Ten Regional Economic Development Councils have spent months deciding the best plan for their fiscal future for the next five years. Innae Park has more on the Capital Region's proposal.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

ALBANY, N.Y. -- A big look towards the future as the Capital Region Economic Development Council (CREDC) unveils its five year strategic plan that will hopefully win them a piece of $200 million pie the state has for grabs.

Council Co-Chair Dr. Shirley Ann Jackson, President of RPI, said, “It's to make the Capital Region a destination of choice. To bring in business, to retain the ones we have, to bring in talent, to retain that talent and in the process, make this a very vibrant eco-system.”

The council gave an overview of its plan Monday. It has eight goals which capitalize on the area's strengths, including the nanotechnology industry and agriculture, improve key areas like education and infrastructure, both physical and online, and restore what already exists, especially downtown areas.

Most importantly, Council Co-Chair Michael Castellana says, it's about bringing people from all areas together. The President and CEO of SEFCU said, “Everyone wants to be part of a success story. They want to be part of this. We went from educators, where we got the school superintendents together, to the agri-business.”

“The coalitions themselves are a key enabling mechanism for the plan,” said Jackson.

One example of this kind of partnership is the idea of a concierge service for small businesses where they can learn of a number of sources for funding in one place. Another is a portal that would help hundreds of the region's farms and local food businesses get connected.

“People have to come together to make things happen,” said Jackson. “But you have to have clearly articulated strategies to have people walk together.”

Ultimately the CREDC hopes that with the state investing $45 million into the area, they could leverage $487 million in private investments: An 11:1 ratio.

“With that, we are declaring that the Capital Region is open for business!” said Jackson, followed by a round of applause.

Whether they'll be awarded those funds is yet to be determined. All ten Regional Economic Development Councils had to submit their proposals to the state Monday.

To see the Capital Region's plan, visit capitalregionopenforbusiness.com.