New York to invest millions in economic development projects

The state of New York has awarded more than $45 million to make seven locations in the state’s Southern Tier attractive to large employers and high-tech manufacturing companies.

The funds are available through New York’s Focused Attraction of Shovel-Ready Tracts (FAST NY) grant program, which supports pre-development activities and infrastructure investments designed to attract large-scale employers.

“From the Hudson Valley to the Southern Tier, these FAST NY investments are helping to unlock economic opportunity all across our state,” New York Gov. Kathy Hochul said in a press release.

FAST NY provides local governments and Industrial Development Agencies (IDAs) with resources to cultivate sites tailored to specific industries, according to Hope Knight, CEO of Empire State Development, which funds FAST NY. The goal is to diversify the state’s economy and create jobs, specifically in high-tech manufacturing, semiconductors, clean-tech renewable energy and life sciences, program officials said.

Since it was implemented in 2022, FAST NY has awarded more than $175 million to 20 sites across upstate New York, officials said. The first two rounds of funding provided $40 million and $90 million to 13 locations in 2023.

More than half of the funds in this third round – $23.6 million – will go to a 332-acre site in Oneida County that officials said will be an ideal site for a semiconductor supply chain campus with up to 50 megawatts of power. Plans for the Triangle Site at Griffiss International Airport in Rome include electrical upgrades, water and sewer extensions, natural gas, transportation and general site work, according to program officials.

The Broome County IDA will receive $11.3 million for improvements at a 27-acre site located in Johnson City at the former BAE site on Main Street. The project will install an elevated development pad to prevent flooding and develop a stub road with infrastructure for water, sewer, and electricity. Stormwater improvements will also be made to activate the site for future use, program officials said.

The site is adjacent to a former coal plant and is within a federally designated Energy Community. Clean-tech manufacturers may receive significant allocations of federal funds reserved for use in these census tracts. The project is expected to bring a significant increase in tax revenues and new jobs.

Chemung County IDA will receive $4 million for a project located on North Main Street in Horseheads. The improvements will include upgrades to the existing rail, water, sewer and stormwater infrastructure to support planned growth and development at the site. The site will offer 765,000 square feet of modern manufacturing, warehousing, and logistics facilities.

“The Fast NY program is critical to the success of New York’s economy and our ability to attract private sector investment,” said Ryan M Silva, New York State Economic Development Council executive director. “Investments in infrastructure create good paying construction jobs that helps facilitate public private partnerships.”

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