Albany has announced several updates regarding the Regional Economic Development Initiative.
That initiative is aimed at providing assistance to municipalities along the Lake Ontario shoreline after another year of flooding and damaging waves.
In a letter released Tuesday, initiative co-chairs Basil Seggos and Eric Gertler said the state will now only require local or county governments to match five percent of project awards. That number was lowered from 15 percent, the chairs said, after hearing concerns about the match totals.
Additionally, the chairs say $30 million will be allocated to help private businesses, such as marinas, impacted by the lake.
REDI will also provide funding to second home owners impacted by lake flooding.
“Working together, we believe this approach addresses the major issues brought to our attention,” the chairs said in Tuesday’s letter. “Obviously, this is a difficult situation for all involved, but we are on our way to making real progress.”
In June, Governor Cuomo announced the REDI initiative, allocating $300 million for repair efforts to help prevent future flooding. All lakeshore communities were expected to contribute ideas.