Albany's green economy hangs with the big boys, IDAs get served
First up, a pat on the back for Albany.
Brookings notes the Albany area is one of just four metros -- Los Angeles, New York, and San Francisco are the others -- contributing $1 billion annually to the clean-export economy.
Public policy matters, posits the report. New York State’s steroid-like boost to the green industry is reflected in growth in jobs and investment around Albany.
Brookings praises New York state government for backing the green economy with hundreds of millions of dollars in investment. In particular, it cites the New York State Energy Research and Development Authority and its Clean Energy Business Incubator Program.
The report is based on 2010 data, meaning that some positive developments for the area, like a $57 million grant to the College of Nanoscale Science and Engineering at the University at Albany to form a solar manufacturing group, are not reflected in this report.
WMHT’s Marie Cusick will have more on this report later this week. So check it out, ‘Trail hikers.
Economic development through IDAs: hogwash or not?
The New York State Comptroller’s Office released a report Tuesday essentially saying Industrial Development Agencies are ineffective in promoting economic development.
Remember, IDAs grant tax breaks in exchange for promises to create or expand a business’s investment in a community. But IDAs have been criticized for straying from their original purpose of helping manufacturing companies by rubber stamping projects from businesses that don’t seem to need the help, like doctors’ offices.
Three companies that plan to pump $13.8 million into their existing facilities in Lancaster received sales tax breaks Tuesday from the town’s Industrial Development Agency. … [including] $56,875 in sales tax breaks for Progressive Insurance, which is undertaking a $650,000 renovation of a vacant 4,000-square-foot section of its Transit Road offices in the town.
The Lancaster IDA also approved nearly $100,000 in tax breaks for Ecology and Environment to buy new computer equipment. The company admits the IDA's help will create zero jobs.
The Innovation Trail will have a report about the IDA report at a later date. This is just an appetizer.