Wednesday, December 11, 2013

[UPDATED] Finger Lakes projects will receive $59.8 million from state

Posted By on Wed, Dec 11, 2013 at 12:01 PM

The Finger Lakes Regional Economic Development Council will receive $59.8 million in state funding and tax incentives to advance projects it's identified as priorities across the nine-county area.

The award were just announced as part of the ongoing state Regional Economic Development Council awards. Details of the funding are not yet available, but earlier this year the council identified a list of priority projects.

A presentation during the awards ceremony highlighted the council's emphasis on the Rochester Public Market expansion, ongoing redevelopment of the Eastman Business Park, and ongoing development of Rochester Institute of Technology's Center for Urban Entrepreneurship. The presentation also said that the council is focusing on projects that will advance the transfer of technology from the research and development stage to production, particularly in the areas of manufacturing and energy storage.
The full list of priority projects, along with some information on them, is available in this report, starting on page 54. 

Financial journalist Maria Bartiromo, who hosted today's ceremony, noted that last year, the Finger Lakes council had one of the top plans in the state. But this year, the council was not chosen as a top performer, which means it's receiving a smaller amount of funding and incentives compared to some other regions. During the ceremony, the Mohawk Valley Regional Economic Development Council was given an award exceeding $80 million, for example.

UPDATE — This afternoon, Governor Andrew Cuomo's Office and the office of Assembly member Joe Morelle sent out press releases listing some of the projects that'll share in the award. The projects, and their share of the award, include:
  • $2.3 million for the I-Square mixed used development in Irondequoit;
  • $1.5 million for the Canandaigua Lakefront Redevelopment Project, which is a brownfield reuse project;
  • $1 million for Rochester Institute of Technology to establish its Center for Urban Entrepreneurship in the old Rochester Community Savings Bank;
  • $1 million for Hobart & William Smith Colleges to build a new performing arts center;
  • $100,000 for Monroe Community College to establish an advanced training and certification program in precision manufacturing, which will be open to certain low-income workers and military veterans in the region;
  • $750,000 for redevelopment of the Sibley building;
  • $500,000 for the Health Sciences Center for Computational Innovation at University of Rochester;
  • $150,000 for Brighton to update its comprehensive plan;
  • $250,000 for St. John Fisher College's proposed science and health building;
  • $1.2 million for the Promenade at Erie Harbor, part of a park being developed between Court Street, South Avenue, and the Genesee River;
  • $500,000 for the Rochester Public Market expansion;
  • $227,612 for renovations at the Little Theatre;
  • $224,000 for Geva Theatre;
  • $100,000 for the Fringe Festival;
  • $600,000 for the Garden Aerial project.

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