City gets $80.2M in state economic development funds

This is the city's biggest award ever

New York /
Dec.December 09, 2016 02:35 PM

New York City came home with $80.2 million in state funding on Thursday, the most the city has ever won since a competition for economic development funds was started six years ago.

The city won the funds through the annual Regional Economic Development Council competition, which distributes awards to 10 different regional councils each year for specific projects. The money is earmarked for 112 projects across the five boroughs, as selected by the city’s regional council, the New York Daily News reported. One million will be used for shuttle buses for the Brooklyn Navy Yard, though the council initially requested $3.7 million for nine buses. Another $1.24 million was allocated for the final section of Brooklyn Bridge Park, and $2 million was put aside for the expansion of an Irish Arts Center.

The state awarded more than $700 million statewide this year. Some critics of the competition liken it to the pork-barrel spending that Gov. Andrew Cuomo has sworn to eradicate. However, Cuomo, who started the competition, says the awarding system brings community leaders and government officials together.

“We have replaced the ‘one-size fits all’ approach to economic growth with a ‘ground-up’ strategy that focuses on cooperation and investing in regional assets to generate opportunity,” Cuomo said. [NYDN] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)
Landlords take another hit: Cuomo signs expanded Loft Law
Landlords take another hit: Cuomo signs expanded Loft Law
Governor Andrew Cuomo (Credit: Getty Images)
Cuomo wants to exempt NYC from prevailing wage bill
Cuomo wants to exempt NYC from prevailing wage bill
RSA President Joe Strasburg (Jefferson Siegel) and Governor Cuomo (Getty)
Landlords ask Cuomo to ditch eviction ban after ending Covid restrictions
Landlords ask Cuomo to ditch eviction ban after ending Covid restrictions
City Council Speaker Corey Johnson and Mayor Bill de Blasio (Getty, iStock)
De Blasio balks as CoJo schedules vote on rental vouchers
De Blasio balks as CoJo schedules vote on rental vouchers
Gov. Andrew Cuomo (Getty, iStock)
At last: New York rent relief applications open June 1
At last: New York rent relief applications open June 1
Shinnecock Indian Nation Chairman Bryan Polite (left) and a rendering of the Southampton casino (Photos courtesy of Facebook and Shinnecock Indian Nation)
Shinnecock Nation rolls dice on Southampton casino
Shinnecock Nation rolls dice on Southampton casino
New York State Senator Brad Hoylman is sponsoring the bill opposing Andrew Cuomo. (Facebook via Hoylman, NY Governor's office)
State bill would give NYC control of Cuomo’s Penn Station plan
State bill would give NYC control of Cuomo’s Penn Station plan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...