Empire State Development Blog
Find the latest news on economic development in New York State
We feature stories of innovative businesses that are making New York their home, plus offer updates on economic activity and development from around the state.
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Press Release
Wednesday, February 3, 2021 - 2:28pm
Nearly $2 Million in Incentives Awarded to Manufacturers Across the State Will Provide Faster and More Secure Access to Life-Saving Medical Products and Create New Jobs
New York State Has Announced More Than $20 Million to 36 New York Companies to Manufacture Vital Supplies; Companies to Collectively Create/Retain 3,500 Jobs
Governor Andrew M. Cuomo today announced that four additional New York companies and one company that has previously received state support will be awarded nearly $2 million in state support to produce needed supplies to help combat the COVID-19 pandemic. These grant funds will help alleviate product shortages due to supply chain issues that could lead to unfair pricing practices. The companies will also increase the State's manufacturing capacity while creating new jobs and market opportunities. To date, New York State has announced more than $20 million in grants to 36 qualifying New York-based companies to retool their business lines and pivot to manufacturing vital supplies for ongoing response and recovery efforts. These 36 companies will collectively create and retain over 3,500 jobs.
"The COVID-19 pandemic exposed serious issues in our nation's medical supply chain, and we were forced to compete overseas and pay exorbitant prices for these life-saving products," Governor Cuomo said. "We learned the hard lesson that these resources need to be manufactured here in the U.S., and we are taking steps to build the infrastructure we need here in New York to keep us prepared for future crises while helping local companies create new jobs."
"Our country was ill-prepared for a global pandemic when it arrived early in 2020, and New York State was left to scour the earth in search of personal protective equipment," said Lieutenant Governor Kathy Hochul. "We are proud to support domestic manufacturing of critical medical equipment that will not only save lives and reduce dependency on overseas products, but also retain local jobs and support New York State companies."
In March, Governor Cuomo asked companies with New York-based operations to retool production lines in order to manufacture approved COVID-19 critical supplies, such as ventilators, test kits and PPE. Companies manufactured N95 respirators, surgical masks, gowns and face shields, among other products. On July 30, 2020, Governor Cuomo announced 12 New York companies had received support from the State to produce needed supplies to help combat the COVID-19 pandemic, in addition to 8 companies announced by Empire State Development on May 15, 2020. On October 23, 2020, Governor Cuomo announced that an additional 8 New York companies had received support to start producing COVID-19 related equipment and supplies. The program was designed to ensure that New York State's health facilities will have access to PPE if and when they need it.
Read the full press release here.
Press Release
Thursday, January 28, 2021 - 12:49pm
Empire State Development (ESD) today announced the final consultant recommendations for the Broadway Market in Buffalo’s Broadway-Fillmore neighborhood. The proposed changes, for one of the country’s oldest and largest city-owned public markets, include preserving and expanding the Market’s best features while planning its evolution as a unique regional center for fresh and international foods.
“These recommendations—inspired by the successful revitalization of similar markets across the country—will help the Broadway Market proactively evolve as a year-round destination both locally and for visitors from across the region and beyond,” said Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler.
The final recommendations present the framework for a Broadway “International” Market, intended as a destination offering an array of ethnic and national foods – with the management structure, physical features and vendors to support its successful operation. The consultants’ outline will require the community, along with local and state governments and the nonprofit sector, to collaborate in support of a five-to-10-year implementation of the plan. Governor Andrew M. Cuomo previously committed $4 million in state funding through the Buffalo Billion for the Broadway Market. While the plan recommends that the City of Buffalo retain ownership of the Market, it calls for the establishment a new, not-for-profit entity to lease the building and manage the Market.
By returning the Broadway Market to its historic role as a regional hub for fresh, international foods, and with the addition of tenants and exciting amenities, the Market has the potential to become a top attraction. The road map of recommendations, covering everything from finances to structural adjustments, include:
Progressively utilizing the structure’s entire 547,000 square feet for market uses, which currently equates to just 6 percent of its floor area;
Filling the market with fresh and ethnic food stalls and international groceries, as well as restaurants and prepared food stalls;
Making the structure’s basement accessible and renovating it to serve the Market’s tenants by adding space for walk-in coolers, freezers, and storage, as well as building utilities, freeing up additional tenant space and for enticing displays;
Addressing the street-level and allowing multiple points of entry with new restaurants and grocers that would activate and extend out along public sidewalk areas; and
Replacing problematic escalators with new freight and passenger elevators and improving parking garage areas so they are bright, attractive, safe, and accessible.
Read the full “Buffalo’s Broadway International Market Business Plan” here.
ESD contracted with CJS Architects in March 2020 to lead a team to develop comprehensive business and marketing plans for the revitalization of the Broadway Market. CJS Architects, along with Public Market Development (PDM) and Developments by JEM, have met with various focus groups to encourage involvement with and feedback to the planning process. More than 1,000 people provided critical contributions to the plan’s direction, via direct testimony, surveys and community meetings. Numerous prior studies were reviewed in detail.
As part of Governor Andrew M. Cuomo’s Buffalo Billion initiative, $65 million was dedicated to the revitalization of Buffalo’s East Side through capital investments in nine target areas along four commercial corridors. As part of this funding, $4 million has been committed to begin transforming the Broadway Market into a sustainable and vibrant year-round shopping hub. The Market historically has played an important role as a center for year-round, international, owner-operated, affordable fresh and prepared food shops and neighborhood services. As the community around it has changed, the Market is now seeking to maximize its relevance to Broadway-Fillmore and to expand its customer base in order to serve as a sustainable stimulus to neighborhood development, as well as an attraction for the region.
Contact:
Pamm Lent | [email protected] | (716) 846-8309
Laura Magee | [email protected] | (716) 846-8239
Report
Wednesday, January 27, 2021 - 5:22pm
Empire State Development oversees administration of the film production and post-production tax credits. These reports reflect program activity during the first and second quarters of 2020. 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. 03/31/2020: Film Tax Credit - Quarterly Report, Calendar Year 2020: 1st Quarter
2. 06/30/2020: Film Tax Credit - Quarterly Report, Calendar Year 2020: 2nd Quarter
3. 09/30/20: Film Tax Credit - Quarterly Report, Calendar Year 2020: 3rd Quarter
4. 12/31/20: Film Tax Credit - Quarterly Report, Calendar Year 2020: 4th Quarter
Board Meeting
Wednesday, January 27, 2021 - 9:30am
Due to public health concerns and as authorized by Executive Order of the Governor, this meeting will be conducted via video conference and teleconference.
The public may view and listen to the meeting via webcast by clicking the link below.
Members of the public may submit comments on the Agenda items in writing to [email protected] by 4:30 pm on Tuesday, January 26, 2021.
Press Release
Tuesday, January 26, 2021 - 12:42pm
New York Remains Preeminent Hub for Business Growth and Corporate Expansion
Empire State Development today announced that Beam Suntory, a world leader in premium spirits, including Jim Beam and Maker’s Mark Bourbon brands, Courvoisier cognac and Suntory Whisky, will relocate its global headquarters from Chicago, IL to 11 Madison Avenue in Manhattan, bringing 150 jobs to New York City over the next five years.
Empire State Development Acting Commissioner and President & CEO-Designate Eric Gertler said, “Beam Suntory joins a long list of iconic brands and businesses that know there is no better place to be than here in the Empire State. Under Governor Cuomo’s leadership, New York is investing in its talented and diverse workforce, has the most ambitious infrastructure plan in the nation, and is creating the economy of tomorrow. Beam Suntory knows that even though we currently face many challenges due to the COVID-19 crisis, the future remains bright in New York and I am pleased that they have decided to be part of New York State as we build back better"
“As one of the world’s greatest global cities, New York provides a unique environment to help us accelerate our premiumization strategy and growth ambitions. We see excellent opportunities to immerse our company and global brand building efforts more deeply in New York’s vibrant restaurant, bar and consumer environment,” said Albert Baladi, President & CEO of Beam Suntory. “This move will put us at the forefront of the recovery in New York City, and will enable us to emerge from the current crisis squarely focused on the long term.”
In support of the relocation of the Beam Suntory corporate headquarters to New York City, Empire State Development has agreed to provide $9.9 million in performance-based Excelsior Jobs Program tax credits over the next ten years, which are directly tied to the company’s job creation commitments.
New York is home to more Fortune 500 companies than any other state in the nation, including American Express, IBM, Pepsi Co and Pfizer. Beam Suntory joins other businesses that have had corporate expansions in the past year in New York State including Plug Power, who recently announced their new gigafactory in Monroe County.
Assemblymember Richard Gottfried said, “It’s great news that Beam Suntory is joining other major businesses that choose to locate their global headquarters in the Flatiron District. But it’s not a surprise, because the heart of Manhattan remains a great place to work, live, shop, or dine. I welcome Beam Suntory to the historic Metropolitan Life North building, which celebrated the twenty-fifth anniversary of its designation on the National Register of Historic Places exactly a week ago today,”
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 Beam Suntory
As a world leader in premium spirits, Beam Suntory inspires human connections. Consumers from all corners of the globe call for the company’s brands, including the iconic Jim Beam and Maker’s Mark bourbon brands, Suntory whisky Kakubin and Courvoisier cognac, as well as world renowned premium brands including Knob Creek, Basil Hayden’s and Legent bourbon; Yamazaki, Hakushu, Hibiki and Toki Japanese whisky; Teacher’s, Laphroaig and Bowmore Scotch whisky; Canadian Club whisky; Hornitos and Sauza tequila; EFFEN, Haku and Pinnacle vodka; Sipsmith and Roku gin; and On The Rocks Premium Cocktails.
Beam Suntory was created in 2014 by combining the world leader in bourbon and the pioneer in Japanese whisky to form a new company with a deep heritage, passion for quality, innovative spirit and vision of Growing for Good. Headquartered in Chicago, Illinois, Beam Suntory is a subsidiary of Suntory Holdings Limited of Japan. For more information on Beam Suntory, its brands, and its commitment to social responsibility, please visit www.beamsuntory.com and www.drinksmart.com.
Contact:
Kristin Devoe | [email protected] | (518) 414-1087
ESD Press Office | [email protected] | (800) 260-7313
Press Release
Tuesday, January 26, 2021 - 12:31pm
Economic Development Incentives by ESD Allow Pine Pharmaceuticals to Create 40 New Full-Time Jobs and Maintain 85 Current Employees
Governor Andrew M. Cuomo today announced the expansion of Pine Pharmaceuticals LLC's manufacturing plant in the Town of Tonawanda. The drug outsourcing company - which moved to the 25,000-square-foot building at 355 Riverwalk Parkway in the Riverview Solar Technology Park in May of 2018 - will be tripling the size of the facility, due to its tremendous growth in the past two years, which has seen the company double its employment. The company is investing $8.6 million for a 50,000-square-foot addition to the existing state-of-the-art facility which will allow it to hire 40 new full-time permanent employees and retain 85 existing full-time permanent employees. Pine Pharmaceuticals is receiving $650,000 in refundable tax credits from the state's Excelsior Jobs Program.
"If COVID-19 has taught us anything, it's that we need to stop relying on foreign distributors and increase production of critical medical supplies and resources, including pharmaceuticals, right here in the United States," Governor Cuomo said. "As we work to build back better, our strategic incentives will allow Pine Pharmaceuticals to once again expand its operations in Western New York, where a thriving advanced manufacturing economy has been creating quality jobs and uplifting communities for years now as a result of New York's ongoing investments in the region."
Pine Pharmaceuticals provides pharmaceutical compounding, including specialized sterile formulations serving ophthalmologists, retinal specialists, hospitals, ambulatory surgery centers, medical practices and clinics. The sterile compounded preparations are made to order and formulated using cutting-edge technology and industry-leading quality assurance practices. Also, as an FDA-registered 503B outsourcing facility, Pine Pharmaceuticals has the unique ability to address drug shortages by working with hospitals, clinics, medical practices and physician offices to provide sterile compounded pharmaceuticals.
The firm also benefits from a 136-kilowatt low-cost power allocation from the New York Power Authority's ReCharge NY program as part of its commitment to retain jobs and invest capital. ReCharge NY, launched by the Governor in 2011, offers up to seven-year power contracts. Half of the power—455 megawatts—is from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the greenest, cleanest and lowest-cost electricity in the state. The remaining 455 megawatts is lower-cost power bought by NYPA on the wholesale market.
Read the full press release here.
Public Notice
Monday, January 25, 2021 - 5:30pm
Board Meeting
Monday, January 25, 2021 - 11:00am
Due to public health concerns and as authorized by Executive Order of the Governor, this meeting will be conducted via teleconference.
The public may listen to the meeting by clicking the link below.
Members of the public may submit comments on Agenda items in writing to [email protected] by 5:00 p.m. on Friday, January 22.