While the Capital Regoin did not win the $500 million Upstate Revitalization Initiative, the Albany area has another reason to celebrate. Check it out:
The Capital Region will receive $98.1 million from New York State to put towards 114 projects aimed at moving the area’s economy forward.
University of Albany President and chairman of the area’s Economic Development Council, Robert Jones, told the Times Union that while they didn’t win the $500 million, “This whole process has benefited this region already because of the way it has brought the region together.”
There is also talk of a $50 million bonus in the upcoming budget year which Governor Cuomo has promised to push in his proposal in January.
While full details are not yet available for each of the funded projects, here is where some of the funding is going:
- The Port of Albany — to put towards improvements for moving “heavy lift” cargo from barges to buildings and rail lines.
- The Tower on the Hudson – a proposed mixed-use development with residential units, retail stores and a 100-room Homewood Suites hotel.
- The CDTA — to be used towards building a transit center and improving bus flow through street improvements in the City of Troy.
- Sabre — to help keep the company in-state by helping to expand its operations making chlorine dioxide used in water treatment.
Coeymans / Ravena
- The Town of Coeymans — to upgrade its, and the village of Ravena’s, wastewater treatment system, eliminating overflows of untreated waste water into the Hudson River.
- SUNY Polytechnic Institute’s real estate firm, Fuller Road Management Corp — to buy property and fund construction of a clean energy workforce training facility
- Will receive $400,000 to help renovate its civic center.
It will be exciting to see how these and the other projects help spur the continued growth of the Capital Region.