At this time of year, economic developers around the state get very busy, because this is the season of the Consolidated Funding Application, or CFA.

Each of the regional economc development councils (REDCs) receives proposals from their member counties, to fund eligible development projects that will have a positive economic impact on the region. We figure out which projects are eligible for which pots of money by combing through a huge tome that lists all the various grants that have been consolidated into those Consolidated Funding Applications. And of course, IDAs are not the only entities that apply for these funds.

Some of the grants can only be used by municipalities. Others can only go to 501(c)(3) non-profits. And, of course, all grants have very strict guidelines and stipulations as to what the money can and cannot be used for, as well as some fairly intensive paperwork to keep track of all the funds. (Anyone who says that grants are free money is badly mistaken.)

In spite of all the extra work it entails, this is a very exciting time of year for those of us in economic development. This is the process we go through in order to fund the projects that we hope will bring companies, jobs and more widespread prosperity to our communities.

Last week, Governor Cuomo announced the fifth round of the REDC competition, when the 10 regions around the state will submit their best projects to compete for up to $750 million in funding. In addition, there is another $1.5 billion available through Governor Cuomo’s Upstate Revitalization Initiative, a competition between seven of the upstate regions for three awards of $500 million each.

Needless to say, that is quite a lot of money destined for distribution.

We will do our bit to help the Mohawk Valley, as a region, submit a strong, cohesive and competitive proposal. And of course, our goal is to make all the things we do that help the region help us, too.