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New York state awards $763M in economic development funding

December 18, 2018 - 5:11 pm

ALBANY, N.Y. (AP) -- More than 1,000 companies, startups and community projects around New York state will share more than $763 million in economic development funding announced Tuesday.

Lt. Gov. Kathy Hochul, a Democrat, joined state and local leaders in Albany on Tuesday to announce the funding awards.

The money is part of Democratic Gov. Andrew Cuomo's regional economic development initiative. It seeks to use targeted funding to leverage the economic strengths of each of the state's 10 economic regions. This is the program's eighth year.

Central New York was the year's biggest winner, taking home more than $88 million.

Projects around the state receiving funding include a grape juice plant expansion in Fredonia, upgrades at a life science lab in Rochester and a new workforce development program in Queens.