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State details contest for $750 million in economic aid

Gov. Andrew Cuomo chats with Long Island Regional

Gov. Andrew Cuomo chats with Long Island Regional Economic Development Council leaders Stuart Rabinowitz and Kevin Law outside the entrance to the governor's office on the Capitol's second floor. (Nov. 28, 2011) (Credit: James T. Madore)

State officials this week disclosed how up to $750 million in economic development aid will be awarded competitively to Long Island and nine other New York regions.

Two pots of money are to be allocated: $220 million for capital projects and state tax credits, and $530 million pooled together from 12 state agencies, according to the administration of Gov. Andrew M. Cuomo.

Long Island was one of four big winners in last year’s contest, securing $101.6 million for 66 projects. Besides the Island, last year’s big winners were Buffalo, Syracuse and North Country, which encompasses Watertown and the Adirondacks.

This year, those four winners will compete for two, $25-million capital awards. If Long Island is not selected,  it must share $25 million with four other regions.

Each region also could receive up to $10 million in tax credits, and an unlimited amount of agency aid.

More information can be found at nyworks.ny.gov.

Pictured: Gov. Andrew Cuomo chats with Long Island Regional Economic Development Council leaders Stuart Rabinowitz and Kevin Law

Tags: Development

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