The Board of Directors of Empire State Development, the chief New York economic development agency, has approved $10 million in funding for 19 projects that will create or retain a total of 325 jobs.
“These projects spur economic development from the ground-up, and they are helping to drive growth and attract new businesses in communities that need it most,” said Governor Andrew M. Cuomo.
One of two REDC award grants approved by the ESD Board goes to the Development Authority of the North Country. DNAC is getting a $1 million grant to establish a revolving loan fund (Value Added Agricultural Loan Fund) that will help develop agribusiness facilities.
The REDC award grant was for vocational rehabilitation center Challenge Industries, which is getting $300,000 for a food production facility that will provide rental space and a central packaging and processing hub for farmers and producers for an area that covers nearly 5,000 farms.
Funding for four other projects was approved through the Empire State Economic Development Fund and Economic Development Purposes Fund.
Thomas Mott Osborne Memorial Fund Capital – This non-profit organization is getting $6 million to help them redevelop the Fulton Correctional Facility, which will now be the Fulton Economic Development and Community Reentry Center with a mission to help ex-offenders with everything from temporary housing to job training, placement and business development services.
Advanced Tool Inc. – Advanced Tool is getting $200,000 to help with an investment project including machinery upgrades and facility renovation. This $1.5 million project in Oneida County would not have gone ahead without the ESD grant.
Coast Professional, Inc. – This Louisiana-based company was considering an expansion on either coast, and chose New York over California, aided by a $90,000 grant to support their construction and renovation plans for an existing facility in Geneseo, Livingston County. The project helped retain the company’s 103 existing jobs, and helped create 47 new jobs.
Plattsburgh‐North Country Chamber of Commerce – The Chamber is getting $68,000 to help them attend the 2014 Farnborough Air Show in the U.K., where they plan to assist companies from New York market their products and services.
The ESD Board additionally approved $2,423,196 under the Market NY Grant Program to 13 Regional Marketing Tourism projects. These are all projects that support their respective Regional Council’s strategic plans for tourism, and will also be coordinating with the state’s “I LOVE NY” tourism division to maximize the statewide impact of the project.
ESD President, CEO and Commissioner Kenneth Adams said these strategic investments ESD is making in New York State support major economic development projects and are creating job opportunities for New Yorkers.