Empire State Development's board of directors met today in New York City and approved $6.1 million in funding for projects that will create more than 70 new jobs and retain nearly 300 jobs throughout the Empire State. This funding will leverage more than $244 million in additional investments to support business growth and lay the groundwork for future economic growth and job creation.
"The funds approved by the board today support projects that are creating and retaining hundreds of jobs and helping to further grow our economy," said Empire State Development President, CEO and Commissioner Kenneth Adams. "Thanks to Gov. Cuomo's leadership and commitment to a business-friendly environment, the Regional Councils are reaching new heights and we look forward to their continued efforts that have a real impact in our communities throughout the state"
The board approved the following downstate Revitalization Fund grant:
GE Aviation Systems DFR (Long Island Region - Suffolk County) - $3,650,000
The board approved the following Regional Council award grants:
Farm Credit (Western New York Region - Erie, Niagara, Allegany and Cattaraugus counties) - $1,000,000
Farm Credit East, a financial service cooperative for the northeast agriculture industry with a client base of more than 13,000 and 415 employees at 19 locations, is the largest lender to agriculture in New York state, providing loans to capitalize agriculture business. The $1 million ESD grant will be used to establish an agriculture development program in various locations in Erie, Niagara, Allegany, Cattaraugus and Chautauqua counties by March 2015. The project will be similar to the USDA Rural Development "Value Added Producer Grant" program, but will allow grant funding for capital expenditures. The program is expected to retain and expand agricultural activity, increase access to locally grown products, retain and create jobs, and create stronger rural communities that will benefit from agricultural economic development.
Hauptman Woodward Medical Capital (Western New York - Erie County) - $500,000
The Hauptman Woodward Medical Research Institute is a Buffalo biomedical research facility that is part of the world-class consortium of research, clinical and educational institutions known as the Buffalo-Niagara Medical Campus. HWI uses structural biology to create and utilize three-dimensional models of molecules to assist in advancing drug designs. An ESD grant of up to $500,000 will go toward the expansion of the High Throughput Crystallization Laboratory, expected to be completed in December 2014. The project includes infrastructure improvements, the addition of new machinery and equipment, and supplies and materials, among other activities required for success. This expansion of the HWI involves the creation of 10 high-paying jobs by January 2016 and the retention of 45 jobs. Upon completion of this project, HWI expects to expand its sample processing by 50 percent, and increase its income by 100 percent within three years.
Northland Networks (Mohawk Valley Region - Herkimer and Oneida Counties) - $703,500
The board approved the following Empire State Economic Development Fund grants:
Montauk Fish Dock (Long Island Region - Suffolk County) - $120,000
The board approved the following items from the Regional Council Awards Consent Calendar:
Seneca BioEnergy Capital (Ontario County) - Regional Council Capital Fund - $100,000
OptiPro System Capital (Wayne County) - Empire State Economic Development Fund - $50,000
The next meeting of the ESD Board of Directors will be held in November.