Friday, June 29, 2012


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ESD Board approves grants and loans leveraging more than $245 million in investment

NEW YORK - Empire State Development’s Board of Directors approved funding totaling $9,832,900, pledging to create 120 new jobs and retain 1069 existing jobs in New York State. The funding will leverage over $245 million in investments across the state.

“Over $245 million in investments from business across New York show that companies believe in the new New York, and are choosing to stay here and grow here. Our support for these projects demonstrate a smart use of limited state resources that will stimulate much-needed job creation and economic activity in communities that need it most,” said ESD President, CEO & Commissioner Kenneth Adams. “Today’s investments of over $245 million show that companies believe in the new New York, and are choosing to stay here and grow their business, which is good news for all New Yorkers.”


The Board has approved Economic Development Fund grants for the following:

  • Novelis Corporation (Oswego County) – $5,000,000
    Novelis is investing more than $200 million to expand its operations in Oswego County in response to escalating demand for aluminum sheet in the United States. The expansion will result in a 400 percent increase in the company’s North America capacity for producing aluminum sheet for the automotive industry. ESD is providing a $5 million grant to assist with the project, which will create 100 new, full-time permanent jobs and retain 651 existing employees.
  • Hi-Tech Pharmacal Co., Inc. (Suffolk County) – $500,000
    The company, which has the largest market share of sugar-free cough remedy in the U.S., will use a grant of up to $500,000 for the first phase of a two phase expansion project, which entails the purchase of 1 new building, and renovations and equipping the new building as well as 6 existing buildings the company owned in Amityville.
  • Pentegra Services, Inc. (Westchester County) – $150,000
    Pentegra Services, Inc., an independent provider of retirement products and services to organizations In order to accommodate its significant growth, Pentegra found it necessary to either expand its existing space or relocate to a much larger facility in Connecticut. For the company to stay in New York, a capital grant of $150,000 was offered to the company by ESD to provide the additional funding needed to increase the existing space and perform major upgrades.


The Board has approved a Restore III grant for the following:

  • Village of Hudson Falls (Washington County) -- $500,000
    A once thriving community that has seen many of the businesses that defined its economy permanently closed or relocated, will use a grant of up to $500,000 to renovate the vacant, former First National Bank building, located in the heart of downtown Hudson Falls.


The Board has approved Regional Council Awards for the following:

  • Windham Mountain Partners, LLC (Greene County) – $1,500,000
    A transformational project named “Destination Windham.” The historic flooding and destruction caused by Tropical Storms Irene and Lee has placed this transformational project at risk unless an improved stormwater management system is implemented.
  • Finger Lakes Cultural & Natural History Museum (Yates County) – $1,500,000
    The grant will go towards offsetting the costs of acquiring and renovating the Branchport Elementary School site and the construction of the Discovery Campus. Other state agencies, EFC and OPRHP, are also contributing funding to the first phase of this transformational project.
  • Accelerate Long Island, Inc. (Nassau & Suffolk Counties) – $500,000
    The not-for-profit corporation will use a grant of up to $500,000 to be used for a portion of the cost of investments in technology firms on Long Island as part of a regional effort to support new technology firm start-ups in the region and to collaborate efforts among Long Island’s research institutions.
  • Cornell Cooperative Extension of Suffolk County (Suffolk County) – $182,900
    Will use a grant of up to $182,900 to assist in the expansion of the Peconic Bay Scallop Restoration Project in Suffolk County, which focuses on restoring the bay scallop population on Long Island to both protect the eco-system and generate marine-related economic activity.

"Empowering each region with the tools to invest in local job creation is exactly what our local economies need to get back on track. Regional Councils are like New York State's hardware store for economic development - providing the tools for each community to rebuild their economy and generate sustainable business growth," said Empire State Development President, CEO, & Commissioner Kenneth Adams.