On December 19, the state will announce this year's funding awards for the regional economic development councils, reports The Business Review, an Albany-area publication. The awards will be announced by Governor Andrew Cuomo and Maria Bartiromo, the host of CNBC's "Closing Bell," The Business Review reports.

The 10 regional economic development councils are competing for $220 million in competitive grants and tax incentives; that pot includes five, $25 million awards. Those awards will be based either on the progress the regional councils have made toward their strategic goals, or on revisions to their strategic plans. The basic goal is to provide funding that helps the councils advance their strategic plans.

The state will also be distributing $542 million in funding from state agencies. The funding applications went through the regional economic development councils.

The Finger Lakes Regional Economic Development Council developed its strategic investment plan last year and it received $68.8 million in awards. This year it is seeking funding for 12 priority projects, including Eastman Kodak Business Park, the College Town development on Mt. Hope Avenue, Seneca AgBio Green Energy Park, Midtown Tower redevelopment, and several university, business development, and employment facilities or initiatives.