ESD approves funding for projects to leverage more than $180 million, create or retain more than 750 jobsby jmaloni
Empire State Development's board of directors met this week in New York City and approved $16.6 million in funding for projects that will create more than 75 new jobs and retain nearly 700 jobs throughout the Empire State. This funding will leverage more than $180 million in additional investments to support business growth and lay the groundwork for future economic growth and job creation.
"Under Gov. Cuomo's leadership, ESD is having its busiest year ever supporting businesses as they grow and create new jobs for New Yorkers. The Regional Councils are guiding state resources to key regional priorities that are maximizing the return on investment, creating jobs and spurring the private sector activity we need to grow our economy," said ESD President, CEO and Commissioner Kenneth Adams. "ESD will continue to partner with businesses, organizations and universities - no matter how big or how small - to help them create jobs and drive our economy forward."
Among the Regional Council grant awards:
The Board approved the following Regional Council award grants:
Western Region Corporation (Western New York Region - Erie, Niagara, Allegany, Cattaraugus and Chautauqua counties) - $2,012,780
Established in 1989 to promote economic development in Western New York, the Western Region Corp. is a nonprofit that works closely with local IDAs to strengthen small businesses and create jobs. As a result of the governor's Regional Economic Development Council initiative, WRC was awarded $2,012,780 through the CFA process to establish and maintain a program providing low-interest gap-financing to redevelop and improve downtown commercial centers in the region. The project is expected to leverage private investment; be a catalyst for community revitalization; reduce sprawl; revitalize older downtown structures; expand housing, commercial and retail options; and create new employment opportunities. It is expected to be completed in April 2017.
Route 7 Corridor (Mohawk Valley Region - Schoharie County) - $4,100,000
Smart Cities Technology Innovation Center (Capital Region - Albany County) - $4,000,000
GUSC Energy Inc. (Mohawk Valley Region - Oneida County) - $1,500,000
Madison Barracks (North Country Region - Jefferson County) - $500,000
Little Theatre Film Society (Finger Lakes Region - Monroe County) - $180,000
Center for Economic Growth (Capital, Mohawk Valley, Southern Tier, Central New York and Finger Lakes regions - Albany, Rensselaer, Greene, Schenectady, Saratoga, Warren, Washington, Broome, Cayuga, Chenango, Madison, Montgomery, Onondaga, Otsego and Seneca counties) - $125,000
The board approved the following Economic Development Purposes Fund grant:
Buffalo Investment Strategy (Western New York - Erie County) - $200,000
As part of the Western New York Regional Economic Development Council's "Buffalo Billion" investment plan, the University at Buffalo Regional Institute is facilitating the design, development and implementation of the planning process of the Buffalo investment strategy. The project will play a vital role in the region, eventually allowing for significant and measurable positive impacts on regional jobs and private investment. As a result of the research, planning and outcomes from public engagements, UBRI was able to provide planning context with the Brookings Institute and McKinsey and Co. for implementation initiatives for the $1 billion plan. The investment initiatives that were proposed to Cuomo are advanced manufacturing, health/life sciences, tourism, entrepreneurship, workforce development, and revitalization. Advisory councils for each strategy have been formed for each investment initiative and are currently assisting UBRI with the implementation of the $1 billion plan.
The board approved the following Empire State Development Fund grants:
American Douglas Metals (Western New York Region - Erie County) - $200,000
A company that manufactures and processes aluminum and steel products, American Douglas Metals primarily makes products for companies in the window and door industry. In August 2012, the company notified ESD that it was experiencing rapid growth and needed more space; its current 30,000-square-foot facility in Tonawanda could not accommodate current and future operations. The company was considering relocating from Tonawanda to a larger Western New York facility, or relocating to its existing Orlando or Atlanta facilities. ESD offered American Douglas a grant of $200,000 to help offset the costs of the new facility and necessary renovations. The $2.4 million project is anticipated to be completed this month and will result in the creation of 17 new jobs.
General Motors Components Holdings (Finger Lakes Region - Monroe County) - $3,000,000
Agrana Fruit US (Central New York Region - Onondaga County) - $600,000
The board approved the following small business and MWBE transport capital assistance and guaranteed loan program | ESD/NYS Department of Transportation contractor loan program grants:
Certified Safety Products of New York (Western New York Region - Erie County) - $240,000
Certified Safety Products of New York Inc., a manufacturer and installer of temporary and permanent traffic signs, is a privately owned state-certified woman-owned company that will undertake the manufacturing and installation of permanent traffic signs on Route 33 in Buffalo. Working in partnership with the state Department of Transportation, ESD offered the company a loan of $240,000 for expenses associated with Concrete Applied Technologies Corp. from its small business and minority-owned and woman-owned business enterprises transportation capital assistance and guaranteed loan program. The total project cost is $746,000 and is expected to be completed in November 2014.
The next meeting of the ESD board of directors will be held in October.
Empire State Development is New York's chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the state and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York. ESD is also the primary administrative agency overseeing Gov. Cuomo's Regional Economic Development Councils and the marketing of "I Love NY," the state's iconic tourism brand.