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Keeping NYSEDC members in touch and informed
September 18, 2023
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Projects, Communities, + People in the News
Elevate Albany: The math for apartment construction is now much harder.
In a market with high construction costs and rising interest rates, in a city with some of the highest property taxes in the region, it is becoming more difficult for developers to make the math work on large apartment complexes in Albany. These current market dynamics are exacerbating a decades-old problem in the city -- high taxes and a shortage of available property make it difficult for apartment developers to get the yield they need to justify the risk. | The Albany Business Review spoke to local developers -- read it here.
NYSEDC's Report, The Economic Impact of IDA's in New York State, shows the critical importance that IDAs across New York State have made in the housing crisis. The most recently available data from PARIS and from the New York State Comptroller shows that 411 IDA projects had a residential component have been approved statewide since 2018. These projects created 36,069 new housing units statewide. Over 9,000 of new housing units are affordable.
A 1.9-mile portion of a 115-kilovolt electric transmission line in Genesee County, New York has been moved to create more than 300 acres of land for future development at the Science & Technology Advanced Manufacturing Park (STAMP) site. Future tenants will join green hydrogen company Plug Power and semiconductor manufacturer Edwards at STAMP and have clean hydrogen power delivered to them from the Niagara Power Project in Lewiston, NY. | Read more at Business Facilities
Dutchess Community College is launching a new micro-credentials program for professionals who work with developmentally and intellectually disabled individuals. The college is partnering with the State Office for People with Developmental Disabilities, which is funding the program. The SUNY Dutchess program is designed to provide learners with immediate workforce-ready skills, knowledge, and experience, while also providing a pathway to additional credentials, certificates and degrees. | Read more at Mid Hudson News
The Rockland County Industrial Development Agency (IDA) and the Rockland Community College (RCC) have partnered to support workforce development and economic growth through the Skill Up Rockland partnership. The Rockland IDA will provide internship stipends totaling $7,500 to support three RCC students pursuing internships in fields aligned with industry, economics, and business. | See more through Mid Hudson News
New York City's Independent Budget Office estimates that the city could be netting as much as $43 million in taxes per fiscal year from legal weed sales by the middle of 2027 -- if the state and the city can help dispensaries open faster. The IBO modeled potential cannabis sales and tax revenue based on how the early years of legalization played out in states such as California, Colorado, Massachusetts, Washington and Oregon. | Read the story at the Commercial Observer
Westchester Medical Center in Valhalla plans to add a five-story patient care center to its campus. The proposed new building would provide 162,626 square feet of space, and the project is expected to create an estimated 250 on-site construction jobs and 127 new full-time jobs once completed. Westchester County’s Local Development Corporation (LDC) has given final approval to floating $195 million in tax-exempt bonds to help finance the project. | Learn more about the project through the Westfair Business Journal
AgroChem USA is one step closer to a $6.4 million factory expansion in Saratoga Springs after the Saratoga County Industrial Development Agency on Tuesday approved more than $800,000 in tax incentives for the project. Two years after the Saratoga Springs sanitizer and disinfectant maker was acquired by French food safety company Kersia Group, AgroChem is preparing to construct a 27,500-square-foot expansion to its Freedom Way factory in the W.J. Grande Industrial Park. | Read more at Albany Business Review
NEW NYSEDC MEMBERS
NYSEDC EVENTS
Oct. 23-25, 2023
Syracuse

November 9, 2023
Lyons Falls

SAVE THE DATE
NYSEDC Economic Development Conference
Albany Capital Center,
February 13-14
The Village of Fairport is seeking an Economic Development Administrative Specialist.

The City of Peekskill is seeking a Director of Planning.

Cortland County Business Development Corporation & Cortland County Industrial Development Agency is seeking an Executive Director/CEO.
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Team NY headed to IAMC Fall Forum in Boise and visited Micron
Last week, NYSEDC led Team NY to promote statewide assets to corporate site selectors at IAMC Fall Forum in Boise. While there, we also led a tour of Micron in Boise to learn more about the company, their sustainability goals and the transformational impact it will have in NY. TeamNY was represented by ESD, National Grid, NYSEG | RGE, GRE, CEG, The Agency, Genesee County IDA, Center State CEO and Onondaga County IDA.
Webinar Recording and Resources: How Immigrant + Refugee Populations Can Support Downtown Revitalization Efforts
On September 14th, NYSEDC hosted a webinar with the Department of State -- How Immigrant + Refugee Populations Can Support Downtown Revitalization Efforts.

The webinar featured state, local, and national leaders, including presenters from Utica, a city which has successfully integrated its Downtown Revitalization Initiative award with refugee and immigrant services, supported by the Department of State's Office for New Americans.
The Bigger Picture
Locations Are Working Harder to Deliver Today’s Workforce
What does quality of life mean in 2023? Is the definition the same as it was 10 years ago? How important is it to companies exploring location options? According to several top site consultants,: attracting talent is — or should be — as or more important to locations than attracting companies. | Read more at Site Selection

New York State Policy and Programs
New York City Economic Development Corporation Launches Climate Innovation Pilot Program

The NYCEDC announced the activation of one of its flagship assets, the Brooklyn Army Terminal (BAT), in Sunset Park, for climate innovation pilot projects allowing companies to test and scale their technologies in live environments. NYCEDC's Sunset Park Portfolio features over 200 acres of waterfront space and assets that provide unique opportunities for industries of the future.

Companies interested can now apply for the December 2023 cohort. | Learn about the launch | Apply for the program
ESD Announces Application Window Now Open for Round Seven of Luminate NY OPI Business Accelerator Competition

Empire State Development (ESD) today announced that Luminate NY is now accepting applications for its seventh cohort. Each year, the accelerator brings ten visionary companies to the Finger Lakes Region to leverage a rich ecosystem of resources to speed the commercialization of emerging technologies within a range of industries, such as autonomous vehicles, quantum computing, communications, advanced manufacturing, robotics, and augmented reality.

Applications will be accepted through January 8, 2024. | Learn about the program
Round Three of Empire Buildings Challenge Now Open; Six Leading Real Estate Groups Announced for Round Two

Six leading real estate groups were selected in the second found of the $50 million Empire Buildings Challenge to advance climate-friendly buildings in NYS. The announcement also included the launch of a third round, calling for a new cohort of real estate teams to join the Challenge to advance replicable energy-efficient and low-carbon retrofit solutions to multifamily buildings.

Applications are due by 3:00pm on November 16, 2023. | Read the announcement | Apply for the program
(Re)Connecting Communities Conference With AIA New York State
Friday, October 27, 9am - 4pm
Albany Capital Center, Albany, NY

Ready to shape the future of our communities? Dive into a day of insights and inspiration at the (Re)Connecting Communities Conference on October 27th, hosted by AIA New York State. Explore how collaboration and engagement can lead to beautifully designed, inclusive spaces. Learn more and register here.
NYSEDC | nysedc.org | 518.426.4058