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Press Release

Monday, September 19, 2022 - 4:40pm
Economic Development Incentives Allow Pine Pharmaceuticals To Double Full-Time Employment  Demonstrates New York's Commitment To Fostering the Growth of Innovative Businesses and Supporting State's Future in Tech Manufacturing  View Photos of the Expanded Facility Here Governor Kathy Hochul today announced the completion of the $8.6 million expansion of Pine Pharmaceuticals LLC's manufacturing plant in the Town of Tonawanda. The drug outsourcing company tripled the size of its facility at Riverview Solar Technology Park following the company's tremendous growth in the past three years. The expansion has allowed Pine to add almost 90 new, full-time permanent employees, doubling its initial projections and overall full-time permanent workforce. Empire State Development has agreed to support this project with up to $650,000 in performance-based Excelsior Jobs Program tax credits. "Manufacturing is part of New York's legacy, and our state is home to some of the best engineers, developers, and scientists in the world," Governor Hochul said. "Pine Pharmaceuticals investment in Western New York will help fill a critical need for U.S. manufactured drugs, retain and create much-needed jobs and continue to boost our state's economic growth." Pine Pharmaceuticals is a family-owned business that has experienced exponential growth and success in Western New York. The company provides pharmaceutical compounding, including specialized sterile formulations serving ophthalmologists, retinal specialists, hospitals, ambulatory surgery centers, medical practices and clinics. The company uses cutting-edge technology and industry-leading quality assurance practices and addresses drug shortages by working with hospitals, clinics, medical practices and physician offices to provide sterile compounded pharmaceuticals. Pine Pharmaceuticals invested $8.6 million for the 50,000-square-foot addition to the existing state-of-the-art facility. The firm also benefits from low-cost power awards from the New York Power Authority: a 400-kilowatt (kW) Niagara hydropower allocation and a 136-kW ReCharge NY power allocation as part of its commitment to create and retain jobs and invest capital. ReCharge NY, launched by New York State 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. Empire State Development President, CEO and Commissioner Hope Knight said, "The health care industry is a growing sector in the Western New York economy, and with support from Governor Hochul, businesses like Pine Pharmaceuticals are creating more high-quality jobs for local workers. The company's move to triple the size of its facility, while adding 40 full-time jobs, reminds us that our recovery from Covid-19 is well underway." Read the full press release here.
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Report

Monday, September 19, 2022 - 3:19pm
Empire State Jobs Retention Program - Quarterly Report: 6/30/2022 The Empire State Jobs Retention Program was created to provide financial incentives to retain strategic businesses and jobs that are at risk of leaving the state due to the impact on business operations from a natural disaster. Below please find charts A & B of the quarterly program report detailing businesses admitted to the program and credits issued for the second quarter, ending 6/30/2022. Empire State Jobs Retention Program Quarterly Report - Chart A: Businesses Admitted To Program Empire State Jobs Retention Program Quarterly Report- Chart B: Credits Issued
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Report

Monday, September 19, 2022 - 2:59pm
Excelsior Jobs Program Quarterly Report: 6/30/2022 The Excelsior Jobs Program provides job creation and investment incentives to firms in targeted industries in order to encourage businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments. Below please find the quarterly program report for the second quarter of 2022, ending 6/30/2022. 6/30/2022: EXCELSIOR JOBS PROGRAM - Quarterly Report CHART A - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Admitted To Program CHART B - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2011 & 2012 CHART C - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2013 CHART D - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2014 CHART E - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2015 CHART F - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2016 CHART G - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2017 CHART H - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2018 CHART I - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2019 CHART J - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2020 CHART K - EXCELSIOR JOBS PROGRAM QUARTERLY REPORT - Businesses Issued Credits- Tax Year 2021
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Board Meeting

Monday, September 19, 2022 - 11:00am
This meeting is open to the public.  The meeting will be streamed and available by clicking the link below.   Due to building procedures, those wishing to attend must RSVP by 12:00 p.m. on Friday, September 16.   RSVP press line (800) 260-7313; RSVP public line (518) 292-5105.    
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Press Release

Friday, September 16, 2022 - 1:26pm
Will Leverage the Power of Advanced Materials to Promote Greater Environmental Sustainability and Drive Innovation Across the State Empire State Development (ESD) today announced the New York State Advanced Materials Innovation Challenge is open and accepting applications through September 30. As manufacturers statewide adopt cleaner and greener practices to eliminate waste and emissions, advanced materials have the potential to accelerate the process of making manufacturing more environmentally sustainable. To support these goals, the New York State Advanced Materials Innovation Challenge will award up to $150,000 for projects that will develop new materials or new applications of existing materials. Empire State Development President, CEO and Commissioner Hope Knight said, “Advances in materials science are providing groundbreaking opportunities to replace or reduce the use of toxic or excessive materials in manufacturing while also developing new and improved high-performance products. The strongest proposals for the New York State Innovation Challenge will deliver positive change by using or developing advanced materials that are themselves sustainable while creating applications that promote environmental sustainability.” New York State-based innovators are encouraged to submit projects for the Advanced Materials Innovation Challenge that achieve one or more of these goals: Reduce the use of toxic chemicals during manufacturing. Shorten the supply chain to use locally-sourced and sustainable materials instead of materials that require long-distance transportation. Identify, develop and/or validate alternative sustainable materials. Reduce or eliminate the creation of harmful byproducts during manufacturing. Reduce landfilling and/or repurpose waste from manufacturing or product end-of-life. FuzeHub Executive Director Elena Garuc said, “By using advanced materials to conserve natural resources and protect ecosystems now and in the future, New York State manufacturers can lead the way nationally and globally for environmental sustainability within this vital industry. New Yorkers are known for rising to the occasion and tackling big challenges — this is a moment for our state’s innovators and problem-solvers to create positive change by harnessing the power of advanced materials.” Innovation Challenge organizers expect to award three grants of $50,000 each. More details, including guidelines and the application, are available at fuzehub.com/innovation-challenge. Advanced materials are new or substantially enhanced materials that have unique properties or provide an improved performance relative to conventional materials, facilitating innovation that benefits industry, consumers and society. Across the state, advanced materials innovations involving ceramics, chemicals, glass, metals, plastics and more are enabling high-performance products in sectors ranging from semiconductors and aerospace to medical equipment and consumer products. The Jeff Lawrence Innovation Fund — which will serve as the source of funding for this Innovation Challenge — supports a set of activities designed to spur technology development and commercialization across New York State. Launched in December 2016, the fund is named for Jeff Lawrence, a champion of the New York manufacturing and entrepreneurial communities. Each year, the Innovation Fund provides more than $1 million in direct assistance to the manufacturing, research and development, technology and entrepreneurial ecosystems. To date, the fund has awarded $6.7 million in funding to support collaborative projects throughout the state. 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. Contact: Kristin Devoe (ESD): [email protected]ov | 518.414.1087 John Mackowiak: [email protected] | 716-785-5475
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Board Meeting

Friday, September 16, 2022 - 11:00am
The meeting is open to the public. The public may also view and listen to the meeting via webcast clicking the link below. Members of the public may submit comments on the Agenda items in writing to [email protected] by 10:00 AM on Friday, September 16, 2022. All comments received by the deadline will be distributed to the Directors prior to the meeting and posted online.
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Public Notice

Thursday, September 15, 2022 - 5:00pm
Public Notice
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Board Meeting

Thursday, September 15, 2022 - 9:30am
The meeting is open to the public. The public may also view and listen to the meeting via webcast by clicking the link below. Please Note: Due to building procedures, members of the public attending in-person should please RSVP by 4:30 p.m. on Wednesday, September 14, 2022. Members of the press should please call (800) 260-7313; Members of the public should please call (212) 803-3772. Members of the public may submit comments on the Agenda items in writing to [email protected] by Noon on Wednesday, September 14, 2022. All comments received by the deadline will be distributed to the Directors prior to the meeting and will posted online.
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Press Release

Tuesday, September 13, 2022 - 4:11pm
Provides Assistance to Help Early-Stage Small and Micro-Businesses Recover and Grow in a Post-Pandemic Economy State's Successful COVID-19 Pandemic Small Business Recovery Grant Program Will Expand Eligibility as it Winds Down Available Funding More Information on the Seed Funding Grant Program Can Be Found Here Governor Kathy Hochul today announced that the applications portal for the first-in-the-nation Seed Funding Grant Program, created as part of the FY2023 budget, will open on September 14. The program provides flexible grants to support early stage, micro and small businesses in a still recovering New York State economy. The program will ensure that small businesses that opened shortly before or during the COVID-19 pandemic will have the funds to continue to operate and grow. "This first-in-the-nation Seed Funding Grant Program rounds out $1 billion in flexible funding to support both early-stage, and established small and micro-businesses," Governor Hochul said. "New York businesses were among the hardest hit nationwide at the height of the pandemic, but with this funding, we're extending a lifeline to help them continue to grow and operate. Applications open tomorrow, and I encourage all New York business owners to take full advantage and be a part of New York's remarkable recovery." This program builds upon New York State's existing $800 million Pandemic Small Business Recovery Grant Program, which has delivered more than $639 million to over 35,000 small businesses since it launched last year, with ninety percent of funding having gone to minority and women-owned businesses. Starting today, Empire State Development will expand eligibility for the program, enabling more small businesses to access funding by removing the requirement that businesses show a twenty-five percent loss in annual gross receipts from 2019 to 2020. This expansion of eligibility comes in addition to previous program changes to profitability requirements and revenue thresholds, aimed at serving additional small businesses. The program, which will continue to process applications currently in the pipeline, will close as funding winds down on September 30, 2022.  Empire State Development President, CEO and Commissioner Hope Knight said, "The pandemic has had profound impacts on our economy and our small and micro businesses were among the hardest hit, especially in New York State. Supporting our State's small businesses has been a priority of Governor Hochul's administration and the steps taken to expand eligibility and get funding out the door has helped countless businesses stay on track. The $800 million Pandemic Small Business Recovery Grant Program and now the new Seed Funding Grant Program marks unprecedented support for New York State's small businesses and for our economic success moving forward."  Read the full press release here.
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Press Release

Tuesday, September 13, 2022 - 10:25am
Startups From Around the World Are Encouraged to Apply if Their Technology Leverages Optics, Photonics, or Imaging OPI Accelerator Competition is Supported Through “Finger Lakes Forward” – The Region’s Comprehensive Strategy to Revitalize Communities and Grow the Economy Empire State Development (ESD) today announced that Luminate NY—the world’s largest business accelerator for startup companies that have optics, photonics, and imaging (OPI) enabled applications—is now accepting applications for its sixth cohort. Each year, the accelerator brings ten visionary companies to the Finger Lakes Region to leverage a rich ecosystem of resources to speed the commercialization of emerging technologies within a range of industries, such as autonomous vehicles, quantum computing, medical devices, advanced manufacturing, robotics, and augmented reality. The companies selected to take part in round six of Luminate NY will compete for one of 10 available slots. At the completion of the program, the teams will compete for a total of $2 million in follow-on funding, including a $1 million investment to the winning team and other investments totaling an additional $1 million. Teams winning follow-on funding must commit to doing some aspect of their business operations or manufacturing in the region for at least 18 months “In the last five years, Luminate NY has brought 54 of the most promising companies from around the world to New York to connect them with our region’s top universities, talent, and manufacturing facilities to help them solve pressing industry challenges,” said Empire State Development President and CEO and Commissioner, Hope Knight. “Today, these rapidly growing companies have a collective estimated value of over $400 million, have created top-quality jobs, and have brought new capabilities to the markets they serve, demonstrating how this strategic investment and the competitive advantages that New York has to offer can change the trajectory for diverse business founders.” Applicants for Luminate NY must be incorporated, have at least two full-time employees, and should have proven their core technology, preferably having developed a working prototype. Once admitted, companies will receive assistance, including capital, access to comprehensive lab facilities for technology development, education, and business mentoring. Applications will be accepted now through January 9, 2023. Luminate NY is funded by the transformative Finger Lakes Forward Upstate Revitalization Initiative, a comprehensive strategy to foster economic development and revitalize communities, and is administered by NextCorps. Located in the imaging capital of the world—Rochester, NY—the Luminate accelerator provides immediate funding of $100,000 paired with a six-month hybrid mentoring program to help new companies scale both their businesses and technologies. Program participation includes both virtual and in-person events. Dr. Sujatha Ramanujan, Managing Director, Luminate NY said, “Luminate’s reputation continues to grow for how its OPI-focused funding, curriculum, and mentoring advances the progress of emerging companies and the development of their technologies.  We encourage founders to apply to gain the benefits of this unique support, as well as the collaboration and connections we provide that can open new opportunities for scaling their businesses.” The opening of the recruitment period comes just weeks before Luminate NY’s fifth cohort of companies competes for $2 million in follow-on funding during Luminate Finals 2022. This year, Optica is sponsoring the finals event and it will take place as part of the Frontiers in Optics + Laser Science show on October 19, 2022 beginning at 12:30 p.m. EDT. Attendees can register to attend the free event in person or virtually via Zoom. In addition to seeing the teams compete for funding, the public will vote for their favorite startup, which will be awarded $10,000 as part of the annual New York State competition. Renowned physicist Michal Lipson will be the keynote at the event. The Finger Lakes Region is home to an incredibly rich ecosystem for forward-thinking entrepreneurs who are looking to grow their business. Rochester offers the American Institute for Manufacturing Integrated Photonics’ Test, Assembly, and Packaging facility at Eastman Business Park, the University of Rochester’s Institute of Optics, the Rochester Institute of Technology, and more than 150 local OPI companies which employ more than 17,000 employees who are building on the region’s legacy as a global imaging leader.   State Senator Jeremy Cooney said, “I’m excited to see the opportunities for continued technological innovation and economic development that the cohort chosen from this sixth round of Luminate NY’s business competition will bring to our region. As a world leader in OPI, this partnership is a win-win for Greater Rochester as well as the companies that will be housed here. I’m grateful to Empire State Development and Finger Lakes Forward for advancing this work in our community.” Assemblymember Harry Bronson said, “As Chair of the Assembly's Committee on Economic Development, I join the Governor in encouraging our great talented pool of young entrepreneurs to enter round six of Luminate NY. There are so many opportunities for growth here in the Finger Lakes Region, and I know the entrepreneurial spirit and creative minds of our community will provide future jobs and economic growth for our state and nation. This competition has continually helped to build a brighter future for our families here in the Finger Lakes Region and we are thankful for round six.” Monroe County Executive Adam Bello said, “The Luminate NY accelerator program has already brought real results to Monroe County with investments in promising companies that will help provide jobs and economic growth for our region and continue to position our community as a global leader in the light-based products and services sector. I thank Empire State Development and Gov. Hochul for continuing to recognize our region’s potential and spurring growth in our high-tech optics, photonics, and imaging industries.” Rochester Mayor Malik Evans said, “The City of Rochester is excited to welcome the sixth Luminate New York cohort. Luminate’s proven success in connecting the world’s best and brightest in optics, photonics, and imaging with the depth of resources and experience in Rochester has driven entrepreneurs’ success as well as sustainable economic empowerment for the region. This is a true win-win for innovation and for Rochester.” For additional information about Luminate NY, visit: https://luminate.org/. For additional information about NextCorps, visit: https://nextcorps.org/. Accelerating Finger Lakes Forward  Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The regionally designed plan focuses on investing in key industries including photonics, agriculture‎ and food production, and advanced manufacturing. Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here. ​ 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 the 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: Shari Voorhees-Vincent | [email protected] | (585) 399-7055 Press Office | [email protected] | (800) 260-7313 Shannon Wojcik | Luminate | [email protected] | (585) 831-6267
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