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ALBANY, N.Y. -- Next stop, phase two of economic development. Local companies like Ecovative Design, Capital Research Alliance and Davidson Brothers will brew their business plans with the newest round of funds.

RPI and UAlbany are also stimulating science and the economy in their labs.

RPI president and council co-chair, Shirley Ann Jackson, says the money will allow the Capital Region to build on the area's existing, sizeable investments.

Jackson said, “Clearly the Capital Region has unique assets and unique strengths and we've made major strides and there have been major investments. This program is designed on programs that are the kind that will fan out the asset base and I like that.”

The revitalization project at Kiernan Plaza, which could create 150 high-tech jobs, also continues.