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Capital Region to receive $82.3 million

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Updated: 12/11/2013 5:32 pm

ALBANY, N.Y. - The Capital Region has won in the Economic Development Awards.

The area will receive $82.8 million in state funding and has been named a top performer.  

The focus on technology and making the Capital Region area known as Tech Valley has been cited as the reasons the area will get that money.

Wednesday was the third Regional Economic Development Council Award since Governor Cuomo created the councils in 2011. The last two years, the area has received the least amount available.

Cuomo created the councils, calling it a bottom-up approach to spurring economic development in areas where they were most needed.

Under the initiative, the state is divided into 10 regions. Each area submits proposals for funding and then a panel decides how much they should receive. The Capital Region had requested more than $96 million to fund 85 projects across eight counties.

Wednesday's award of $82.3 million was enough to put the area in second place.

Projects that made the list include, $5 million for the College of Nanoscale Science and Engineering along with $5 million for redeveloping the former Alco site in Schenectady.

Cuomo said he is impressed with the councils work.

"It sounds easy, everyone around corporate, don't compete," said Cuomo. "Forget the lines on the map, politicians all around join arms and sing Kumbaya. One vision for the region. No it's exactly right in concept but very, very hard to do and you've done it. And by the way, you've done it better every year."

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