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Big Money: State Regional Development Grants and $1.5 Billion Dollar Winners Announced Today

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Local leaders will be in Albany today to find out how much state funding will come to the community as part of two separate regional grant competitions.

Governor Cuomo will announce the winners of the annual regional development grant awards today. In addition, the Governor will announce which three regions of New York will split a $1.5 billion fund for economic development.

The three winners will be picked from seven regions including the Central New York region, which includes Cortland County. The top three would be awarded $500 million over 5 years. In addition, to the $1.5 billion, the 10 regional councils will be vying for about $750 million in the annual grants.

Cortland County submitted four projects worth over $1.6 million for funding under the annual awards.

Over the last for years, local projects have been awarded $11.3 million.

Among them is redeveloping half of the former Crescent Corset manufacturing Building on South Main Street in Cortland.

McNeill Development has requested $1.1 million to redevelop multiple properties in Downtown Cortland to create a campus for the McNeill Insurance Company. Cortland Plastics is seeking $250 thousand dollars to add-on to the company’s South Main Street plant and the City of Cortland is once again seeking funding for a study on the impacts of a two-way Main Street.

The Cortland Downtown Partnership also submitted the proposals for funding under the Upstate Revitalization competition, including $25 million to develop a five-story 100 room hotel in downtown.

$12 million to fund the on-going Clinton Ave. gateway project and $129 million worth of slope side improvements at Greek Peak Ski Resort in Virgil.

The community is also in line for several smaller grant awards. The Village of Homer has requested over $300 thousand to continue efforts to redevelop the Route 11 corridor and $225 thousand for a business assistance grant program.

The City of Cortland could receive $425 thousand to assist with the continued renovation of downtown buildings. Thos awards will be announced at a later date.

Here is a list of the some of the grants and projects: 2015 CFA projects

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