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Press Release
Friday, July 16, 2021 - 2:38pm
NYFIRST Grants Attract World-Class Scientists Focused on Research with Commercial Potential to Benefit Human Health
Research Talent Recruitment Program is Part of New York State's $620 Million Life Science Initiative
Empire State Development (ESD) today announced recipients of the second round of New York Fund for Innovation in Research and Scientific Talent (NYFIRST) grants. First announced by Governor Cuomo in 2018 NYFIRST is a $15 million grant fund that encourages the recruitment or retention by New York medical schools of exceptional translational researchers, who are exploring basic research for important commercial potential. NYFIRST provides grants of up to $1 million to cover working capital and capital costs for the research conducted by the recruited or retained researcher. The first round of NYFIRST recipients was announced in 2019.
Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler said, "COVID-19 showed us the Governor Cuomo’s longstanding commitment to building a robust life science industry in New York State is not only smart economic development strategy, but also critical to the state’s public health infrastructure. NYFIRST will continue to attract nation-leading researchers whose innovative research offers the potential to create jobs and expand this vital industry for New York's future."
The three recipients announced today include:
Columbia University has recruited Simon John, Ph.D. as a Professor and Howard Hughes Medical Institute Investigator from Jackson Laboratory in Maine. Dr. John is a recognized expert in developing new understandings and therapies for the treatment of a variety of blinding eye conditions. Dr. John’s past research has led to the issuing of three patents and four provisional patent filings; two of which have been licensed.
It is expected that Dr. John’s research at Columbia will lead to many patentable discoveries related to glaucoma and generalized visual degeneration. Dr. John will bring five team members who will be directly employed by Columbia, and it is anticipated that approximately ten new jobs will be created as a direct result of the recruitment.
University of Rochester has recruited Steven Silverstein, Ph.D. as the George Engel Professor of Psychosocial Medicine, Associate Chair for Research in Psychiatry and Director of the newly established Rochester Center for Brain and Retina. Dr. Silverstein was recruited from Rutgers University in New Jersey.
Dr. Steven Silverstein will lead the Center’s efforts to connect with private industry to leverage Rochester’s long and distinguished history of vision research. Dr. Silverstein’s research interests are in the development of visual system biomarkers for neuropsychiatric disorders, especially severe mental illness, and in psychological consequences of vision loss.
Rochester anticipates that the research led by Dr. Silverstein will increase the number of copyright and trademark registrations and patentable discoveries by approximately five each year. Dr. Silverstein brings two junior faculty with him to the University of Rochester, where it is anticipated that approximately 41 new jobs will be created as a direct result of the recruitment.
SUNY Upstate Medical University has retained Juntao Luo, Ph.D. to support his efforts to develop a unique approach to sepsis treatment. Dr. Luo has been awarded seven patents since joining UMU in 2011 and has filed for a total of 15 patents in the last 10 years. In the next four years, Dr. Luo is expected to file three to four additional patent applications. He is also interested in setting up start-ups to commercialize his technology and therapeutic products.
The retention of Dr. Luo offers the potential to create three new startups in the Biotech Accelerator at UMU, as well ensuring the continuous federal funding of $1.83 million from his funded projects and additional pending funds. Dr. Luo’s lab previously employed two post-doctoral staff and two research scientists, and this grant will allow for two additional staff members.
Associated Medical Schools of New York (AMSNY) President and CEO Jo Wiederhorn said, “Programs like NYFIRST not only attract exceptional researchers, but they also strengthen the institution’s profile, drawing additional talent and investment. These programs also create jobs; AMSNY has projected that the first three NYFIRST recipients, named in April of 2019, created 101 jobs, directly and indirectly, and attracted approximately $17.5 million in funding.”
Columbia University Irving Medical Center Interim Executive Vice President and Dean of the Faculties of Health Sciences and Medicine Anil K. Rustgi, M.D. said, “I want to applaud the vision of Governor Cuomo and the Legislature for establishing the NYFIRST grant program, which has become essential in helping us attract and retain the nation's top medical researchers. These scientists not only make important discoveries, but they also bring in millions of dollars in federal grants, file patents, start new companies, and create high-skill jobs. We look forward to continued support for this essential program."
University of Rochester Medical Center Department of Psychiatry John Romano Professor and Chair H. Benjamin Lee, M.D. said, “Without the NYFIRST program, we couldn’t have recruited Dr. Steve Silverstein and his talented research team that have developed the Rochester Center for Brain and Retina (RCBR). The groundbreaking research by Dr. Silverstein’s work at RCBR will have lasting impact in health and the economy of our region for years to come.”
SUNY Upstate Medical University Chairman and Professor of the Department of Pharmacology Richard Wojcikiewicz, Ph.D. said, “Being able to retain Dr Luo at UMU has been hugely beneficial to the Pharmacology Department and the Institution: his continued presence has made possible the development of SIRC – the Sepsis Interdisciplinary Research Center – with payoffs in terms of better therapies and commercialization. He is an innovative and dedicated scientist and a tremendous asset to UMU.”
New York State's $620 Million Life Science Initiative
New York State enacted a $620 million initiative to spur the growth of a world-class life sciences research cluster in New York, as well as expand the state's ability to commercialize this research and grow the economy. This multi-faceted initiative, leveraging private sector investment, includes tax credits, capital grants, and operational support. The initiative includes the $40 million New York State Biodefense Commercialization Fund, created in response to the COVID-19 pandemic to capitalize on New York’s research and development assets and expertise in life sciences, biotechnology, and biodefense.
The life sciences sector encompasses the fields of biotechnology, pharmaceuticals, biomedical technologies, life systems technologies, and includes organizations and institutions that devote the majority of their efforts to the various stages of research, development, technology transfer and commercialization. Every day, firms in this sector are developing new medical and pharmaceutical breakthroughs that have the potential to save lives, whether through new therapies or the early detection of diseases like autism and cancer. These firms are also making significant advancements in the realms of agriculture and environmental biotechnologies, helping create a cleaner and more sustainable future.
By strengthening incentives, investing in the facilities, and improving access to talent and expertise, New York will significantly increase its share of industry-funded research and development, support the commercialization of existing academic research, and usher in the next generation of advanced technologies. Beyond the advancements in science, this initiative will position New York as a magnet for emerging manufacturing-based enterprises, bolstering regional economies and creating thousands of jobs.
Contact:
ESD Press Office | [email protected] | (800) 260-7313
Press Release
Friday, July 16, 2021 - 2:26pm
Grants Encourage Collaboration Between Business Schools and Graduate Life Science Programs to Develop Industry Talent Pipeline
Advances Growing Investment in New York’s Life Science Ecosystem, which Tripled in 2020
Empire State Development (ESD) today announced recipients of grants that address the growing need for entrepreneurial talent in New York’s life science ecosystem, especially given the state’s growing attractiveness to private investors as a hub for emerging life science companies. These entrepreneur development grants, first announced by Governor Cuomo in 2019, will help close the talent gap that had previously limited life science commercialization in the state and will develop entrepreneurs with the mix of skills and expertise needed to successfully guide innovative life science startups along the path to commercial viability.
Life Science venture investment in New York in FY2020 reached $.73 for every dollar of National Institutes of Health (NIH) funding received by New York’s life science research institutions, a major jump from $.13 for every NIH dollar in 2016. With an increase in life science investment of this magnitude, the need for entrepreneurial talent is more critical than ever.
Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler said, “Empire State Development is strongly committed to building a robust life science industry in New York State. By developing the specialized entrepreneurial talent needed by life science companies right here in New York, we will be better equipped to advance the discovery research conducted at our world-class academic centers and retain that research in New York as it moves closer to commercialization.”
Five graduate schools of business working in collaboration with graduate programs in the life sciences have been awarded grants of up to $500,000 each to implement a new MBA concentration or certificate in life science entrepreneurship. Collaborations between the business school and life science graduate program are critical to equipping students with the skills needed to become leaders in New York’s growing life science ecosystem.
The grant recipients represent six different regions of the state:
Cornell University & SC Johnson College of Business (Southern Tier, New York City): The SC Johnson College of Business will partner with the Weill Cornell Graduate School of Medical Sciences, the College of Veterinary Medicine, the College of Engineering, and other graduate programs in life science areas to create a 12-credit Certificate in Life Science Entrepreneurship called the BioEntrepreneurship Fellows Program.
Rensselaer Polytechnic Institute & Lally School of Management (Capital): The Lally School of Management will partner with the School of Science, the School of Engineering, and the Icahn School of Medicine at Mount Sinai to create a 21-credit MBA Concentration in Life Science Entrepreneurship, along with a shorter, 12-credit Certificate Program available to students at both RPI and Mt. Sinai.
Rochester Institute of Technology, Saunders College of Business (Finger Lakes): The Saunders College of Business will partner with the Kate Gleason College of Engineering, the College of Science, and the Golisano College of Computing and Information Sciences to create an online Executive MBA Concentration in Life Science Entrepreneurship with three tracks for students to choose from: Biomedical Engineering, Bioinformatics, and a customizable option.
Stony Brook University, College of Business (Long Island): The College of Business will partner with the Center for Biotechnology and Department of Biomedical Engineering to create a 16-credit Life Sciences Innovations and Entrepreneurship Advanced Graduate Certificate for all life science graduate students within the university and region.
University at Buffalo, School of Management (Western New York): The School of Management will partner with the Jacobs School of Medicine and Biomedical Sciences, the School of Engineering and Applied Sciences, and the Roswell Park Comprehensive Cancer Center to create a 12-credit MBA Concentration and Advanced Graduate Certificate in Life Sciences Entrepreneurship.
Cornell University SC Johnson College of Business Dean Andrew Karolyi said, “We are very grateful for this exciting opportunity to partner with New York’s Empire State Development in creating this certificate in life science entrepreneurship. This program has the potential to create new and innovative opportunities for our students who aspire to build a better world in life science commercialization. The program will bring together talent from across Cornell University and leverage the vast expertise found in our graduate programs, including MBA and Ph.D. programs. It’s a truly collaborative initiative which can ultimately leverage business innovation and entrepreneurship and lead to transformative change.”
Rensselaer Polytechnic Institute Provost Prabhat Hajela, Ph.D. said, “This forward-looking grant from New York State will enable the Lally School of Management at Rensselaer Polytechnic Institute to leverage its particular strengths in order to address a pressing need in our society. Not only does Lally have an established legacy of developing successful entrepreneurs, it is also uniquely situated within the country’s first technological research university. Rensselaer is committed to advancing research in biotechnology and the life sciences through multi-disciplinary collaborations, both within the Institute and with our partners at the Icahn School of Medicine at Mount Sinai.”
Rochester Institute of Technology Saunders College of Business Dean and Professor Jacqueline R. Mozrall said, “RIT and Saunders College of Business are excited for this opportunity, supported by Empire State Development's Entrepreneur Development Grant, to develop and deliver a customized program that will serve to bridge our nationally ranked Online Executive MBA with the rich portfolio of life sciences, engineering and computing expertise found at RIT. This initiative will position entrepreneurs to drive commercial applications and job creation in the life sciences.”
Stony Brook University College of Business Dean and Distinguished Professor Manuel London, Ph.D. said, “Stony Brook is very excited to be developing this curriculum for graduate students in the biomedical sciences here on Long Island, and expect that it will fuel both technology development and company formation here in the region. As a collaboration between the College of Business and the Center for Biotechnology, we are confident that an interdisciplinary program like this, enabled by Empire State Development Life Sciences, will help our outstanding graduate students of today become the innovators and entrepreneurs of tomorrow.”
University at Buffalo School of Management Dean and Professor Paul Tesluk, Ph.D. said, “We are excited to build through collaborations with multiple schools at UB, Roswell Park Cancer Center, and regional life sciences companies a highly innovative academic and experiential learning program focused on developing the entrepreneurial, managerial and executive talent needed to deliver innovative and impactful technology-driven life science solutions in NYS.”
The Life Science Entrepreneur Development Grant Program was created to promote a culture of entrepreneurship within life science-focused academia, as well as to encourage academic scientists to direct their research toward commercial applications. This grant program included two stages. Stage 1 provided grants of up to $50,000 each to develop a detailed plan for a life science entrepreneurship graduate program. A total of 18 academic institutions submitted applications, of which seven were chosen to receive a planning grant. Of these seven schools, five were selected to receive Stage 2 implementation grants of up to $500,000 each. These institutions are expected to launch their programs within 12 to 18 months.
New York State's $620 Million Life Science Initiative
New York State enacted a $620 million initiative to spur the growth of a world-class life sciences research cluster in New York, as well as expand the state's ability to commercialize this research and grow the economy. This multi-faceted initiative, leveraging private sector investment, includes tax credits, capital grants, and operational support. The initiative includes the $40 million New York State Biodefense Commercialization Fund, created in response to the COVID-19 pandemic to capitalize on New York’s research and development assets in infectious diseases and expertise in life sciences, biotechnology, and biodefense.
The life sciences sector encompasses the fields of biotechnology, pharmaceuticals, biomedical technologies, life systems technologies, and includes organizations and institutions that devote the majority of their efforts to the various stages of research, development, technology transfer and commercialization. Every day, firms in this sector are developing new medical and pharmaceutical breakthroughs that have the potential to save lives, whether through new therapies or the early detection of diseases like cancer and neurological diseases. These firms are also making significant advancements in the realms of agriculture and environmental biotechnologies, helping create a cleaner and more sustainable future.
By strengthening incentives, investing in the facilities, and improving access to talent and expertise, New York will significantly increase its share of industry-funded research and development, support the commercialization of existing academic research, and usher in the next generation of advanced technologies. Beyond the advancements in science, this initiative will position New York as a magnet for emerging manufacturing-based enterprises, bolstering regional economies and creating thousands of jobs.
Contact:
ESD Press Office | [email protected] | (800) 260-7313
Board Meeting
Thursday, July 15, 2021 - 1:00pm
The meeting is open to the public.
Web casting of the meeting is available at the link below.
Members of the press should please call (800) 260-7313; Members of the public should please call (212) 803-3772.
Board Meeting
Thursday, July 15, 2021 - 9:30am
The meeting is open to the public.
Web casting of the meeting is available at the link below.
Due to building procedures, those attending should please RSVP by 4:30 p.m. on Wednesday, July 14, 2021. Members of the press should please call (800) 260-7313; Members of the public should please call (212) 803-3772.
Press Release
Empire State Development Announces ProAmpac Opens Collaboration & Innovation Center In Monroe County
Wednesday, July 14, 2021 - 2:25pm
Leading Flexible Packaging Manufacturer Constructed 25,000-Square-Foot Addition to Existing Facility in the Town of Ogden; Will Hire up to 40 New Employees
Investment Complements "Finger Lakes Forward" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Empire State Development (ESD) today announced that leading flexible packaging manufacturer ProAmpac has officially opened its state-of-the-art Collaboration & Innovation center in the Town of Ogden, Monroe County. The company constructed a 25,000 square-foot addition onto its existing facility on Manitou Road. The innovation center will focus on packaging development and design and will also host regional and global consumer packaged goods companies as well as vendors for events and training. ProAmpac had considered building the innovation center out of state but chose to expand at its current location thanks to the support from New York State. With this expansion, the company has committed to hiring up to 40 new employees.
“ProAmpac’s new Collaboration & Innovation Center will create up to 40 new good jobs and spur innovation in Monroe County,” said Lieutenant Governor Kathy Hochul. “New York State is proud to attract and support companies like ProAmpac that are manufacturing important products right here in Rochester as we build back stronger and more sustainable than ever.”
Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler said, "ProAmpac's Collaboration & Innovation Center demonstrates the company’s ongoing commitment to Monroe County by boosting the local manufacturing sector and providing top-quality jobs. Forward-thinking projects like this one, creating a hub in the region for global packaging design, will help to ensure a more sustainable future for New York.”
Empire State Development is assisting ProAmpac's innovative project with a $ 350,000 capital grant and up to $1 million through the Excelsior Jobs Program in exchange for job creation commitments. NYPA, which is already providing 140 kilowatts of low-cost power through the ReCharge NY program to the firm to retain its existing jobs, is supporting the expansion project with an additional 40-kilowatt RNY power allocation. Monroe County and Greater Rochester Enterprise are also assisting the company. Total project cost was placed at $8 million.
Gil C. Quiniones, NYPA president and CEO, said, "Congratulations to ProAmpac on the opening of its new center—the completed expansion project allows the firm to hire 40 new employees, which is great news for the Finger Lakes region. Governor Cuomo's ReCharge NY program has been a tremendous benefit to enterprises across New York, providing low-cost power to businesses in need while supporting hundreds of thousands of jobs throughout the state."
ProAmpac is a leading manufacturer of flexible packaging with nearly 50 locations throughout the U.S., Canada and Europe. The global flexible packaging company brings brand owners and packaging experts together to accelerate advanced technology and increase speed-to-market, package customization and consumer differentiation. The company manufactures innovative and sustainable packing for customers in the food and beverage, health and beauty, lawn and garden, pet, retail and secure packaging industries.
ProAmpac CEO Greg Tucker said, “We are very proud to open the doors of our new Collaboration & Innovation Center to welcome in customers and colleagues to see first-hand the innovation our company is bringing to the flexible packaging industry. With the help of New York State, the Greater Rochester Enterprise, local officials and the many employees that worked tirelessly to bring the planning and construction of this facility to life, we are very thankful. I am confident our new facility will expand ProAmpac’s contributions to the growing global flexible packaging industry.”
Monroe County Executive Adam Bello said, “ProAmpac’s state-of-the-art Collaboration & Innovation Center in Ogden will allow the company to tap into Monroe County’s highly skilled workforce, innovative thinking and leadership in printing and advanced manufacturing. The advantages of our region continually prove to be a remarkable asset for established companies and up-and-coming enterprises. I thank ProAmpac for their continued commitment to Monroe County, and thank Gov. Cuomo for his continued forward-thinking investments in key industries that will help strengthen our regional economy and provide new opportunities for our residents.
Greater Rochester Enterprise President & CEO Matt Hurlbut said, “ProAmpac’s Collaboration and Innovation Center opening in the Greater Rochester, NY region is a testament to the extensive packaging expertise, talent, and world-class R&D resources available here. Rochester, NY’s long history of innovation in this sector will support ProAmpac’s goal to develop and prototype new packaging solutions for its clients.”
For additional information regarding ProAmpac, click here.
Accelerating Finger Lakes Forward
Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $8.07 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture and food production, and advanced manufacturing. Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here.
Contact:
Shari Voorhees-Vincent | [email protected] | (585) 399-7055
Press Office | [email protected] | (800) 260-7313
Board Meeting
Monday, July 12, 2021 - 10:00am
With Video Conferencing to:
Empire State Development
Buffalo Regional Office - 95 Perry Street
Buffalo, New York 14203
This meeting is open to the public.
Webcasting of the meeting is available at the link below.
Due to building procedures, those attending should please RSVP by 4:30 p.m. on Friday, July 9, 2021. Members of the press should please call (800) 260-7313; Members of the public should please call (212) 803-3772.
Press Release
Wednesday, June 30, 2021 - 10:22am
The Leading Online Retailer Specializing in Pre-Owned Ultra-Luxury Women's Accessories Will Invest $4 Million to Launch East Coast Headquarters
Empire State Development today announced FASHIONPHILE, based in Carlsbad, California, will invest $4 million to establish an East Coast headquarters in New York City. The luxury recommerce company will lease over 60,000 square feet on the fourth floor of RXR Realty’s Starrett-Lehigh Building in West Chelsea and has signed a 10-year-lease to expand its operations beginning in 2022.
Empire State Development Acting Commissioner and President & CEO-Designate Eric Gertler said, "FASHIONPHILE's decision to establish its East Coast Headquarters in New York City is further validation of the importance of building your business in New York State and demonstrates that this is a great environment for next generation companies looking to recruit talent and grow in a post-covid world. E-commerce is one of the many engines supporting the state's economic recovery, helping us to build back better and smarter, and we look forward to witnessing FASHIONPHILE's growth and success in the Empire State."
“Over the past two decades, FASHIONPHILE has grown to become a truly bicoastal company, and we are thrilled to finally open an office in the heart of New York City,” said Ben Hemminger, CEO of FASHIONPHILE. “We are proud to be part of the city's recovery efforts and are grateful to the State of New York and Empire State Development for creating the incentives we needed to make this exciting expansion happen for our company."
FASHIONPHILE, known for its extensive inventory of pre-owned, ultra-luxury designer handbags, jewelry and accessories, is a leading luxury e-commerce company and is ranked as one of the top ten searched fashion brands.
Empire State Development has offered FASHIONPHILE $3.5 million in performance-based Excelsior Jobs Program tax credits over the next ten years in exchange for the company’s job creation commitment of 148 new, high-paying jobs. The project is expected to be complete by the end of 2025.
This expansion marks FASHIONPHILE’s first corporate presence in New York City and follows the opening of their Madison Avenue showroom in 2018. In addition to the company’s existing headquarters in Carlsbad, California — which includes a 30,000-square-foot showroom and authentication center — FASHIONPHILE currently operates two technology offices in Los Angeles and Provo, Utah, and is the exclusive re-commerce partner of Neiman Marcus.
About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency. 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 State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of "I LOVE NY," the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, please visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
About FASHIONPHILE
Founded in 1999, FASHIONPHILE is the leader in buying and selling ultra-luxury pre-owned handbags and accessories online. The recommerce pioneer ranked as one of the most searched fashion brands on Google in 2018 and is known for its never-ending inventory of the most coveted handbags, a direct buyout model, and best-in-class authentication.
Contact:
Kristin Devoe | [email protected] | (518) 414-1087
ESD Press Office | [email protected] | (800) 260-7313
Report
Tuesday, June 29, 2021 - 5:07pm
This report summarizes the operations and accomplishments of New York State’s Life Science Initiative for 2020. The report provides background on the Initiative, summarizes the $520 million in planned State investment, describes life science projects that have already been initiated and lists other information with respect to the operations and accomplishments of the Life Science Initiative.
Life Science Initiative Annual Report - 2020
Press Release
Monday, June 28, 2021 - 11:24am
The Finger Lakes Regional Economic Development Council (FLREDC) today held a virtual public meeting to discuss its continued efforts to support and reimagine transformative projects aimed at harnessing and maximizing the region’s future. Additionally, the council today welcomed two new members to the council that is tasked with implementing a focused, strategic plan that reflects the Finger Lakes region’s efforts to ensure sustainable and long-term growth in the nine-county region. DeAnna Burt-Nanna, President, Monroe Community College and Faheem Masood, President and CEO, ESL Federal Credit Union will replace Lisa Barnes and longtime member Augie Melendez, Chief Human Resources and Diversity Officer at Hillside Family of Agencies, on the council. The FLREDC is working to leverage the region’s advantages in key industry sectors, including agriculture and food production, healthcare and life sciences, optics, photonics and imaging, tourism, arts and skills and talent development. The FLREDC represents a nine-county region composed of Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming and Yates counties.
FLREDC Co-Chairs, Greater Rochester Chamber of Commerce President & CEO Bob Duffy and SUNY Geneseo President Denise Battles said, "We want to thank Lisa and Augie for their tireless efforts in assisting with our mission. Augie has been with us since the beginning, dedicating himself to our mission and working tirelessly to improve the economic outlook of the Finger Lakes region. Lisa’s expertise in regional business and economic development has served our community well during her tenure. Their contributions and impact on this community cannot be overstated. While we are saying goodbye to two great leaders, we are excited to welcome Dr. DeAnna Burt-Nanna and Faheem Masood to the Council. Together, we will continue to work toward our mission of ensuring a strong and prosperous future for our region. We remain steadfast in our commitment to move the Finger Lakes forward and are lucky to have them with us in that effort."
In May of 2021, Governor Cuomo launched Round XI of the Regional Economic Development Council initiative, officially kicking off a new decade of economic development in a post-pandemic recovery. The 2021 funding round includes more than $750 million in state economic development resources.
The Regional Councils will identify and recommend priority projects that will be eligible for up to $150 million in capital funds on a rolling basis, meaning projects will be reviewed throughout the round. An emphasis will be placed on project readiness and alignment with each region's strategic plan. Additionally, projects within each region will also be eligible for a share of $75 million in Excelsior Tax Credits to help attract and grow business in the region. Projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds, which are available on a set timeline. Regional Economic Development Councils will review these projects and provide scores that reflect how well a project aligns with a region's goals and strategies.
Over the past 10 years, the Regional Economic Development Councils have revitalized the state's economy from the ground up through a community-based and performance-driven approach to economic development. To date, the Finger Lakes REDC has received $721 million for 950 projects.
The 2021 REDC Guidebook and list of available resources is accessible here. The CFA - available here - deadline for applications is Friday, July 30 at 4 p.m.
DeAnna Burt-Nanna, President, Monroe Community College said, “I’m excited to join the Finger Lakes Regional Economic Development Council to realize a vision that will bring our economy back quickly and energize those who love to live, work and learn here. A highly motivated and educated workforce will make all the difference and MCC is ready to do its part.”
Faheem Masood, President and CEO, ESL Federal Credit Union said, “It is an honor to represent ESL and serve on the Finger Lakes Region Economic Development Council. The work conducted by this council in partnership with Empire State Development continues to be vital to the progress and resiliency of our regional economy. I look forward to collaborating with my fellow councilmembers in our collective efforts to develop a more prosperous Finger Lakes region.”
About Empire State Development
Empire State Development (ESD) 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 State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I LOVE NEW YORK,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
Contact:
Shari Voorhees-Vincent | [email protected] | (585)399-7055
ESD Press Office | [email protected] | (800) 260-7313
Report
Friday, June 25, 2021 - 4:02pm
Empire State Development oversees administration of the film production and post-production tax credits. This report reflects program activity during this quarter. The information presented includes projected spending, hires, and estimated credits for film and post-production projects deemed eligible to participate in the program, and, pursuant to new reporting requirements, actual spending, hires and credits issued to projects that have been completed and audited.
1. 03/31/2021: Film Tax Credit - Quarterly Report, Calendar Year 2021: 1st Quarter2. 06/30/2021: Film Tax Credit - Quarterly Report, Calendar Year 2021: 2nd Quarter