$1.5 Billion in Economic Development Funds Awarded in Upstate New York

Jimmy Vielkind reports: "The Southern Tier, the Finger Lakes and Central New York will each receive $500 million in economic development subsidies over the next five years, state officials announced Thursday."

The $1.5 billion follows $750 million that has flowed through regional economic development councils (REDCs) in New York since 2011. "The extra $1.5 billion — from a competition formally called the Upstate Revitalization Initiative (URI) but widely nicknamed the upstate 'Hunger Games' — was drawn from a one-time windfall from settlements with major financial firms," according to Vielkind.

The awards followed a process in which eligible upstate regions (i.e., "the Southern Tier, Hudson Valley, Capital Region, North Country, Central New York, Mohawk Valley and Finger Lakes") competed for the funding. The article includes more details about both the REDC funding and the URI awardees.