NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...

Proposed Project: Establish a regional low-interest loan program to provide gap financing
to facilitate site development including environmental remediation,
demolition, site preparation activities, and installation of
infrastructure.
Project Type: Regional low-interest loan program
Regional Council: The Incentive Offer was accepted on March 8, 2012. This is a priority
project for the region. The project is consistent with the Regional Plan
and defined strategies based on the best use of the region’s assets, ability
to capitalize on opportunities and address critical issues impeding growth.
The Shovel Ready Program will fulfill the strategy to strengthen the
Southern Tier’s economic development backbone.
Number of Employees at Project Location: N/A
II. Project Cost and Financing Sources
Financing Uses Amount
Capital Project Loans $2,500,000
Total Project Costs $2,500,000
Financing Sources Amount Percent
ESD-Grant $2,500,000 100%
Total Project Financing $2,500,000 100%
III. Project Description
A. Grantee
Industry: STREDC is a not-for-profit local development organization that manages
a revolving loan fund and provides financial and technical assistance for
start-up and expanding businesses in the Southern Tier.
Grantee History: STREDC was incorporated in 1991. The Regional Economic Development
and Energy Corporation of the Southern Tier Central Region, NY
(“REDEC”) was incorporated in October 1980 as a not-for profit
corporation, a 501C(4), and serves as secretariat to STREDC, handling
administrative duties. REDEC assumed those duties in 2009 and
currently administers and services the loans provided under STREDC.
Ownership: STREDC is a not-for-profit 404(a).
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