The latest winners in Gov. Andrew Cuomo’s annual economic development sweepstakes will be announced Wednesday.
A pot of approximately $800 million will be divided up 10 ways at the Regional Economic Development Council award ceremony at 11 a.m. in Albany. The incentives and assistance include up to $225 million in performance-based grants and tax credits from Empire State Development, and about $575 million from two dozen state agency programs.
The Mohawk Valley Regional Economic Development Council recommended 39 priority projects for funding in this seventh installment of the competition. These projects represent a total proposed state investment of $20 million and, if funded, would leverage $135 million in private and other funding, with total project expenses of about $155 million.
Collectively, they would support the creation or retention of nearly 1,200 jobs, while spurring more than 2,200 indirect jobs and leveraging a return on investment of 8-to-1, according to the council.
Through the first six rounds, the Mohawk Valley council has delivered $444.1 million for 462 projects. The region comprises Oneida, Herkimer, Otsego, Fulton, Montgomery and Schoharie counties.
On Wednesday, all 10 regions will be vying for designation as a “Top Performer,” of which five will be selected and receive awards of up to $20 million in grant funds, while the remaining five regions, identified as “Regional Awardees,” will receive up to $10 million in grant funds.
There are 21 priority projects in Oneida County, including four in Griffiss Business and Technology Park. They are Deployed Resources, Griffiss International Airport, Griffiss Utility Services Corp. and MGS Manufacturing.
In addition, there are two in the town of Verona. They are the extension of Willow Place, across from the Thruway interchange, and conversion of the former Sylvan-Verona Beach Elementary School into senior housing.
The funding requests from Oneida County total $11.6 million. A majority of them are in Utica.