Cuomo to announce regional awards that may benefit SU initiative

New York state Gov. Andrew Cuomo is set to announce Thursday a set of awards that could lead to funding for a major initiative at Syracuse University.

Cuomo will announce the awards for the Regional Economic Development Council and Upstate Revitalization Initiative on Thursday at 10:30 a.m. in Albany. Among the initiatives up for possible state funding is Syracuse University’s proposed National Veterans Resource Complex, which would help “solidify” central New York as the “hub” of research and programming connected to veterans and military affairs.

The Upstate Revitalization Initiative aims to do just what it says — rejuvenate the upstate economy. State leaders announced the URI program and a partnership between the Regional Economic Development Councils in January. The competition has seven regions and the three regions that “make the most compelling argument” receive $500 million each to projects proposed by the REDCs.

According to recent project descriptions from the Central New York Regional Economic Development Council, the Veterans Resource Complex would be housed at 111 Waverly Ave., which is the current home of SU Health Services. The location would be renovated into a “state-of-the-art, multi-use” complex.

The project would be a university-community collaboration, according to the description. The grant amount requested to the CNY Regional Economic Development Councils was $2 million, according to the description. The total project cost is estimated at $62.5 million, according to a separate report on the creation of a veteran-focused medical school.

The NVRC would generate more than $300 million in regional economic activity over the next five years, according to the report, and it projects to also increase occupancy rates in central New York hotels and lodging facilities.

Chancellor Kent Syverud is one of the co-chairs of the CNY Regional Economic Development Council. The university had originally considered including funding for the proposed veteran-focused medical school in the application to the state, but it was not included in the application. However, the veteran-focused medical school idea would be a potential subcomponent of the NVRC, according to an SU report.

According to the CNY Regional Economic Development Council’s application, the council would invest about $12.5 million into the NVRC.