NYS sets $750M economic aid structure

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 the 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.

Developers and business executives have until June 15 to apply for state backing for their projects. The Cuomo-appointed Long Island Regional Economic Development Council will review the applications and make recommendations to Albany about which projects merit support.

Funding awards are expected to be announced in September. More information can be found at nyworks.ny.gov.

State Senate Majority Leader Dean Skelos (R-Rockville Centre) said the 2012 competition "will continue to transform the way New York approaches economic development and enable each region to continue capitalizing on their own strengths and assets, as well as addressing their most serious concerns."