NY awards more than $700M in economic incentives

Published on NewsOK Modified: December 19, 2012 at 12:09 pm •  Published: December 19, 2012
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ALBANY, N.Y. (AP) — New York economic development officials announced Wednesday a new round of more than $700 million in regional economic development incentives, mostly tax breaks, on top of $785.5 million announced last year, all intended to keep or create jobs.

The largest package this year is $96.2 million for 76 projects in the Finger Lakes region. Among them, it lists $5 million for Health Sciences Center for Computational Innovation, a partnership between the University of Rochester and IBM; and $5 million for equipment purchases at the recently completed Rochester Institute of Technology's Golisano Institute examining sustainability in product development.

Other large packages are $93.8 million for 73 projects in central New York, such as $3.1 million for the Syracuse Community Health Center to establish a center at the former Superior Electric facility. Another $92.8 million was announced for 84 projects in the mid-Hudson Valley, with $3 million to establish the Cloud Computing and Analytics Center at Marist College, meant to help technology-based companies by workforce training and by reducing overhead.

"For too many years, top-down economic development policies have failed communities across the state and not truly invested in the unique resources and strengths of each of New York's regions," Gov. Andrew Cuomo said. Strategic regional plans begun last year map a better approach, he said.



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