Tools

Follow the money: Breakdown of 82M economic development funds

By ANNA MEILER

UTICA, N.Y. (WKTV) -- The Mohawk Valley received $82.4 million as part of Gov. Cuomo's NYS Regional Economic Development Council Awards, but how far will the money go?

The money will support 76 local projects. Starting at Harbor Point, $5 million will help turn the one-time wasteland into a waterfront of restaurants and retail.

Within five miles of there, over $6 million will boost construction at Quad-C and bring the Marcy computer chip fabrication plant closer to reality.

Head downtown- more than $1 million will bring improvements to the Aud, like a 300-car parking lot and the Public Market next to Union Station will get a facelift.

"This is an area that's taken a lot of shots over the years so it's great to see outside validation that we're on the right track, so it's as much the money as I think it is the morale boost," said Larry Gilroy, Co-chair of the Mohawk Valley Regional Economic Development Council.

But is it enough?

"That's not really possible. But, for this year many, many really good projects were funded and that was important. I think one of the things we're going to be working with the whole community and region is to continue to find those really good projects you want to fund," said Gilroy.

But, not all the allocations are a guarantee. Some projects do fall through and the question is, where does that money go?

"If for some reason one of those projects isn't a go, maybe the business is no longer viable or it isn't a fit, that money comes back to the Regional Economic Development Council and we can reallocate it as projects come up during the year," said Gilroy.

But many of the projects are green lighted. The Mohawk Valley received $119.2 in economic rewards in 2011 and 2012. Over 80 percent of those projects are now underway and this isn't the last round of rewards.

"The state said no, this is the new model. This is about annually, this is round three and in the state's words of hopefully four, five, six," said Gilroy.

The projects should start to receive funding within three to six months of the new year.

Full list of projects supported by the 2013 NYS Regional Economic Development Council Awards.

Connect with Anna on Facebook and Twitter.

Most Popular

Most Popular

What's On