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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

Monday, February 25, 2019 - 1:11pm
The New York Empowerment Zone Corporation (NYEZC) today announced the development of Bronx Kreate Space, which will renovate existing manufacturing space in the South Bronx to create 100 individual and shared studio spaces, a total of over 21,000 square feet. The Mott Haven space will be available for mostly Bronx-based artists. NYEZC approved a $350,000 loan from the Bronx Overall Economic Development Corporation (BOEDC) that will complement an added $595,000 in investment Bronx Kreate received through the Downtown Revitalization Initiative (DRI). New York City has one of the highest concentrations of artists and makers in the United States, and the number of artists in Mott Haven has nearly doubled since 2000. NYEZC is a subsidiary of Empire State Development (ESD). Empire State Development President, CEO and Commissioner Howard Zemsky said, “New York City’s thriving arts scene is only possible if artists and makers have access to affordable space, and this loan to Bronx Kreate will enable more of them to prosper while contributing to the economic growth of the South Bronx.” The building’s first floor will host a cafe and gallery space. Studio spaces, common areas and kitchens will take up the remaining three floors. 14,910 square feet of space will be available for rent. The space will be marketed to artists and makers once the renovation is completed this Fall. Bronx Kreate Space CEO Dan Herdoon said, “The Bronx has always been the home of artistic talent—from hip hop to graffiti and salsa dancing. Bronx Kreate Space is now rekindling the creative spirit and giving the South Bronx a permanent hub to work, connect and create.” The DRI investment was announced as part of a $10 million investment in the South Bronx in July 2018. The New York Empowerment Zone is one of nine empowerment zones (EZs) established by the federal government in 1994 to revitalize distressed communities by using public funds and tax incentives as catalysts for private investment. New and existing businesses located in or expanding to the South Bronx or Upper Manhattan can qualify for a variety of federal, state and city incentives, including direct loans and grants and other tax incentives. Senator José M. Serrano said, "As Chair of the Senate Committee on Cultural Affairs, I understand that an investment in the arts is an investment in economic development. Communities that have experienced revitalization in recent years have always had a cultural community at the forefront, and the South Bronx is no exception. This investment ensures that as the Bronx continues to grow and evolve, the artists who have helped generate its transformation are able to continue working in the borough. Many thanks to Commissioner Zemsky and NYEZC for their commitment to creating opportunities for growth in Mott Haven." Bronx Borough President Ruben Diaz Jr. said, “The Bronx Kreate Space will be instrumental in sending the message that art is for everyone and we need to keep it alive in the Bronx. My office supports projects like this to help break down barriers of entry for local artists and the community and I am excited to see this project come to fruition. I thank KZA Realty Group and Kathy Zamenchansky for their contribution to the Bronx arts community through the development of this project and The Bronx Overall Economic Development Corp for providing a significant percentage of the funding to make this happen.” BOEDC President Marlene Cintron said, “The Bronx has a long-standing history of creativity. Doo Op, Salsa, Wall Art, Hip Hop and Rap are all art and music forms that started in this borough.  Bronx Kreate will provide our talented residents with an affordable work place where artists can ‘Kreate’, exhibit and co-inspire each other to greater heights.”  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: Adam Kilduff | adam.kilduff@esd.ny.gov | (212) 803-3744 ESD Press Office | pressoffice@esd.ny.gov | (800) 260-7313
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Press Release

Friday, February 22, 2019 - 11:38am
Investment Complements "Finger Lakes Forward" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy Governor Andrew M. Cuomo today announced that Plug Power Inc., a leading provider of alternative energy technology headquartered in Latham, Albany County, is expanding in the Finger Lakes region. The company is investing $3.7 million to establish a Membrane Electrode Assemblies facility in Rochester's Eastman Business Park, creating more than 80 new jobs. Combined with a previously announced expansion plan in the Capital Region, the company has committed to investing nearly $6.5 million total to create more than 180 jobs statewide. This project furthers New York State's commitment to clean, renewable energy and complements "Finger Lakes Forward," the region's Upstate Revitalization Initiative strategy to encourage community and economic growth. "Plug Power is a key partner in New York State's nation-leading efforts to move away from dirty power sources and toward renewable energy products such as hydrogen fuel cells," Governor Cuomo said. "This new investment and expansion at Eastman Business Park will create new green jobs, boost economic growth and continue to move the Finger Lakes forward." "Plug Power joins the growing list of companies expanding and creating jobs in Rochester and the Finger Lakes region," said Lieutenant Governor Kathy Hochul, who made today's announcement in Rochester. "This investment is a boost for good paying clean energy jobs and complements our statewide efforts to focus on renewable energy production to combat the growing threat of climate change." Read the full press release here. 
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Board Meeting

Thursday, February 21, 2019 - 9:30am
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Press Release

Wednesday, February 20, 2019 - 12:59pm
Governor Andrew M. Cuomo today announced that the parent company of world-renowned clothier Hickey Freeman, Luxury Men's Apparel Group, has committed to creating up to 80 new jobs over the next three years. By stabilizing operations and improving efficiencies at the historic factory in the City of Rochester, the company will not only create new jobs, but also retain its current 420 positions to further supporting anti-poverty efforts in Monroe County. "Hickey Freeman has been a fixture of Rochester's business and manufacturing community for generations, and this investment will ensure it remains part of the city's economic fabric for decades to come," Governor Cuomo said. "We are proud to support the expansion of this iconic Rochester company, creating quality jobs for hardworking residents and moving the Finger Lakes forward." "Hickey Freeman suits are a cut above the rest and are proudly made in New York State," said Lieutenant Governor Kathy Hochul, who made today's announcement in Rochester. "Their clothing is a storied part of Rochester's history, and we are committed to supporting their expansion and continued growth in upstate New York. Hickey Freeman is the latest company to announce new, good paying jobs in the City of Rochester, and this investment will help to ensure continued economic progress in the Finger Lakes region." To facilitate the plan, New York State is providing $4 million through a Finger Lakes Forward Upstate Revitalization Initiative convertible loan in exchange for the job creation commitment. In addition to the URI funding, efforts to ensure Hickey Freeman's continued presence [at the] at the company's North Clinton Avenue location were also supported by Federal Government officials, Monroe County, the City of Rochester, and the Greater Rochester Enterprise. Already underway, upgrades at the factory are expected to be completed by the end of 2019 with an estimated total project cost of $8.2 million. Read the full press release here. 
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Press Release

Wednesday, February 20, 2019 - 11:21am
Empire State Development (ESD) today announced a revolving loan fund of up to $4 million for small businesses in economically distressed areas in parts of Nassau, Rockland and Westchester Counties. The funding is provided by ESD’s Metropolitan Economic Revitalization Fund (MERF), which provides loans to businesses and governments in the New York portion of the territory covered by the Port Authority of New York and New Jersey (PANYNJ). Empire State Development President, CEO and Commissioner Howard Zemsky said, “This new revolving loan fund from the Metropolitan Economic Revitalization Fund will help more small business owners and MWBEs from economically distressed areas get access to capital, a vital tool for economic success.” The fund will focus on providing loans to New York State small business owners who have historically had difficulty accessing regular credit markets, particularly Minority and Women-owned Business Enterprises (MWBEs). Funding will be disbursed through four Community Development Financial Institutions (CDFIs). The Metropolitan Economic Revitalization Fund (MERF) provides loans to organizations investing in projects that retain or create a significant number of private-sector jobs in economically distressed areas within its service area. MERF works to address the lack of access to capital for people of color in the areas it addresses. Loans can be used for improving land and/or buildings, construction and renovation, and for machinery and equipment purchases. The fund will build upon the resources and capacity-building opportunities that New York State offers the MWBE community such as the Bridge to Success Loan Program, which provides short term bridge loans for New York State Certified MWBEs. Since its inception, the program has provided 153 loans totaling just over $24 million supporting over $201 million in contracts for New York State MWBEs. The New York State Surety Bond Assistance Program also provides technical and financial assistance to help MWBEs and small businesses secure surety bonding.  More than 469 MWBEs and small businesses have graduated from bond readiness training and MWBEs represent $89 million in surety bonding capacity as a result of New York State training and credit facilitation. Through collateral support alone, over $66 million in bonding was supported, of which over $42 million went to MWBEs. Small businesses interested in loans from the MERF program should contact the CDFI closest to their location directly. The CDFIs that have each been awarded up to $1 million in MERF funds are: BOC Capital Corporation Community Capital New York, Inc. Excelsior Growth Fund TruFund Financial Services, Inc. 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: Adam Kilduff | adam.kilduff@esd.ny.gov | (212) 803-3744 ESD Press Office | pressoffice@esd.ny.gov | (800) 260-7313
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Public Notice

Friday, February 15, 2019 - 3:00pm
Village of Owego-Gateway Capital RESTORE IV Project
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Public Notice

Friday, February 15, 2019 - 1:00pm
Achieve Capital Project
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Board Meeting

Thursday, February 14, 2019 - 10:00am
With videoconferencing to:   Empire State Development – Buffalo Regional Office 95 Perry Street Suite 500                         Buffalo, NY 14203 Empire State Development – Albany Office Conference Room 812 625 Broadway  Albany, NY 12245  
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Public Notice

Wednesday, February 13, 2019 - 3:30pm
Pall Corporation Capital Project
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Public Notice

Wednesday, February 13, 2019 - 3:00pm
The National Veterans Resource Complex Capital I Project 
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