The Finger Lakes Regional Economic Development Council has been awarded $80.7 million as one of the region’s receiving top performer awards from a state-led initiative that challenges areas across the state to create strategic plans for economic growth.
This is the fourth year that the competition has been held, with Gov. Andrew Cuomo announcing on Dec. 11 that a total of $709.2 million would be given in funding for councils statewide.
Last year, the Finger Lakes Council was awarded $59.8 million; it received $96.2 million in 2012, making it the grand prize winner, and $68.8 million in 2011. That puts its cumulative total at $306 million, the highest of the 10 councils in the state.
Varied Projects
The funds will go toward 100 projects in total. After the awards ceremony, held in Albany, the governor’s office brought extra attention to three projects in particular.
The first is $5 million that will be invested in High Tech Rochester Inc., a business accelerator that helps organizations ranging from startups to established manufacturing companies to innovate and grow.
HTR officials said the funding would allow them to establish a new headquarters in Rochester’s Downtown Innovation Zone.
The second major project is a $3 million contribution to the Sibley Tower redevelopment. The historic department store, which totals 1.1 million square feet, will be overhauled to provide 94 low-income housing units, 92 market-rate housing units, a senior center, office space, retail space, an urban farmers market and underground parking.
RIT Partnership
Lastly, $1.5 million will be allocated to Rochester Institute of Technology for the development of MAGIC Spell Studios.
The project will include a high-tech new building for the commercialization of computer gaming, film and animation, graphic design and imaging sciences projects, RIT said. The hope is that by creating a hub for these industries here, the school will nurture entrepreneurs who will create new businesses in the Rochester area.
Private schools are often lauded for the superior educations they provide over public schools. But RIT has made a point of connecting its innovation to community growth as much as any public institution. “We are very excited about the MAGIC Spell Studios project, and what it will mean for our region,” RIT President Bill Destler said in a statement. “We appreciate Gov. Cuomo and the regional council’s support of this project, which we believe will capitalize on work being done at RIT to add great economic value to our community.”
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