© 2022 Innovation Trail

NYS pension fund invests in job creation

retirement_Thomas Hawk.jpg
Thomas Hawk
via Flickr
Retirement funds for state employees are being put to work recruiting jobs to NYS.

New York's pension fund is investing in a wood pellet manufacturer that shifted jobs from Pa. to N.Y.  David Robinson of the Buffalo News writes that the deal is part of the state's new strategy of investing retirement dollars to create jobs:

DeltaPoint, which is one of a handful of private-equity firms across the state that participate in a program to invest state pension money in growing New York businesses, used $3.2 million in funds from the New York State Common Retirement Fund to help finance the acquisition and the headquarters move to Wellsville. “BioMaxxis a perfect example of how we can do well for the members of the retirement system, while doing good for New York businesses and the environment,” State Comptroller Thomas P. DiNapoli said in a statement.

Cash for jobs
Erie County's industrial development agency says it's doled out more than $230 million in the past year to create almost 460 jobs, reports David Robinson at the Buffalo News.  He writes that the data shows a lack of inducements for big companies:

But [the report] also shows how the agency has countered that trend through branching out into a relatively new area by encouraging developers to reuse vacant or underutilized buildings. “We have evolved from an entity that was focused on large-scale industrial developments to an agency that can assist General Motors and Fisher-Price one day, and Cedars Bakery and Bubbles Q Sauce the next,” said John Cappellino, the agency’s executive vice president. “The economic development picture was rather bleak last January, but it turned out to be an extremely productive year for all of our programs,” Philip C. Ackerman, the agency’s chairman, said as it released its annual report.

Gov goes green
Katie Stoner has a commentary at the Ithaca Journal, giving a rundown of some of the efforts that Tompkins County governments have made to "green themselves." Those improvements include Ithaca's hiring of an energy manager, Caroline's use of suntubes to light the new town hall, and Lansing's hiring of an "energy educator."

Want more economy news from the Innovation Trail?  Subscribe to the feed.