Empire State Development hands out $12 million in incentives
Empire State Development (ESD), the state's economic development agency, opened its wallet yesterday, doling out more than $12 million for what it says will yield more than 800 new jobs and more than 1,800 retained in New York.
In Rochester ESD granted $3 million to three tech companies that are relocating to the former Kodak facility now known as "Eastman Business Park." Matt Daneman at the Democrat and Chronicle reports:
The three — Omni ID, Quintel and Intrisiq Materials — are currently based in the United Kingdom or California and are moving some or all of their operations to Eastman Kodak Co.'s Building 320. The money, according to Empire State, is to go toward renovations of the building and purchases of equipment. The three projects combined represent an investment of more than $28 million. The companies, which first announced plans to come to Rochester last June, are now being overseen by Trillium International, a fund managed by Perinton venture capital firm Trillium Group. Combined, they are expected to employ 250 people here within four years.
In Buffalo, the Buffalo News reports that ESD approved $280,000 for a collections agency to expand to help it fulfill a contract for the New York State Higher Education Services Corp. And SKF Heath Transfer picked up $250,000 for new equipment.
Binghamton's City Council has approved a $130,000 loan to an Asian grocery story to help the owner put in a restaurant. As a condition of the loan the store has to create four full-time positions in three years, reports Nancy Dooling at the Press & Sun-Bulletin.
Cash to subsidize video lottery operations that was at risk of being cut in the state budget has been restored, reports Andrea Deckert in the Rochester Business Journal:
Gov. Andrew Cuomo’s executive budget proposal released in January eliminated all VLT [video lottery terminal] Aid in the state, except for Yonkers, where the Empire City Casino is located. However, the final joint budget legislation, which will be voted on later this month, includes over $1 million in VLT aid for Farmington and $380,000 for Ontario County. “The Finger Lakes Racetrack plays a critically important role in our area's economy,” [Senator Michael] Nozzolio, a member of the senate Task Force on the Revitalization of the Racing Industry in New York, said in a statement. “While it is critically important to reduce state spending, we must continue to support programs that drive economic growth and encourage tourism and in our communities.”
Want more money news from the Innovation Trail? Subscribe to the feed.