February 26, 2021 Newsletter
In 2020, the New York State Legislature provided Industrial Development Agencies (IDAs) the temporary authority to provide emergency loans and grants for small businesses to purchase PPE. The NYSEDC has long supported giving IDAs authority to assist small businesses with resources and provide additional economic development support to a larger pool of businesses in their community. This bill was signed into law June 17, 2020 by the Governor. The NYSEDC surveyed our membership in December of 2020 and found:
- In 2020, 651 loans or grants were issued by 35 IDAs (who had existing grants or loans programs) valued at $14.57 million.
- 17 IDAs created a loan program with the emergency loan/grant legislation in 2020.
- 456 loans were provided from the new legislation valued at $6.28 million.
- 16 IDAs created a grant program with the emergency loan/grant legislation in 2020.
- 344 grants to purchase PPE were issued in 2020 valued at $5.18 million.
- At least 18 IDAs approved incentives for clean energy projects in 2020.
- 75 clean energy projects received IDA support valued at $1.652 billion.
A total of 1451 loans or grant issued worth $26.03 million in 2020. The NYSEDC will continue to advocate for the authority for IDAs to support small businesses in the community through working with our legislation.
With assistance from Empire State Development, the site of a former GM plant will now be home to a park connecting Kingsland Point Park to the north with the Tarrytown lighthouse.
The Allegany County IDA is considering assisting the Great Lakes Cheese company to create a manufacturing facility in the towns of Amity and Angelica, preserving 229 jobs in Allegany County and adding up to 200 more.
Perfume Worldwide received preliminary approval from the Suffolk IDA to renovate their Melville location, adding 50 new full time employees to a job base of 68.
With help from the Suffolk County IDA, Defense contractor CPI Aerostructures Inc. has committed to staying in Suffolk County and will add 85 jobs.
The Hamburg IDA approved a PILOT agreement to build a new 181,500 square-foot distribution facility for Amazon.
Fuel cell vehicle company Hyzon Motors will grow its operations in the Village of Honeoye Falls in Monroe County, creating 100 new jobs over the next three years.
The Herkimer County Industrial Development Agency is looking for the next great venture with the Pitch Herkimer County contest.
The County of Chautauqua Industrial Development Agency (CCIDA) have approved assistance to the Love’s Travel Stop and Country Stores, Inc. which will create over 40 jobs.
Communities and Projects in the News
Albany region startups received over $2.2 million in federal seed funding last year.
Governor Cuomo announced the completion of a $10.7 million project to rehabilitate seven historic single-lane bridges across the Erie Canal as part of Finger Lakes Forward.
A unique public-private partnership will make low-cost rapid testing available to the public to support enhanced economic activity as New York State continues to reopen sectors of the economy.
North Country municipalities are invited to participate in the latest round of the Clean Energy Communities (CEC) program.
A record-high number of home sales generated billions for the Long Island economy.
A plan to build an annex south of New York’s Penn Station to create more track and platform space for NJ Transit commuters could be reality by 2028.
NYS is proposing a Restaurant Return-to-Work Tax credit in this year’s upcoming budget outlining a $5,000 tax credit per employee or up to $50,000 for each restaurant.
Beyond the subcontracted workers, GlobalFoundries employed 2,902 people in Malta at the end of last year.
Adirondack tourism helps drive North Country 2% sales tax growth.