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Press Release

Thursday, October 7, 2021 - 2:43pm
Awards to Community Banks will Increase Access to Safe, Affordable Bank Accounts, Financial Literacy Programs, and Small Loans to New Yorkers Living in Historically Underserved and Redlined Communities List of Community Development Financial Institutions Receiving Awards Here Empire State Development and the New York State Department of Financial Services today announced the first awards from the New York State Community Development Financial Institution (CDFI) Fund to support access to safe and affordable banking services in historically underserved and low-income communities across New York State. With a multi-year $25 million state-commitment, the CDFI Fund will provide resources for the growth of New York State CDFIs to support the delivery of affordable financial products and services and financial literacy programming to low- and moderate-income New Yorkers. The CDFI Fund will also increase access to capital and technical assistance services for New York State small businesses and non-profit organizations.  In total, 31 CDFIs were selected to receive financial inclusion grants, totaling $4,907,000.   Empire State Development Chief Operating Officer and Executive Deputy Commissioner Kevin Younis said, “Creating and expanding banking services in underserved communities across the state will increase economic opportunities for all. New York State’s CDFIs play an important role supporting small and micro-businesses, many that are minority and women owned, with financial resources and skills not always available to them from traditional or big banks. These grants will expand their services to help small businesses continue to recover, grow and realize a brighter future.” “The pandemic demonstrated that financial health and resilience must be built from the ground up and New York’s CDFIs continue to be an essential building block to ensuring our recovery benefits those most affected,” said Acting Superintendent of Financial Services Adrienne A. Harris. “The distribution of these grants is a testament to what can be achieved when government works across agencies and community banks to benefit the people they serve.” CDFIs and CDFI Credit Unions are private financial institutions dedicated to delivering affordable lending options to low-income, low-wealth, and other disadvantaged people and communities. These mission-driven institutions often serve clients who often struggle to get access to banking services, including due to high costs of entry, credit history, and simply a lack of banking branches in their communities. Approximately 25% of New York State households do not have bank accounts or seldom use one and rely on costly non-bank services for their financial activities, according to the Federal Deposit Insurance Corporation. Additionally, a recent survey conducted by the Federal Reserve Bank concluded that unbanked and underbanked rates are higher among lower-income households, less educated households, African American and Latino households. In February 2021, New York State Federally Certified CDFIs and CDFI Credit Unions were invited to submit proposals to provide affordable financial products and services that meet the unique needs of economically underserved and underbanked communities. Proposals were evaluated on each organization’s ability to demonstrate institutional capacity, provide technical assistance to bank challenged and otherwise underserved individuals, and the ability to provide broad banking services ranging from savings accounts to capital for lending to individual, small business, non-employer firms, or non-profit borrowers. CDFI Fund grants will enhance the selected institution’s capacity to meet the needs of underbanked individuals and of small businesses and non-employer firms and entrepreneurs. This includes offering basic banking services where needed, such as opening traditional accounts and providing transaction services like ATM networks and debit cards and providing technical assistance to bank challenged and otherwise underserved individuals.  Other services include providing affordable consumer loans and developing new financial literacy and financial education programing.  The selected CDFIs and CDFI Credit Unions will attempt to bridge this gap through providing affordable financial products and services that meet the unique needs of economically underserved communities. Grants to CDFIs and CDFI Credit Unions increase their capital reserves, allowing them to grow, take in more deposits and make more loans. As demonstrated by the U.S. Treasury CDFI Fund, CDFI Credit Unions leverage grant funds, on average, by 12:1 – meaning they bring in $12 in deposits and make $12 in community development loans for every grant dollar received. By increasing capital reserves, CDFIs and CDFI Credit Unions can quickly expand into more underserved communities to address unmet needs – bringing in new members and deposits; using those deposits to make more loans; and adding branches, mobile banking and other services. New York State Senate Banks Committee Chair James Sanders said, "We must continue to address the issue of access to banking services in underbanked and underserved communities, which are often areas with a large percentage of people of color and low-income residents. The New York State Community Development Financial Institution (CDFI) Fund is an effort by the State to improve access to banking services for everyone. I give my full support to this worthwhile program to promote equity and consumer rights in the banking sector." New York State Senate Committee on Commerce, Economic Development, and Small Business Chair Anna M. Kaplan said, “Access to affordable banking services and financial literacy programs are critical to uplifting historically underserved communities and spurring investment in local small businesses and non-profits. By investing state funds in community banks and financial literacy programming, we can help more New Yorkers in marginalized communities to access quality, low-cost financial services that aren’t currently available, and we can help more small businesses access the capital they need to grow, hire, and thrive. I applaud Governor Kathy Hochul for her leadership to ensure that our State is making smart investments like this to improve the lives of everyday New Yorkers.“ New York State Senate Committee on Consumer Protection Chair Kevin Thomas said, “The pandemic and resulting economic crisis continue to have a disproportionate, adverse effect on New York State’s most underserved communities. The CDFI Fund will provide crucial access to safe and affordable banking services in the communities that need them the most. I thank Empire State Development and the New York State Department of Financial Services for their ongoing work to advance economic justice and expand access to essential financial services.” Assembly Standing Committee on Banks Committee Chair Patricia Fahy said, “Small businesses are the cornerstones of our communities and by expanding funding to New York State’s CDFIs and CDFI credit unions, New York State is ensuring that affordable, fair and safe banking services are being offered to our small businesses and microenterprises across the state and here in the Capital Region that are so often underserved. As Chair of the Assembly Banks Committee, improving access to banking for the 1 in every 4 New York State households that lacks a bank account is a major priority, and I commend Empire State Development and the Department of Financial Services for prioritizing our historically underserved communities in their work across the state.” Assembly Standing Committee on Small Business Chair Al Stirpe said, "Expanding access to affordable banking services and financial literacy programming are critical components of New York's economic recovery, helping ensure our revival doesn't leave disadvantaged communities behind. With this state funding, we'll be able to make real strides in providing financial services to more New Yorkers, including the nearly 25% of state households that don't have a bank account. I want to thank Governor Hochul for prioritizing this issue and will continue working with the governor and legislative leaders to provide further support for CDFIs and CDFI Credit Unions." Contact: Kristin Devoe (ESD): [email protected] | (518) 414-1087 Sophia Kim (DFS): [email protected] | (212) 709-1691
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Press Release

Wednesday, October 6, 2021 - 4:11pm
Update on Key Development Project Will Also Be Available via Zoom USA Niagara Development Corporation (USAN) and the City of Niagara Falls will hold a public meeting at 5 p.m. on Tuesday, October 12 to provide an update on the Rainbow Centre Civic Improvement Project. Taking place at the Conference Center Niagara Falls, USAN leadership will be joined by officials from the City of Niagara Falls, the design team led by Marvel Architects, PLLC., and potential future tenants of the space. Masks will be required for all attendees regardless of vaccination status. Those unable to attend in person may follow the meeting via Zoom here. In December 2019, USAN and the City of Niagara Falls announced plans to undertake the adaptive reuse of the remaining mall space as a civic improvement project. Guided by the recommendations of a panel of experts from the Urban Land Institute (ULI), the project will establish greater public access and walkability, create commercial opportunities, and modernize parking resources to support new and existing businesses at and near the mall site. These modifications will create up to 160,000 square-feet of available space that could be repurposed for uses that would benefit downtown Niagara Falls, including attractions or other entertainment venues, or partnerships with the Niagara Falls Culinary Institute, such as an expansion of programming. USAN and the city have signed a project term sheet that allows USAN to procure and retain, at its expense, consultants necessary to develop plans and specifications necessary for construction of the project. Learn more about the Rainbow Centre Civic Improvement Project here. Other upcoming events: Empire State Development (ESD) and USAN will hold a project update on the Niagara Falls Strategic Economic Development Fund, a new funding initiative to catalyze investment on targeted commercial areas along Niagara Street, Main Street, Portage Road and Pine Avenue on Tuesday, October 19 from 6 to 7 p.m. via Zoom. For more information and to register, visit: https://buffalobillion.ny.gov/niagara-falls-strategic-economic-development-fund. 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. More information is available here. Contact: Pamm Lent | [email protected] | (716) 846-8309 | (800) 260-7313 Laura Magee | [email protected] | (716) 846-8239 | (800) 260-7313
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Report

Wednesday, October 6, 2021 - 1:09pm
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Report

Wednesday, October 6, 2021 - 1:06pm
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Public Notice

Wednesday, October 6, 2021 - 10:00am
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Press Release

Tuesday, October 5, 2021 - 4:55pm
Medical Device Manufacturer Will Add Production Lines and Create 45 Jobs Empire State Development (ESD) today announced that medical device and medical disposables manufacturer Polymer Conversions has started construction on the expansion of its operations in the Town of Orchard Park. The $14.25 million project will accommodate the recent dramatic growth the company has experienced due to the coronavirus pandemic and demand for U.S. sourced medical supplies. ESD is supporting the expansion of cleanroom manufacturing and warehouse operations with up to $550,000 through the Excelsior Tax Credit program in exchange for the creation of 45 jobs and the retention of 125 existing jobs. Empire State Development Chief Operating Officer and Executive Deputy Commissioner Kevin Younis said, “Polymer Conversions’ commitment to WNY is yet another example of high-tech companies choosing to grow and invest there.  Investing in in-demand medical device manufacturing is an example of how WNY and New York State continue to build our economy back.” In 2020, Polymer Conversions was acquired by MedBio, an outsourced manufacturing company that focuses on cleanroom injection molding and assembly for medical, life sciences and biotechnology devices. Polymer Conversions is a full-service medical device contract manufacturer that specializes in complex thermoplastic injection molding and value-add assembly-making customized “tight-tolerance” medical and biometric devices, among other products. Recent increases in customer orders is prompting the advanced manufacturer to undertake an expansion that will significantly increase the size of its plant at 5732 Big Tree Road and increase its workforce by 36%. To accommodate this growth, the company is constructing a pair of additions totaling 34,200 square feet of space. A 28,000-square-foot northern addition will allow the company to enhance its cleanroom operation and make it more efficient. The western expansion of 6,200 square feet will add to the company's engineering offices and meeting space. The work is expected to be completed by April 2022. Benjamin Harp, Polymer Conversions President said, “Empire State Development and Invest Buffalo’s support and leadership was critical to Medbio’s decision to build our expansion here in Orchard Park.  We are excited to expand our facility by 34,000 square feet and add new jobs in the Buffalo community. This expansion is an investment in our customers, employees, and community. We are excited about our growth in the coming years.” Thomas Kucharski, President & CEO, Invest Buffalo Niagara said, “Polymer Conversions is an incredible local employer, and we were thrilled to help them double-down on their commitment to Buffalo Niagara. Advanced manufacturing remains critical to our economy’s success and Polymer Conversions’ high-tech products and processes are a significant part of that future.   Senator Sean Ryan said, "The expansion of Polymer Conversions is a significant boost for the Western New York economy as we continue to recover from the pandemic and chart a new path forward for our region. With support from New York State, Polymer Conversions is creating the type of good-paying jobs our economy needs and expanding their presence in Orchard Park. This a big win for the future of high-tech manufacturing in Upstate New York."   Assembly Member Patrick Burke said, “I am pleased to see Polymer Conversions/MedBio, a full-service medical contract manufacturer, growing its operation in Orchard Park. The continued expansion of MedBio since its development in 2004 emphasizes the importance of U.S. based medical device manufacturers. The value of this company was only validated by the events of this past year, and the struggles we faced in trying to acquire additional medical supplies during a public health crisis. Partnering with this company brings great opportunity to the region by creating stable jobs while simultaneously making WNY a hotspot for continued growth in the field of high-technology. We are thrilled to assist them in their expansion and commitment to WNY, and wait in excitement to watch the company grow and impact the area in a handful of positive ways.” County Executive Mark Poloncarz said, “As Polymer Conversions grows, so too does Erie County’s reputation as a place where business can succeed and good careers can take root. This $14 million investment brings much-needed space to better suit increased customer orders, retains jobs while creating more, and demonstrates the vitality of our advanced manufacturing sector.” For additional information about Polymer Conversions, visit https://medbioinc.com/ 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 Kathy Hochul’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 Laura Magee | [email protected] | (716) 846-8239
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Press Release

Tuesday, October 5, 2021 - 4:07pm
New Distillery a Welcome Addition to the Growing Craft Beverage and Hospitality Economy in the Mid-Hudson Region Empire State Development today announced the completion of the first phase of The Star Estate Development Group DBA Hudson House & Distillery (Hudson House and Distillery), a small-batch distillery and event venue located at the former 27-acre Christian Brothers monastery in West Park, in the Town of Esopus, Ulster County. The first phase of the project involved significant site improvements and infrastructure upgrades to establish a craft distillery, tasting room, event space and catering kitchen with a 4,500 square foot outdoor deck to allow for more social distancing due to the COVID-19 pandemic. The company invested $1.8 million to purchase and rehabilitate two existing buildings on site. This project will allow Hudson House & Distillery to source its ingredients from local farms and businesses which will greatly reduce its carbon footprint and transportation costs. The Mid-Hudson Regional Economic Development Council supported this project by recommending an Empire State Development Capital Grant of $212,400. This project will also create eight new jobs. Empire State Development Chief Operating Officer and Executive Deputy Commissioner Kevin Younis said, “The Mid-Hudson Region is known for its abundance of natural resources, its beauty and its history.  The Hudson House & Distillery capitalizes on these assets and has created an exceptional destination spot for both Mid-Hudson residents and visitors.” Charles Ferri, Chief Executive Officer at The Hudson House & Distillery said, “This project is a true testament of public, private and environmental sectors working together to achieve something incredible; a waterfront destination distillery. Without the tireless assistance from Empire State Development, Ulster County and the Town of Esopus, this one of a kind project would not have been possible. We are incredibly thankful to all that have supported this project and will do our utmost to make the region proud by producing high quality spirits and products for all to enjoy!” SUNY New Paltz President and Mid-Hudson REDC Co-Chair Donald P. Christian said, “The investment in Hudson House & Distillery has transformed this historic property into a vibrant and unique destination that the community will benefit from and attract visitors and residents alike. With the company’s expectations to serve an estimated 30,000-40,000 visitors per year, the MHREDC is pleased to support this regionally impactful economic development project.’ Senator Michelle Hinchey, Chair of the Senate Agriculture Committee said, “New York proudly maintains its position as the second-largest craft distillery stakeholder in the country. Continuing this growth trajectory means bolstering state support for truly unique businesses like Hudson House that are not only paving the way for farm distilleries but driving local job creation, forging strong partnerships with upstate farmers and food producers, preserving our historic architecture, and raising the profile of our rural communities in the process. I want to congratulate Hudson House & Distillery on completing phase one of its renovation project and thank ESD for awarding this Ulster County business with a generous state grant.”  Assemblyman Kevin Cahill said, “Hudson House Distillery connects the ingredients that make the Hudson Valley special.  Utilizing our local farms as a resource, employing members of our community and renovating an historic property into something everyone can enjoy is an achievement that should be celebrated.  I am proud to join Ulster County Tourism and Empire State Development in our support in our Hudson Valley small businesses.” Ulster County Executive Patrick K. Ryan said, “I am proud to welcome Hudson House and Distillery to Ulster County. This new venue will be a draw to the region which will bring new visitors to the area, helping local farms and businesses in the process.  It is businesses like Hudson House and Distillery that truly make the Mid-Hudson Region a great place to visit, live and work.” Town of Esopus Supervisor Jared Geuss said, “The Town of Esopus is excited to be the home of Hudson House & Craft Distillery. This important establishment helps fulfill our Comprehensive Plan community vision. It is a welcome addition to the 9W corridor where visitors and residents alike can now enjoy world-class spirits, farm-to-table foods and seasonal attractions alongside the natural beauty of the Hudson River. We appreciate Ulster County and the Regional Economic Development Council for prioritizing and supporting this economic boost to the benefit of our residents and local businesses.” 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 Hochul’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: Kristin Devoe | [email protected] | (518) 414-1087  Press Office | [email protected] | (800) 260-7313  
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Board Meeting

Monday, October 4, 2021 - 11:00am
In accordance with recently passed Legislation, this meeting will be conducted via 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 4:30 pm on Friday, October 1, 2021.
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Report

Friday, October 1, 2021 - 5:27pm
Empire State Development (ESD) oversees administration of the Empire State Commercial Production Tax Credit Program. The Program is designed to increase the production of commercial filming in New York State. Read the 2018 annual Commercial Production Tax Credit Program Report below: Commercial Production Tax Credit Program Annual Report: 2018
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