Wednesday, September 14, 2011

New development councils start "urgent" work

After months of planning, New York's regional economic development councils have begun their work on Governor Cuomo's new idea to revive new York's economy.

Cuomo is pushing a fast-track approach that pits regions across New York against each other in a competition for state funding.

At the heart of Governor Cuomo's plan is the creation of 10 new regional economic development councils. Their task is to come up with a five-year economic plan for their region. Each council's plan will compete against other regions' for a billion-dollar pool of state funds.

Each regional council has about 30 volunteer-members, chosen by the governor's office. They include local leaders, in business, higher education, labor and elected officials. They have until November 14th to come up with their plans. Following that, a panel of economic experts will review and rank the plans, and money will be awarded to winning regions.

The Manhattan Institute's Empire Center, a fiscally conservative think tank in Albany believes the effect of councils will be marginal at best. More here.

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