New York Governor Andrew Cuomo is pitching a competition that would pit seven upstate regions against each other for a chance to win $1.5 billion in economic development money. Cuomo's plan, if approved by lawmakers, would have the seven regions submit economic proposals by July 1.
The Finger Lakes, Southern Tier, Central New York, Mohawk Valley, the Capital Region, Mid-Hudson Valley and the North Country would go toe-to-toe. Albany County Executive Dan McCoy was in Rochester for the announcement, he says winning bids would be selected this fall. "Up to 500 million dollars will be awarded to three different groups. It's going to go through the Regional Economic Development Council."
The prize would be funded from the state's $5 billion surplus from recent settlements with financial institutions.
Cuomo says the money would help reverse the economic decline and depopulation of areas he says have long been ignored by state leaders.
