Empire State Development news and press releases
See all the official press releases from Empire State Development.
All
Press Releases
Filter Options
Close
2999
items
Board Meeting
Thursday, August 25, 2022 - 1:30pm
In accordance with current Legislation, this meeting will be conducted via video conference and teleconference.
The public may 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 5:00 pm on Wednesday, August 24, 2022.
All comments received by the deadline will be distributed to the Directors prior to the meeting and will be posted online.
Press Release
Friday, August 19, 2022 - 3:52pm
Funding From U.S. Treasury Department's State Small Business Credit Initiative Will Support Businesses Recovering from Economic Impacts of COVID-19 Pandemic
Includes Funding for Minority and Women Owned Small Businesses
Governor Kathy Hochul today announced New York State has been awarded $501.5 million in federal funds through the State Small Business Credit Initiative, which was reauthorized and expanded as part of the American Rescue Plan Act. Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, with emphasis on those still struggling from the economic impact of the COVID-19 pandemic, and helping traditionally disadvantaged small businesses succeed in the post pandemic economy.
"Small businesses are the backbone of our economy, and far too many small business owners are still feeling the economic toll of the pandemic," Governor Hochul said. "This historic funding will be a game changer - serving as a crucial lifeline for small businesses, fueling innovative growth, and helping uplift the most vulnerable communities across New York State. I thank President Biden, Secretary Yellen, Senator Schumer, Senator Gillibrand and Democrats in the New York Congressional delegation for their leadership on the American Rescue Plan and look forward to continuing to work together as we move the Empire State's economy forward."
Secretary of the Treasury Janet L. Yellen said, "This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities. I'm excited to see how SSBCI funds will promote equitable economic growth in New York and across the country."
U.S. Senate Majority Leader Charles E. Schumer said, "This historic $500 million federal investment is the shot in the arm New York's small businesses need to recover from the pandemic and rebuild our local economies. This federal assistance will help support underserved businesses, invest in entrepreneurs and small businesses in key industries like manufacturing and clean energy to address the nation's supply chain challenges, and create good-paying jobs in the communities that need them most. As majority leader, I fought to secure the State Small Business Credit Initiative federal investment as part of the American Rescue Plan to meet the unprecedented challenges faced by the nation's small businesses during the pandemic and I am proud to now deliver this federal funding for New York to build up the state's small businesses and manufacturing base to accelerate our recovery, and drive our economy into the future."
Senator Kirsten Gillibrand said, "I am so proud to have helped secure this historic federal funding for SSBCI in the American Rescue Plan. This funding will provide critical resources and increase access to capital for our state's small business owners. Fighting for New York's small businesses means fighting for a bright future and economic prosperity in our state."
Representative Carolyn Maloney said, "Small businesses are the lifeblood of New York City, but unfortunately, they bore the brunt of the COVID-19 crisis. I am thrilled that Congress could deliver the American Rescue Plan, which helped so many individuals and small businesses who were struggling throughout the City and State. Today, is a critical step in getting the funding from ARP into the pockets of those who need it most as The White House formally approves New York State's $501 million small business funding plan under the American Rescue's Plan's State Small Business Credit Initiative (SSBCI). I commend Governor Hochul for working swiftly with the President so that our small businesses in need can keep their doors open."
Representative Gregory Meeks said, "Small businesses are the backbone of our economy. Governor Hochul's planned use of American Rescue Plan SSBCI funds recognizes the integral role small businesses play in their community's economic development in the post-pandemic economy. This will provide the necessary resources and support, especially for minority and women owned business, to overcome structural and institutional challenges to their continued growth."
Empire State Development President, CEO and Commissioner Hope Knight said, "New York was among the hardest hit by the devastating effects of COVID-19, and many of our state's small businesses are still trying to recover. SSBCI funding will go a long way to help these businesses, particularly those who face historic disadvantages, like MWBEs. Through a mix of programs designed with businesses' needs in mind, ESD will ensure this critical support gets to those who deserve it most."
Through Empire State Development, New York State is establishing a suite of programs that will match federal support to the critical needs of the state's small businesses. This programming includes a mix of new initiatives and the expansion of existing programs, focusing on capital access, loan guarantees, loan participation programs, collateral support, venture capital for fund managers and start-ups, and technical assistance.
Read the full press release here.
Press Release
Thursday, August 18, 2022 - 9:20pm
Empire State Development today announced ThermoAI as the winner of the Helping Upstate Science & Technology Leaders & Entrepreneurs (HUSTLE) Defense Accelerator “Demo Day” at the Griffiss Institute in Rome, Oneida County. The HUSTLE Defense Accelerator is an elite and immersive 12-week training academy for seed stage startups pushing Artificial Intelligence (AI), Machine Learning (ML), cyber, quantum, and UAS solutions with potential to elevate the United States’ national security and economic competitiveness. CyberSpara was the runner up in the competition.
ESD President, CEO and Commissioner Hope Knight said, "The Griffiss Institute’s HUSTLE Defense Accelerator draws the best and brightest startup talent to help further build the Mohawk Valley’s defense industry ecosystem. I would like to congratulate ThermoAI and CyberSpara for their successful pitches tonight. ESD is proud to support companies that will create solutions for real world issues and increase New York State’s economic competitiveness in national security."
"Innovare Advancement Center is home to the first and only startup incubator in New York State aiming at the nexus of national security and economic competitiveness for our region, our state, and our nation," said Heather Hage, President and CEO of Griffiss Institute. "With thanks to New York State, ThermoAI and CyberSpara now have the opportunity to bring their innovative technologies to life right here in the Mohawk Valley. Our community is highly motivated to give them a runway to the world of defense innovation."
The HUSTLE Defense Accelerator culminates in a Demo Day where qualifying HUSTLE teams have the opportunity to pitch for up to $300,000 to scale their ventures in the Mohawk Valley made possible by a $2 million Upstate Revitalization Initiative grant from Empire State Development, recommended by the Mohawk Valley Regional Economic Development Council (MVREDC).
ThermoAI, the first-place winner, will receive $200,000 and will locate their business in the Mohawk Valley for 12 months. ThermoAI, from Binghamton in Broome county, develops artificial intelligence to optimize combustion- directly reducing high-risk refueling missions, cutting operational costs, and reducing emissions. Founded by a machine-learning Ph.D. from Oxford, a chemical engineer, and a published applied AI expert. Backed by NSF, NYSERDA, Creative Destruction Labs, and Techstars AI.
CyberSpara, the second-place winner, will receive $100,000 and will locate their business in the Mohawk Valley for 12 months. CyberSpara, hailing from Canton in St. Lawrence county, helps business owners, educational institutions, and government agencies such as the Department of Defense and the Air Force to equip themselves with proper tools and empower individuals to reduce cyber threats and mitigate such national security challenges.
The other two teams competing during Demo Day included:
McGuirk USA (Westerbrook, ME)
The Team of McGuirk USA (MUSA), Datalytica, and Quanterion Solutions Incorporated (QSI) provide consultants for engineering, data analysis, cyber, and counterintelligence support to industry, defense, and government programs globally.
Secwins (Syracuse, NY)
Secwins, LLC designs, develops, and deploys tailored and secure digital twins to provide a single view of truth across fragmented data sources. Secwins digital twins includes data mapping and normalization, system operation and security risk assessment, and any training, monitoring, and maintenance needed.
MVREDC Co-Chairs Lawrence T. Gilroy III, President of Gilroy, Kernan & Gilroy, Inc. and Dr. Marion Terenzio, SUNY Cobleskill President, said, "The MVREDC recommended funding for the Hustle Defense Accelerator because it has strong history of attracting companies that are fueling innovation in the Mohawk Valley Region and giving them a leg up to succeed. We are pleased to welcome these two new start-ups to the region and can’t wait to see them become a part of the ecosystem that helps continue to move the Mohawk Valley economy forward."
Senator Joseph Griffo said, "Congratulations to all those who participated in the Helping Upstate Science & Technology Leaders & Entrepreneurs Defense Accelerator ‘Demo Day’ and training academy at the Griffiss Institute in Rome. This event provided participants with an important opportunity to develop, pitch and grow innovative ideas and ventures in a variety of high-tech industries. These new enterprises will build upon the significant research and development that takes place every day in Oneida County and the Mohawk Valley."
Assemblywoman Maryann Buttenschon said, "I want to thank the Empire State Development team, the Mohawk Valley Regional Economic Development Council, The Griffiss Institute, and Innovare Advancement Center for their leadership and involvement with the Hustle Defense Accelerator Competition. This training academy is vital to the future of technological innovation."
Oneida County Executive Anthony J Picente, Jr. said, "The Griffiss Institute is a tremendous partner to Oneida County and the HUSTLE program that it operates at our Innovare Advancement Center is a prime example of how together we are shaping the future of the high-tech defense industry. I would like to congratulate all of the HUSTLE teams for displaying such innovative approaches to elevating our national security and I wish the winners the best of luck as they reinvest their prize money in the Mohawk Valley."
Rome Mayor Jacqueline M. Izzo said, "HUSTLE Defense Accelerator is an important component of our economic development strategy to grow new entrepreneurial businesses supporting artificial intelligence (AI), cybersecurity, quantum computing, machine learning (ML) and UAS. The teams who participated in Demo Day presented new business solutions to continue building new hardware and software infrastructure to compliment the R&D efforts of Rome Lab and their contractors. We are hopeful these companies will grow and prosper right here in the Mohawk Valley as a result of their collaborative experiences nurturing new product ideas through the 12-week HUSTLE experience. ESD has led the way with funding supporting HUSTLE through the REDC process because they recognize with assets like AFRL, Skydome, Innovare and the Griffiss Institute programs like HUSTLE are vital to continue growing the region’s technology-based workforce to support our national defense."
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 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 the 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, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
About the Griffiss Institute
The Griffiss Institute (GI) is a nonprofit STEM talent and technology accelerator for the United States Department of Defense and an international network of academic, government and industry partners. Since 2002, the GI has served the Air Force, the Mohawk Valley region, and the United States, empowering diverse teams with talent and technology development programs that lead the nation in technical and economic impact. In the past five years, the GI has partnered with Rome Lab to host 271 visiting scientists, employ 823 interns, support 508 local K-12 students with tuition-free STEM Camps during school breaks, and trained 63 startups in defense tech commercialization with 47 graduates of its incubator. Devoted to converging teams and technologies to solve complex national challenges, the GI is proud to enable its international network from its home at Innovare Advancement Center in New York’s picturesque Mohawk Valley.
About the Innovare Advancement Center
The Innovare Advancement Center is a 150,000 square foot open innovation hub that converges world-class scientific, engineering, and entrepreneurial talent from universities, government, and industry to tackle new challenges in artificial intelligence, machine learning, cybersecurity, quantum, and unmanned aerial systems. Innovare’s unique capabilities include highly specialized laboratories for experimentation in quantum communications and neuromorphic computing, 40,000 square feet of high-tech and high-speed communications-enabled collaboration spaces, an auditorium with capacity for over 250 people, an access point to the NY UAS Test Site, and coming in spring 2022 – an indoor unmanned aerial system (UAS) research and testing facility with 110,000 square foot indoor flight testing area - the largest in the United States.
Contact:
Kristin Devoe (ESD): [email protected] | (518) 414-1087
ESD Press Office: [email protected] | (800) 260-7313
Board Meeting
Thursday, August 18, 2022 - 10:00am
In accordance with current Legislation, 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 Noon on Wednesday, August 17, 2022.
All comments received by the deadline will be distributed to the Directors prior to the meeting and will be posted online.
Press Release
Wednesday, August 17, 2022 - 5:31pm
$50 Million To Support Regional Competition and Accelerator Program Focused on Life Sciences and Healthcare Technology
Empire State Development Convened Meeting for Industry Input To Drive Life Science Ecosystem Support Through Upcoming RFP
Governor Kathy Hochul today launched the life sciences business competition, a component of the $350 million Long Island Investment Fund. A request for proposal will be the first step for the Long Island Investment Fund's $50 million life science business competition, which aims to attract and grow companies in the life sciences, health technology, and medical device sectors. Empire State Development convened a meeting of experts in the life sciences industry to gather initial input for the RFP competition process.
"New York is proud to lead the way with strategic investments that will create transformative opportunities on Long Island and across the state," Governor Hochul said. "The Long Island Investment Fund's life sciences business competition will drive economic growth and innovation, supercharging the region into a powerful commercial life sciences hub."
Included as part of Governor Hochul's historic FY 2023 Enacted Budget, the Long Island Investment Fund will focus on projects that will support and grow the regional economy, enhance communities, and have lasting economic impacts across Long Island. In addition to the life sciences business competition, the Fund will allocate $250 million for transformative regional development projects and $50 million for the construction and operation of a workforce development center.
The competition will implement a business accelerator to work collaboratively with Long Island universities and research institutions to support life science start-up businesses with potential for permanent high wage job creation and promising technology commercialization. The Long Island business competition will be designed in the mold of and to complement other successful New York State business competitions, such as Grow-NY and 43North.
Empire State Development Board Chairman Kevin Law said, "Under Governor Hochul's leadership, Long Island is positioned to be at the forefront of the competitive life sciences industry. The Long Island Investment Fund's business competition will attract and grow life sciences organizations — adding to an already impressive roster rooted on Long Island — and will be key to elevating the region's commercial life science ecosystem."
The life sciences industry has become a powerful growth engine for New York State, turning key regions of the state into dynamic life science hubs that includes organizations and institutions dedicated to various stages of research, development, technology transfer and commercialization. Long Island is home to established life sciences companies and institutions that have been crucial to the progress of unlocking innovative technology and modern therapeutics, such as the Feinstein Institutes for Medical Research, Cold Spring Harbor Laboratory, Brookhaven National Labs, as well as Stonybrook University. The $50 million life sciences infusion from the Long Island Investment Fund will further position Long Island and New York State to lead in cutting edge sectors, including innovation, biotechnology, life sciences, and biomedical investments.
Empire State Development President, CEO and Commissioner Hope Knight said, "New York State is a leader in life sciences innovation in part due to the State's strategic investments to grow a stronger life science ecosystem on Long Island and across the State. The Long Island Investment Fund's life science business competition will not only catalyze economic growth in the region, but it will also advance our ability to research and develop innovative technology that will strengthen New York's leadership in the global innovation economy."
Read the full press release here.
Press Release
Wednesday, August 17, 2022 - 3:09pm
Expansion is Creating New Jobs, Additional Manufacturing Space and Increasing Overall Efficiency
Empire State Development (ESD) today announced the completion of Eastman Machine Company’s $1.6 million expansion of its manufacturing facility in downtown Buffalo, retaining its existing 124-person workforce and creating six new jobs. The company is a leading manufacturer of cutting machines and customized cutting solutions, with customers located in more than 100 countries.
“Western New York is home to a wide variety of innovative manufacturing companies, like Eastman Machine, that have strategically diversified to grow and respond to increased worldwide demand for their cutting-edge products,” said ESD President, CEO and Commissioner Hope Knight. “We thank this family-owned, fifth generation business for investing in its employees and in the community, and for helping to further advance Buffalo’s thriving manufacturing sector.”
ESD is providing Eastman Machine Company up to $210,000 in performance-based New York State Excelsior Jobs Program tax credits in exchange for job creation commitments. The 7,400-square-foot addition to Eastman’s main building includes a high bay area, two new docks and new entry and foyer. The expansion will result in increased throughput, capacity and efficiency. Expansion activities also include a state-of-the-art showroom to host Eastman’s global visitors.
Eastman Machine Company is a fifth generation, family-owned manufacturing business located on Washington Street. Founded in 1888 after developing the first electric fabric cutting machine, Eastman is a leading cutting and material machine manufacturer. From its headquarters in Buffalo and through distributors around the world, the company provides custom engineered cutting and material handling solutions and innovative technologies for a variety of industries worldwide.
Robert Stevenson, CEO of Eastman Machine Co. said, “It’s an innate step forward for Eastman. We need the room to continue giving our customers and prospects individualized attention.”
The New York Power Authority (NYPA) Board of Trustees also approved a funding award of $170,000 to Eastman Machine Company for its expansion as part of a wide array of NYPA economic development incentives in Western New York and around the state.
NYPA Chairman and Buffalo resident John R. Koelmel said, “The Niagara Power Project is a staple of Western New York’s economy, supporting tens of thousands of jobs in the region. NYPA is proud to support Eastman’s expansion as they continue to provide cutting-edge solutions to manufacturers worldwide.”
Senator Tim Kennedy said, “Eastman’s expansion is not only an example of their commitment to Western New York’s workforce, but of their continued investment in our region’s economy as a whole. For five generations, Eastman’s leadership has actively chosen to grow its manufacturing business in the Queen City, and this latest evolution underscores its noteworthy intentions to stay rooted in Buffalo long-term.”
Assembly Majority Leader Crystal Peoples-Stokes said, “I’d like to congratulate Eastman Machine Company on their recent expansion. Eastman is a multi-generation, family-owned, international business residing in the heart of downtown Buffalo. This expansion will allow Eastman Machine Company to increase its operational efficiencies and capacities, hopefully allowing them to grow even more.”
City of Buffalo Mayor Byron W. Brown said, “In order to continue to grow our City’s economy and create more good-paying jobs, it’s important to support our existing businesses and help them expand their operations. The completion of yet another successful expansion at the Eastman Machine facility in downtown Buffalo is a great example of its commitment to global growth in American manufacturing, the future of its expanding workforce and its continued dedication to the Buffalo community. I also want to thank Governor Kathy Hochul and Empire State Development for providing the support needed to complete this $1.6 million expansion project at one our city’s oldest family-owned manufacturers, a meaningful and important endeavor that will benefit our entire community and further strengthen Buffalo’s manufacturing sector.”
About Eastman Machine Company
Eastman Machine Company is a cutting machine manufacturer, providing custom engineered solutions and innovative technologies for a variety of industries. Eastman offers the industry’s widest range of classic, hand-held and manually operated fabric cutting machines; as well as a comprehensive line of fully automated, computerized cutting and plotting systems. Manufactured with the highest quality materials, built to precise specifications, and subject to rigorous testing, Eastman’s line of cutting systems have been setting the standard for over a century. Matched to specific customer needs, Eastman has a solution for virtually every cutting requirement.
To learn more about Eastman Machine and its mission, watch the company profile video: More Than a Machine.
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. Using 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 the New York State 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, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
Contact:
Pamm Lent | [email protected] | (716) 846-8309
Laura Magee | [email protected] | (716) 846-8239
Report
Wednesday, August 17, 2022 - 11:59am
View Report
Press Release
Tuesday, August 16, 2022 - 12:21pm
Upcoming community information sessions on August 17 and 18
Second round includes an expanded building renovation program plus $4M in additional funding
Empire State Development (ESD) today reminded commercial and mixed-use property owners that applications are available for the second round of the East Side Commercial Districts Program in Buffalo. Additional community information sessions have also been scheduled for August 17 and 18. This program is creating an expanded building renovation program in four investment areas—Jefferson Avenue Commercial District, MLK Park Business District, Broadway Fillmore, and Kensington Bailey—to improve the business climate, combat commercial vacancies, and contribute to the corridors’ overall revitalization. The program, which launched with $2 million in funding, will receive an additional $1 million for each of the four districts, bringing the program’s funding total to $6 million.
Empire State Development President, CEO and Commissioner Hope Knight said, “With the launch of applications for round two of the East Side Commercial Districts Program, we will begin to see capital investments that will revitalize these commercial districts, developing and strengthening businesses and increasing mixed-use opportunities that will better serve Buffalo neighborhoods.”
Applications are due Friday, Sept. 16, and are available at the website for each Local Program Administrator (LPA) - Broadway Fillmore Neighborhood Housing Services (BFNHS), Citizens’ Alliance, Inc. in partnership with the Black Chamber of Commerce and University District Community Development Association (UDCDA).
In addition, each LPA will be holding community information sessions. See details below and links for flyers:
Kensington Bailey
Wednesday, August 17
5:30 to 7 p.m.
UDCDA’s Office - 995 Kensington Ave
Questions? Essence Sweat: [email protected]
MLK Park & Broadway Fillmore
Thursday, August 18
4 to 5:30 p.m.
Three Stories Café (first floor) - 1021 Broadway
Questions? Brandi Barrett: [email protected]
Jefferson
Wednesday, August 17
12:30 to 1:30 p.m.
Group Ministries - 1333 Jefferson Avenue
Questions? Sydney Brown: [email protected]
The program guidelines have been revised to allow for up to $100,000 in grant assistance available to commercial property owners with buildings in need of exterior and interior repairs. Empire State Development (ESD), the state’s chief economic development agency, is working with district LPAs to administer the program and allocate the additional $1 million from this round to each of the four target districts, inclusive of architecture/engineering support and a contingency fund. Working with an LPA ensures decisions are made at a local level with oversight from the administrator, a community nonprofit. Building owners are required to contribute 10% of the total project costs.
Find the Map of Eligible Districts here. Interested applicants should contact their LPAs for more information. An informational PowerPoint on Round 2 can be reviewed here.
In September 2020, more than $1 million was awarded as part of the first round of grants made through the East Side Commercial District Program. Twenty-one awardees received up to $50,000 in funding for exterior and/or interior repairs to commercial properties located within the four targeted commercial districts.
About Empire State Development
Empire State Development 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 the Governor’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, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
Contact:
Pamm Lent | [email protected] | (716) 846-8309 | (716) 560-8815
Laura Magee | [email protected] | (716) 846-8239 | (716) 374-4246
Press Release
Monday, August 15, 2022 - 3:00pm
Advanced Funding Jumpstarts Four Major Projects on the Outer Harbor and at Canalside
$87 Million Project Underway at DL&W Terminal for New Commercial Activity Center and Metro Rail Station
Roadway and Safety Improvements to Tifft Street and Louisiana Street Will Create Waterfront Parkways
Projects Increase Waterfront Accessibility and Recreation, Will Help Further Boost Development
Governor Kathy Hochul today announced the acceleration of several significant projects along Buffalo's waterfront. Advanced funding from the New York Power Authority to the Erie Canal Harbor Development Corporation will jumpstart four major projects on the Outer Harbor and at Canalside. These projects complement recreation and transportation measures that will promote pedestrian access and continued equitable growth of the waterfront. This accelerated plan builds on more than a decade of progress spearheaded by ECHDC to restore 21 historic acres at Canalside and 200 acres on Buffalo's Outer Harbor that has resulted in more than $300 million in new development and over 1,000 annual events.
"We're writing Buffalo's comeback story, and it starts with tapping into the unlimited potential of our city, including parks, infrastructure and amenities," Governor Hochul said. "We're going to completely transform our waterfront into a destination for everyone to enjoy, and we're investing now to get these projects off the ground and finished earlier than expected. I thank Representative Higgins for prioritizing these projects and for his partnership to ensure that future generations of New Yorkers can enjoy all the natural beauty and recreational opportunities that our state has to offer."
At the direction of Governor Hochul, NYPA will advance Relicensing Agreement (RA) and Industrial Incentive Award (IIA) payments to ECHDC, which otherwise would have been due over the course of nearly a decade. The NYPA Board of Trustees approved the acceleration of RA payments in March and is expected to review the acceleration of IIA payments in September. As a result, ECHDC will have access to $54.2 million this year, which will accelerate planned projects along Buffalo's waterfront, in some cases by as much as 3 years. ECHDC has identified Wilkeson Pointe, the Bell Slip, the Gateway Building at Canalside and the Buffalo Riverwalk Feasibility Study as initial priorities for use of this funding. NYPA has previously made $72.1 million available to ECHDC in support of its project work. Over the course of the 50-year operating license for the Niagara Power Project, NYPA is providing more than $1 billion worth of benefits to Western New York.
$25 million in upgrades will also be made to Buffalo Harbor State Park with the installation of a splash pad near the existing playground and shade structures. The projects will also expand the existing playground to include four new accessible play pieces. Project renderings are available here.
Read the full press release here.