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Board Meeting
Tuesday, July 25, 2023 - 3:30pm
This meeting is open to the public.
The public may listen to the meeting via webcast by clicking the link below.
Due to 633 Third Avenue building procedures, those attending should please RSVP by 5:00 p.m. on Monday, July 24, 2023.
RSVP press line (800) 260-7313; RSVP public line (212) 803-3240.
Members of the public may submit comments on the Agenda items in writing to [email protected] by 5:00 pm on Monday, July 24, 2023.
Public Notice
Friday, July 21, 2023 - 2:00pm
View all grants to be presented at the batch virtual public hearing.
Board Meeting
Friday, July 21, 2023 - 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 4:30 PM on Thursday, July 20, 2023.
All comments received by the deadline will be distributed to the Directors prior to the meeting and posted online.
Press Release
Thursday, July 20, 2023 - 1:57pm
Partnership With Mission-Driven Community Lenders Will Strengthen Small Businesses and Non-Profits Through Access to Capital and Support Services
Expanded Eligibility Will Allow More Small Businesses to Qualify for Loans
Interested Businesses Can Pre-Apply Here
Traducción al español
Governor Kathy Hochul today announced the New York Forward Loan Fund 2 program for qualifying small businesses and nonprofits. After expanding criteria for qualifications and with even greater resources allocated for the program, the enhanced fund represents an even bolder commitment to New York State’s small businesses. Qualified recipients with fewer than 100 employees and less than $5 million in gross annual revenue can apply for loans up to $150,000 with affordable, fixed-rate interest rates. Part of New York’s broader State Small Business Credit Initiative efforts led by Empire State Development, the fund will be in place for the next eight years and will focus on helping small businesses and nonprofits, particularly those in low-income and historically underbanked communities and rural areas access flexible working capital to cover a wide range of expenses, from payroll and marketing to facility renovations. Additionally, free support services from experts will work with businesses throughout the life of the loan.
“New York’s small businesses are the lifeblood of our state’s economy and vital to growing and strengthening New York State,” Governor Kathy Hochul said. “With expanded eligibility, this new and improved New York Forward Loan Fund will build on the success that the first fund achieved supporting small businesses during the pandemic and continue to help even more small businesses grow and thrive across the state."
Empire State Development President, CEO and Commissioner Hope Knight said, “The New York Forward Loan Fund 2 was designed to be a stable, flexible resource for New York’s small business community across the state to access capital when they need it. This innovative program will match small businesses to strong, statewide CDFI lenders who can provide individualized service and technical assistance, especially for business owners who have credit needs that are too small for most banks.”
The New York Forward Loan Fund was initially designed to provide hands on support and access to flexible, affordable credit to the smallest businesses across New York who lacked access to affordable credit options in response to COVID-19. New York State needed to create its own program to address inequities in distribution of funds and because smaller loans were not widely available in the market at affordable rates. The original fund processed over 1,700 loans and distributed $97 million in pandemic relief to small businesses and served as a life-line, especially for women and minority-owned companies. More than 50 percent of loan recipients had never applied for a business loan prior to the New York Forward Loan Fund.
Read the full press release here.
Board Meeting
Thursday, July 20, 2023 - 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, July 19, 2023.
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 3:00 p.m. on Wednesday, July 19, 2023.
All comments received by the deadline will be distributed to the Directors prior to the meeting and will posted online.
Blog Post
Wednesday, July 19, 2023 - 5:20pm
Commencement’s over; now what? Summer’s the time when recent college graduates are looking for must-haves – including well-paying jobs, dynamic downtowns, and ample nature to explore. More than just a stepping stone, they are searching for the best place to live, start and ground their careers.
Ranked highly among multiple outlets indexing ideal cities for new grads, Albany and the Capital Region are checking many of the boxes, blending professional opportunity that features all the perks of urban living with unparalleled outdoor beauty and recreation that are practically right next door.
Albany has become a chart-topping city for young professionals seeking relocation, featured in the Top 10 of Zillow’s Best U.S. Cities for Recent Grads — based on rent-to-income ratio, average salary, job openings and number of people in their 20s. Ranked by homebuyer.com as the 11th best city for young adults and professionals and by WalletHub among the top 20 most educated cities in the country, Albany also is among the 25 Best Places to Live for Quality of Life, according to a recent U.S. News ranking.
Press Release
Tuesday, July 18, 2023 - 4:58pm
RFP Places Strong Emphasis on Housing, With a Range of Unit Sizes and Affordability Levels
Also Announces Progress Toward Redeveloping Livingston Correctional Facility as Livingston County Industrial Development Agency Secures Necessary Approvals for Land Transfer
Aligns With Governor’s Ongoing Effort to Identify State-Owned Sites for Potential Residential Uses
Governor Kathy Hochul today announced that Empire State Development, in partnership with the Office of General Services and Department of Corrections and Community Supervision, has issued a Request for Proposals for the former Downstate Correctional Facility located in Fishkill, Dutchess County. This Request for Proposals advances recommendations made by the Prison Redevelopment Commission and builds on first-in-the-nation strategic efforts to reimagine former prison sites from an economic development focus as prison populations shrink and prisons close. The Request for Proposals is also a part of the Governor’s ongoing effort to identify state-owned sites for potential residential uses to increase the State’s housing supply in light of the housing crisis.
“The formation of the Prison Redevelopment Commission, announced nearly one year ago, was the first comprehensive analysis in the United States for the reuse and redevelopment of New York’s closed facilities,” Governor Hochul said. “The Commission compiled thoughtful, realistic information and recommendations that considered input from both experts and community stakeholders, and we are hitting the ground running and taking major steps to move these recommendations forward in ways that will give impacted communities a voice on the future of these closed sites.”
Governor Hochul also announced that Empire State Development has secured necessary approvals for the transfer of Livingston Correctional Facility to the Livingston County Industrial Development Agency, advancing another key recommendation from the Prison Redevelopment Commission’s 2022 Unlocking Opportunity report.
Request for Proposals to Redevelop Downstate Correctional Facility
The primary development objective for the redevelopment of the Downstate Correctional Facility is to maximize benefits to the surrounding community and region while prioritizing housing. Following the Governor’s directive and in accordance with recommendations from the Unlocking Opportunity report, the Request for Proposals (RFP) places a strong emphasis on housing in a mix of unit sizes and affordability ranges and makes up to $8 million in incentives available to eligible respondents to address remediation and demolition costs. View RFP here.
Read the full press release here.
Press Release
Tuesday, July 18, 2023 - 2:57pm
Inaugural Shipment Includes Wines from World-Renowned Finger Lakes Region
Partnership Represents Special Relationship Between New York and Puerto Rico and Growing Demand for New York State Wines
Traducción al español
Governor Kathy Hochul today announced an inaugural partnership that enables New York State wines to be sold in Puerto Rico for the very first time. The New York State Office of Trade and Tourism, distributor Serrallés Imports, and the legendary Steuben County-based Dr. Konstantin Frank Winery are making a selection of wines produced in the Finger Lakes region available in Puerto Rico for local purchase. This collaboration marks the first-ever introduction of New York wines into the growing Puerto Rico wine market and uncorks a new era of wine connoisseurship and cultural exchange. The new partnership was toasted today at a wine-tasting launch at the New York State Office of Trade and Tourism in San Juan, attended by the New York State Department of Agriculture & Markets Commissioner Richard Ball.
"Puerto Rico has shared so much of its culture, vibrancy, and creativity with New York, and our history and future are intrinsically intertwined," Governor Hochul said. "Now Puerto Rico will be able to enjoy what wine lovers across the world have long known - the best wines are made in New York. Cheers to this fantastic collaboration!"
Stemming from a shared vision of New York State Office of Trade and Tourism and Serrallés Imports, one of Puerto Rico's largest distributors, the State recognized the immense potential for promoting and celebrating New York wines. Partnering with Serrallés and Dr. Konstantin Frank, New York's most awarded winery, the New York State Office of Trade and Tourism was able to work through export requirements to bring Dr. Frank's wines into the market, and leverage Serrallés Imports extensive distribution network and wine and spirits industry expertise to ensure that New York-made wines are available to consumers and connoisseurs across Puerto Rico. The winery will be providing its Riesling varieties and Rosé for export. The State hopes to expand the selection of wines and wineries participating in this initiative in the future.
Empire State Development President CEO and Commissioner Hope Knight said, "New York State wines are of the highest caliber in the world and I'm proud to join Governor Hochul in celebrating the export of Finger Lakes vintages to Puerto Rico for the first time. Thanks to the hard work of ESD's Office of Trade and Tourism, this partnership supports local production and will continue to enrich the vibrant, longstanding cultural exchange between New York and Puerto Rico, benefitting both our communities and economy."
Read the full press release here.
Board Meeting
Tuesday, July 18, 2023 - 10:00am
With Video Conferencing To:
Empire State Development – Albany Office, 625 Broadway – 8th Floor Conference Room, Albany, New York 12245
And:
Buffalo Regional Office, 95 Perry Street– 5th Floor Conference Room, Buffalo, New York 14203
This meeting is open to the public.
Webcasting of the meeting is available by clicking here.
Due to building procedures, those wishing to attend at any of these locations must RSVP by 4:30 p.m. on Friday, July 14, 2023.
RSVP press line (800) 260 -7313; RSVP public line (212) 803-3772.
Members of the public may submit comments on the Agenda items in writing to [email protected] by 4:30 p.m. on Thursday, July 13, 2023.
All comments received by the deadline will be distributed to the Directors prior to the meeting and will be posted online.
Press Release
Tuesday, July 11, 2023 - 12:21pm
Schumer Personally Called Menlo Micro CEO Last Year to Urge Them to Invest in Upstate NY; Now Company Has Heeded His Call and Chosen a Facility in Lansing, NY, With Albany NanoTech Complex Serving as Home of Company's Global R&D Hub to Boost New Domestic Manufacturing
Menlo Micro Cites Schumer's Chips & Science Act, Governor's Excelsior Jobs Tax Credits as the Lightning Rod to Bringing Semiconductor Jobs Back to U.S., New First-Of-Its-Kind Microchip Switch Manufacturing Facility To Region
Menlo Micro's Ideal Fab Builds on State and Federal Efforts to Grow Chip Manufacturing Ecosystem in New York State, Follows Historic Partnerships to Bring Micron, Edwards Vacuum to New York
Traducción al español
Governor Kathy Hochul and U.S. Senate Majority Leader Charles Schumer today announced that following their long advocacy to make New York a global microelectronics manufacturing hub and Schumer's personal call to Menlo Micro CEO Russ Garcia last year, the company has heeded their calls and will invest over $50 million to build their first domestic microelectronics fabrication facility in Tompkins County, creating over 100 new good-paying jobs.
"With this agreement to bring Menlo Microsystems to Tompkins County, we are once again declaring New York State as Chips Country," Governor Hochul said. "Menlo Micro's groundbreaking chip technology powers the tools and electronics that New Yorkers rely on every day, and thanks to a remarkable partnership between local, state, and federal officials, their New York production facility will create more than 100 high-tech jobs and unlock millions of dollars in investment to support the entire region. I am excited to welcome Menlo to New York's chip-making ecosystem as we continue our work to attract the innovative, 21st century businesses that will provide good-paying jobs, grow our advanced manufacturing sector, and move our economy forward."
Senate Majority Leader Chuck Schumer said, "With my CHIPS & Science Act as the lighting rod, Menlo Micro will invest $50+ million to build their first domestic manufacturing facility for their cutting-edge technology right here in Tompkins County! Last year, I personally called Menlo Micro's CEO to tell him that Upstate New York is the next frontier for microelectronic and semiconductor manufacturing, and I'm thrilled they are now bringing 100 new good-paying jobs to Tompkins County. I applaud Menlo Micro for this major investment that will help drive Tompkins County and America's economic future in tech manufacturing, and thank Governor Hochul for her partnership to help transform Upstate NY into a global center for innovation, high tech and advanced manufacturing jobs. The greater Ithaca area is unquestionably leading the charge in research and development and building the future of technology, and Menlo Micro will help further supercharge the region's leadership, while helping secure America's critical microelectronics supply chains that power everything from 5G communications to the power grid to aerospace engineering with their switch technology made right here in Tompkins County. From Micron's historic investment in Central NY, to Wolfspeed's new fab in the Mohawk Valley, Edwards Vacuum soon beginning production in Western NY, GlobalFoundries planned expansion in the Capital Region, Onsemi investing in the Hudson Valley, and now Menlo Micro supercharging our microelectronics supply chain in the Southern Tier, we are bringing manufacturing back to America, back to Upstate New York!"
CEO of Menlo Micro Russ Garcia said, "Today's announcement represents the first step toward significantly increasing the domestic production capacity of our Ideal Switch to help secure critical infrastructure and further strengthen America's technology stronghold. We want to thank Senate Majority Leader Schumer for his leadership on the CHIPS and Science Act, which is directly supportive of and aligned with our plan to onshore our manufacturing capabilities. We look forward to continuing to work with Sen. Schumer, Gov. Hochul, Sen. Gillibrand, Rep. Molinaro and the entire New York delegation as we begin ushering in the next generation of electrification, delivering unprecedented cost and energy savings to essential U.S. industries. We believe this fab modernization project is in 100 percent alignment with the presidential directive on bringing semiconductor manufacturing back to the United States."
Schumer and Hochul said that the retrofitting of Menlo Micro's new Ideal fab has already begun in the Village of Lansing. Menlo Micro has pioneered next generation switch technology. These hyper-efficient switches have broad base application, including aerospace, energy, communications, critical infrastructure and more. These switches are also a vital component of the microelectronics industry, supporting the growth of the domestic semiconductor industry that is being driven by Schumer's CHIPS and Science Act.
To support the construction of Menlo Micro's new fab, Empire State Development will provide $6.5 million in performance-based Excelsior Jobs Tax Credits in exchange for 122 new jobs at their Ithaca facility. As with all Excelsior Jobs projects, Menlo Micro will receive the credits after demonstrating that they have met their job and investment commitments.
Read the full press release here.