Empire State Development news and press releases

“Together for Kingsbridge Vision Plan” Follows Community-Led Process That Engaged 4,000 People Over Nine Months Backed by $200 Million City and State Investment, Plan Outlines Community Vision for Adaptive Reuse of Kingsbridge Armory Project Delivers on Commitment in Mayor Adams’ Economic Blueprint, Potential to Deliver Over 1,800 Jobs and Up to $10 Billion in Economic Impact Governor Kathy Hochul, New York City Mayor Eric Adams, New York City Economic Development Corporation President and CEO Andrew Kimball, and community leaders today unveiled guiding principles for the “Together for Kingsbridge Vision Plan,” (also available in Spanish) outlining next steps for a process that will include the redevelopment of the historic and long-underutilized Kingsbridge Armory and the creation of new economic opportunities in the Bronx. Rooted in community priorities and drawing on growing industries, the vision plan focuses on creating family-sustaining, local jobs and improving the quality of life for residents of Kingsbridge Heights and neighboring Bronx communities. "After years of dwelling on the history of the Kingsbridge Armory, we are finally looking ahead to its remarkable future," Governor Hochul said. "I know how critical the future of the Armory is to this community and to the entire borough of The Bronx, which is why I prioritized locking in $100 million in State funding that will allow this transformative project to move forward. Working with local leaders and our partners in the City of New York, the Kingsbridge Armory will anchor this neighborhood, address longstanding community needs, and boost the local economy and I anticipate a project labor agreement to create good-paying union jobs at this site as we work to bring this project to fruition." Backed by a $200 million investment by Governor Hochul and Mayor Adams, the plan will inform the release of a request for proposals next month for the redevelopment of the Kingsbridge Armory — the largest armory in the nation — providing guidance to interested private partners on what the community and NYCEDC will look for in a future activation. The redevelopment effort — which could deliver over 1,800 jobs, including 1,100 construction jobs, and up to $10 billion in economic impact to the Bronx based on initial estimates — also builds on Mayor Adams’ “Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery,” which prioritized creating jobs and economic opportunities for the Bronx. The project also represents another example of close city-state collaboration outlined in the “New” New York panel’s action plan — investing in job centers with access to mass transit. The vision plan also builds on several of Governor Hochul's key economic development priorities, including strategic investments in infrastructure, workforce development, and 21st century growth sectors to support good, high-paying jobs. Read the full press release here.

Expanded Program Awarded Through the Federal State Small Business Credit Initiative to Provide Shorter Term Loans and Address Inequitable Capital Access Governor Kathy Hochul today announced the expanded $55.5 million Small Business Revolving Loan Fund 2 is available to provide shorter-term microloans and regular loans to address inequitable capital access by bridging the financing gaps facing new companies, under-banked communities and small businesses. Part of New York’s broader State Small Business Credit Initiative efforts led by Empire State Development, this expanded program will leverage financial loan capital to drive economic activity by expanding access to short-term loan capital for small, micro and socially and economically disadvantaged individual-owned businesses that have faced historical barriers to obtaining credit or adequate loan terms. This builds on the success of the first round of the Small Business Revolving Loan Fund that launched in 2010 with $25 million in funding that achieved nearly $280 million in loans issued to small businesses.  “Ninety-eight percent of New York’s businesses have fewer than 100 employees and are a key driver of our economic growth,” Governor Hochul said. “The Small Business Revolving Loan Fund 2 will bolster these small businesses, especially our minority and women entrepreneurs, and help build the economy of the future.”  Empire State Development President, CEO and Commissioner Hope Knight said, “When our small businesses succeed, our communities succeed. The Small Business Revolving Loan Fund 2 will support our small businesses by providing capital to help businesses thrive, create jobs and grow New York’s economy, now and for the future."  Small businesses may apply for lending through a participating Community Development Financial Institution (CDFI). Program lenders use the capital from the program along with matching capital from other resources to further enhance available funding for small businesses. Typical uses of funds are working capital, acquisition and/or improvement of real property, acquisition of machinery and equipment, and in some cases refinancing of debt obligations.  Microloans (loans between $500 and $25,000); and regular loans (typically as large as $250,000 or more depending upon the lender) are available with terms based upon each lender’s individual offerings. Program lenders are the primary point of contact for borrowers, and each have their own loan application process and loan products. Competitive interest rates, terms and fees are determined by the individual program lenders. Lenders are responsible for applications and credit decisions. Read the full press release here.

As Part of State’s Historic Green CHIPS Package, Micron will Break Down Workforce Barriers by Providing On-Site Child Care for Micron Employees Micron will Provide Additional Grants for In-Home Child Care through PEACE Announcement Follows Inaugural Central New York Community Engagement Committee Meeting; Group Will Identify Priorities to Guide $500 Million Green CHIPS Community Investment Fund Governor Kathy Hochul and Micron Technology, Inc. today announced new details surrounding the company's child care commitments, as part of its historic $100 billion investment to build a cutting-edge semiconductor manufacturing campus in Clay, Onondaga County. The transformational public-private partnership will bring up to 50,000 jobs to Central New York. As part of the agreement between Micron and New York State, Micron has purchased a parcel of land on Caughdenoy Road in Clay that will be developed to provide on-site daycare for Micron employees. "Early in my career, I made the difficult decision to quit my job because our family didn't have access to child care – a difficult choice no parent in New York should be forced into,” Governor Hochul said. “Achieving that goal requires innovative policy solutions like our Green CHIPS Act, nation-leading economic development legislation that requires semiconductor manufacturers to commit to bringing affordable, reliable child care for the communities where these businesses put down roots. Micron has done incredible work living up to their end of the deal, including through a $500 million community fund, and I'm excited to see this child care facility move forward in Central New York." Senior Vice President and Chief People Officer at Micron and Micron Foundation President April Arnzen said, “By removing barriers to workforce entry or reentry, Micron is creating opportunities for more women and others who have been typically underrepresented in our industry to step into impactful careers and contribute to their fullest potential. I’m pleased to join the Board of Directors at the Early Childhood Alliance of Onondaga County. We’re looking forward to working with Governor Hochul, County Executive Ryan McMahon, fellow business leaders and local childcare providers to provide more childcare opportunities to Central New York families.”  Since announcing Micron’s commitment to Central New York, the company has made significant investments in child care that will benefit Central New York families. Late last year, Micron pledged $500,000 to the YMCA of Central New York to help expand access to high-quality child care and early learning for underserved communities in the region. To date, $250,000 has been spent in early childhood education, impacting nearly 2,000 kids in the region. The remaining $250,000 will be devoted to child care for children up to five years old.  Additionally, Micron announced funding for the Early Childhood Career Pathways Program, administered by Childcare Solutions and PEACE Inc. This program is focused on expanding and enabling family home child care centers, benefitting the providers themselves, many of whom are women and minorities, by increasing the number of home child care centers. This helps to ensure stability and quality in an important child care service channel.  Incorporated in 1968, PEACE, Inc. is a federal designated Community Action Agency (CAA) that serves nearly 10,000 clients in Syracuse, Onondaga County, and portions of Oswego County. With a guiding principle of “Maximum Feasible Participation,” or the concept that those who are served by the CAA must also be involved with the organization’s decision-making processes, the agency pursues a mission to help people in the community realize their potential for becoming self-sufficient. Today’s announcement follows the inaugural meeting of the CNY Community Engagement Committee, first announced in April 2023 as part of the Community Investment Framework agreement made between Micron and New York State. The Committee, comprised of subject matters experts and community leaders appointed by Governor Hochul, will engage with a wide range of stakeholders on an ongoing basis to ensure full representation for communities across the region in the process of developing priorities for community investment. The Committee met with residents, community leaders and stakeholders to outline the process for the development of a community priorities document that will support the company’s community investment strategy. During the meeting, it was announced that Empire State Development and Micron commissioned an in-depth study to better understand the Central New York housing market and help guide stakeholder investments. The study will include data analysis, stakeholder engagement, understanding of case studies and national best practices, and policy research. ESD is finalizing the consultant and anticipates work starting in late 2023. ​Read the full press release here.

Aquarium reveals plans for expanded exhibit space and inclusive playground See conceptual drawings here The USA Niagara Development Corporation (USAN) Board of Directors met today and named the Aquarium of Niagara (AON) as the preferred developer of a key parcel of land in downtown Niagara Falls.  The project will redevelop a multi-lot property located at 535-579 Second Street to include up to 31,000 square feet of programmable space and provide important visitor amenities that serve a full range of needs and interests, creating a robust cultural and educational hub for tourists and residents alike.  See conceptual drawings here.  This project supports Governor Kathy Hochul’s strategy to forge a new path forward for Niagara Falls by making targeted investments that will help draw tourists and transform the community. “The redevelopment of this property – just one block from Niagara Falls State Park and the Niagara River Gorge – represents a unique opportunity to capitalize upon the continued revitalization of an iconic destination,” said USAN President Anthony Vilardo.  “This project will elevate the status of the aquarium, which is already a resident and visitor favorite, and further add to the abundant tourism opportunities in Niagara Falls.” “This planned project leverages our momentum and builds upon the Aquarium’s recent growth,” said Aquarium of Niagara President & CEO Gary Siddall.  “The Aquarium is committed to creating new opportunities for visitors to connect to the natural world through quality, enriching experiences that encourage curiosity and inspire delight. This redevelopment project will position the Aquarium as a true quality-of-life asset for our community and a must-do destination for anyone visiting Niagara Falls.” The Aquarium of Niagara’s proposal includes a phased expansion, the first of which envisions an interactive exhibit space that will house rotating exhibitions, a robust event area, food service and concessions, as well as retail offerings.  The proposed development will also feature a fully inclusive playground, introducing a recreational component that encourages outdoor play for families of all ages and abilities. The project follows more than $15 million in recent capital and exhibit improvements at the Aquarium of Niagara. The expanded footprint would double the Aquarium’s current campus and complement programming at the Aquarium’s main building, community plaza, and the forthcoming Great Lakes 360 project expected to be complete next spring. The expansion is estimated to cost $18 million for both phases. Now that the Aquarium has been named the preferred developer, USAN and the Aquarium will begin to negotiate the principal terms and conditions of a development agreement.  These terms and conditions, as well as a General Project Plan, will then be presented to the Directors for their approval.  USAN acquired the property in March 2019 through USAN’s Strategic Land Acquisition Program.  The program was created to assemble long-dormant properties located near Niagara Falls State Park to remove blight from the downtown area and expand the density of uses as downtown Niagara Falls grows into a year-round, sustainable neighborhood and tourist destination.  In 2023, USAN issued a Request for Proposals (RFP) for redevelopment of the property.   More About the Aquarium of Niagara The Aquarium of Niagara is a 501(c)(3) nonprofit organization that, with the community and partners, celebrates natural wonders and inspires people to make a difference for aquatic life. The Aquarium is home to 120 different species, including nine rescued and non-releasable marine mammals. The venue is open daily at 9 a.m., except for Christmas and Thanksgiving. For more information, visit www.aquariumofniagara.org. About USA Niagara Development Corporation USAN, a subsidiary of Empire State Development, is solely dedicated to the support and promotion of economic development initiatives in Niagara Falls by leveraging private investment and encouraging growth and renewal of the tourism industry in the City of Niagara Falls.  For more information, visit https://esd.ny.gov/usa-niagara-development-corporation-6. Contact: Laura Magee (USAN) | [email protected] | (716) 846-8239 | (800) 260-7313 Press Office | [email protected] | (800) 260-7313 Christine Stephans (Aquarium of Niagara) | [email protected] | (716) 390-9020