Inside Long Island Business

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LI Council readies for next round of funding

Gov. Andrew M. Cuomo, left, and New York

Gov. Andrew M. Cuomo, left, and New York Senate Majority Leader Dean Skelos (R-Rockville Centre), right, hand out a Regional Economic Council award of $101,600 to Hofstra University president Stuart Rabinowitz and New York State Deputy Assembly Speaker Earlene Hooper (D-Hempstead) at a ceremony in Albany last week. (Dec. 8, 2011) (Credit: AP, 2011)

Details about how New York State will run a second competition for grants and tax credits have yet to be finalized, an official said Wednesday.

Austin Shafran, a spokesman for Empire State Development Corp., said, “no timetable for the new funding allocations has been decided at this time.”

Gov. Andrew M. Cuomo and state legislative leaders reached an informal agreement in December to set aside another $200 million for the competition in the 2012-13 state budget. Cuomo will propose a spending plan on Jan. 17.

Shafran was responding to questions raised at Tuesday’s meeting of the Long Island Regional Economic Development Council, one of 10 statewide that screen and recommend building projects to Albany.

The local council co-vice chairmen, Kevin Law and Stuart Rabinowitz, said they had heard state tax credits and grants would be awarded in two rounds as opposed to last year’s single round. The pair also said they hoped Cuomo would again pool funds from several state agencies into an $800-million fund to aid businesses.

Last year, 66 local projects received $101.6 million from state government, and the local council’s job-creation plan was one of four to receive top honors.

Gov. Andrew M. Cuomo, left, and New York Senate Majority Leader Dean Skelos (R-Rockville Centre), right, hand out a Regional Economic Council award of $101,600 to Hofstra University president Stuart Rabinowitz and New York State Deputy Assembly Speaker Earlene Hooper (D-Hempstead) at a ceremony in Albany. (Dec. 8, 2011)

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