudson council.
About $1 million of the Mid-Hudson regional council”™s money will go toward a $14.2 million project to expand Stewart International Airport and invest in its wastewater and sewage infrastructure.
