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Following the money - to GlobalFoundries

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Marie Cusick
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Today in your Trail Mix:

Parsing state investments in private firms and job creation in the nanotech industry.

Archeologists are worried about what's being lost to gas drilling operations.

New York's water and sewer systems need an upgrade.

Taxpayer investment in private business

The Times Union is investigating where state investments in chip manufacturing GlobalFoundries are going - including to the purchase of flat screen TVs, t-shirts, and grocery gift cards (Larry Rulison, Times Union).

The governor is aggressively wooing a 700,000 square-foot GE facility, as the company weighs settling in New York or Colorado (James M. Odato, Times Union).

Economic development officials in Genesee County are touting their recruitment of a Colombian yogurt company to the region (Paul Mrozek, Daily News).

A semiconductor trade group says New York's progress in recruiting nanotechology businesses is "truly spectacular" (Joseph Spector, Gannett). 

As a result, the interest in locating in New York is rising for computer firms (Joseph Spector, Gannett).

The Finger Lakes regional economic council says the Rochester area has a particular strength in energy research and development - and they're staking their application for state funding on it (Diana Louise Carter, Democrat and Chronicle).

Natural gas

Archeologists in Pennsylvania say they haven't heard from any gas drilling companies about items stumbled on in drilling. Drillers say they have their own archeologists on the job - and that worries preservationists (AP).

An area "slightly larger than Rhode Island" has been leased by various drillers in the Finger Lakes (Steve Orr, Democrat and Chronicle).

Just when some central New Yorker's thought they were of no interest to drilling firms: enter the Utica Shale formation (Glenn Coin, Post-Standard).

A Pennsylvania politician wants to know who would profit from developing natural gas under the Pittsburgh airport - a tactic that's also been considered in New York (Len Barcousky, Pittsburg Post-Gazette).

Activism

New York City's mayor warns that the Occupy Wall Street protests are bad for tourism and costing the city big in police overtime (Azi Paybarah, Capital New York).

The Innovation Trail's Marie Cusick is in New York right now, covering the protests.  For a preview, here's Planet Money's podcast looking at the economy that's developed in the protestor's encampment.

A coalition of around 400 people is opposing a natural gas storage facility at Seneca Lake (Neil Chaffie, Star-Gazette).

Broome County's "Broome Bounty," a church-run food program, has been booted out of a state grant program, losing a third of its budget (William Moyer, Press & Sun-Bulletin).

Government

Drinking water and sewage systems across New York need $75 billion worth of upgrades and repairs (Jon Campbell, Gannett).

More than half a million New York businesses now file their taxes online (Eric Anderson, The Buzz).

A provision in the president's jobs bill would make it illegal for most companies to refuse to hire someone just because they're currently out of work (Sam Hananel, AP).

How will New York replace the power provided by Indian Point, if the plant isn't relicensed in the coming years (Emma Jacobs, Innovation Trail)?

Rochester is on the hook to pay $5 million more for the Midtown Plaza site that it's demolishing - but that's actually a relief to city officials who were worried about a much bigger price tag (Zack Seward, Innovation Trail).

Business

About a third of New York's auto insurance firms had no complaints stand against them over the past two years, according to state officials (Jonathan D. Epstein, Buffalo News).

Employment in the performing arts is at its lowest point since 1990 (Mike Mandel, Innovation and Growth).

The town of Windham celebrated a "grand reopening of sorts" this weekend, when it held an annual fair despite flooding damage (Bryan Fitzgerald, Times Union).

Oswego is looking forward to the opening of a $6 million conference center, with the thinking that secondary economic effects of large meetings will spill over to local businesses (Debra J. Groom, Post-Standard).

New York has the lowest rate of homeownership in the country - likely because of New York City (Rick Karlin, Capitol Confidential).

Entrepreneurship

At the Post-Standard, Charles McChesney has profiles of entrepreneurs who've gone through a boot camp run by Syracuse University.

Entrepreneurs, it turns out, are optimistic about New York's economy - but that doesn't mean they're hiring (Eric Anderson, The Buzz).

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