TCAD & Economic Development An Overview of Strategies, Policies & Programs
TCAD s Mission TCAD is dedicated to building a thriving and sustainable economy that improves the quality of life in Tompkins County by fostering the growth of business and employment. TCAD s Vision A flourishing economy with exciting, innovative firms that inspire and attract a talented workforce.
! Board of Directors OFFICERS AND EXECUTIVE COMMITTEE MEMBERS! John Rudd, Chair - President & CEO, Cayuga Medical Center/Cayuga Health System Larry Baum, Vice Chair - Founder, The Computing Center Jeff Gorsky, Secretary/Treasurer - Partner, Sciarabba Walker & Co Greg Hartz, Past Chair - President, Tompkins Trust Company Greg Galvin - Chairman and CEO, Rheonix, Inc. Svante Myrick - Mayor, City of Ithaca Mary George Opperman VP and Chief Human Resources Officer, Cornell University Charlie Trautmann - Adjunct Professor of Engineering, Cornell University & Director Emeritus of the Sciencenter!
Board of Directors DIRECTORS Julie Baker Co-Founder & Data Platform Lead, Ursa Space Systems Katie Borgella Commissioner of Planning, Tompkins County Department of Planning & Sustainability James Brown President, United Way of Tompkins County Dr. Luvelle Brown Superintendent, Ithaca City SD Jerry Goodenough VP of Development, Heorot Power Bill Goodman Supervisor, Town of Ithaca Holly Hardie Walnut Ridge Dairy Anna Kelles Chair, Tompkins County Planning, Development, & Environmental Quality Committee Tom Knipe Deputy Dir. for Economic Dev., City of Ithaca Laurie Linn President, Communiqué Design & Marketing Joel Malina VP University Relations, Cornell University Julia Mattick Executive Director, Tompkins County Workforce Development Board Jason Molino Tompkins County Administrator Dr. Orinthia Montague President, Tompkins Cortland Community College! Brian Noteboom NE Regional Council of Carpenters Kara Pass Sr. VP, Tompkins Financial Advisors Martha Robertson Chair, Tompkins County Legislature Tom Schryver Executive Director, Center for Regional Economic Advancement, Cornell University Steve Snyder VP Global Manufacturing Strategy, BorgWarner Morse Systems Jennifer Tavares President, Tompkins County Chamber of Commerce Jennifer Tegan Partner, Cayuga Venture Fund Jeremy Thomas Senior Director, Cornell Real Estate Frost Travis President, Travis Hyde Properties Janet Williams Interim VP Finance & Administration, Ithaca College Gary Woloszyn Manager, Wegmans Gene Yarussi TCAD Foundation Liaison
Economic Development Goals Quality Jobs Strong Tax Base Vibrant Communities
Strategies to Achieve Goals Business Development Services Strategic Planning Economic Development Leadership
Key Activities Programs Business Retention and Expansion (BR&E) Tompkins County Industrial Development Agency (TCIDA) Tompkins County Development Corporation (TCDC) Revolving Loan Fund (RLF) Tourism Capital Grants (TCG) Services Strategic Planning Studies and Policy Development Business Planning Initiatives Finger Lakes Regional Prosperity Network (FLRPNet) Economic Development Collaborative (ED Collaborative) Air Service Board Advanced Manufacturing Employee Training Program Business Attraction Strategy
Guiding Principles Keep what we have / Grow our own Utilize scarce resources wisely Invest in companies that are here for sound strategic reasons Prioritize creation of entry level jobs with career ladders Balance development and quality of life 8!
Economic Overview: Traded Sectors Gross Product Manufacturing 16%! Local Sectors! 4.4 B! 47%! Traded Sectors! 4.9 B! 53%! Education 18.5%! High Tech 11%! Utilities 3%! Visitors & Tourists 2.5%! Mining <1%! Ag., Fish, Forestry 1%!
Traded Sectors Employment Manufacturing 4.9% Local Sectors Traded Sectors 58% 42% 37,600 jobs 27,300 jobs Educa9on 21.7% High Tech 8.5% U9li9es <1% Mining <1% Visitors & Tourists 4.4% Ag Fish Forestry 1.8%
Traded Sectors Average Wages Manufacturing 7% Avg $69,500 Educa*on 30% Avg $67,000 High Tech 11% Avg $64,000 Mining <1% Avg $53,000 Ag Fish Forestry 1% Avg $20,000 Visitors & Tourists 3% Avg $27,000 U*li*es 1% Avg $101,000
TCIDA Recent Projects Project Name Date Closed Project Value Square Feet Location 323T, LLC TBD 4,614,574 20,174 City of Ithaca DRS Newfield IV & V TBD 9,018,380 Solar Newfield SUN8PDC Dryden Road TBD 17,431,772 Solar Dryden SUN8PDC Ellis Road 2018 35,566,956 Solar Dryden Therm 2018 2,500,000 20,000 Town of Ithaca Ulysses Solar TBD 3,568,473 Solar Ulysses Enfield Solar TBD 4,615,649 Solar Enfield Tompkins Trust HQ TBD 35,000,000 110,000 City of Ithaca DRS Newfield I, II, III 2017 12,596,523 Solar Newfield City Centre 2017 52,713,000 218,211 City of Ithaca Mecklenburg Solar 2017 3,450,000 Solar Enfield Harolds Holding 2017 42,900,000 171,600 City of Ithaca Cayuga Ridge Nursing Home 2017 21,027,176 139,017 Town of Ithaca Hotel Ithaca Lenroc 2016 15,000,000 30,000 City of Ithaca Project Name Date Closed Project Value Square Feet Location Simeon s on the Commons 2016 660,000 9,660 City of Ithaca Carey Building 2017 5,757,000 17,000 City of Ithaca 210 Hancock/INHS 2016 21,706,403 77,342 City of Ithaca Hilton Canopy Hotel 2016 24,172,500 74,475 City of Ithaca 209-215 Dryden Assoc 2015 39,350,000 73,000 City of Ithaca The CBORD Group 2015 3,700,000 41,000 Town of Ithaca Advanced Design Consulting 2015 910,000 5,000 Town of Lansing Incodema 3D 2015 7,150,000 60,000 Town of Dryden BinOptics 2015 7,700,000 8,000 Village of Lansing Ithaca Beer 3 2015 7,200,000 23,800 Town of Ithaca Dairy One 2015 4,115,000 17,000 Village of Lansing Marriott 2014 32,000,000 100,000 City of Ithaca Total 2014 to 2018 $414,423,406 1,215,279
Tompkins County Development Corporation Project Name Date Closed Project Value Square Feet Ithaca College 2011 Bond Refinance! 2017! $21,980,000! N/A! Ithacare (Longview) 2008 Bond Refinance! 2017! $12,845,700! N/A! William George Agency! 2016! $3,000,000! 15,000! Ithaca College Refinance! 2015! $43,965,000! N/A! William George Agency! 2015! $2,000,000! N/A! Kendal at Ithaca Renovation/Expansion! 2014! $47,720,00 84,100! Cayuga Medical Center! 2013! $25,000,000! N/A! TC3 Foundation Refinance! 2013! $40,888,000! N/A! Kendal Refinance! 2012! $8,985,000! N/A! Franziska Racker Center! 2011! $2,500,000! 31,000! Ithaca College/College Circle Apts! 2011! $25,905,000! N/A! Cayuga Medical Center! 2010! $14,275,000! N/A! Totals $249,063,700 130,100
Revolving Loan Funds Project Name Year Project Value Projected Jobs Loan Amount BeetnPath! 2014! $501,000! 8! $150,000! Ithaca Coffee Company! 2014! $115,000! 3! $50,000! Finger Lakes ReUse! 2015! $2,267,962! 13! $50,000! Ithaca Beer! 2015! $4,200,000! 22! $300,000! Ithaca Hummus! 2015! $250,669! 50! $100,000! Rosie Applications! 2015! $200,000! 3! $100,000! Gimme Coffee Company! 2016! $167,100! 5! $50,000! Ithaca Hummus! 2016! $200,000! 28! $150,000! Concept Systems! 2017! $230,000! -! $103,500! Totals $8,131,731 132 $1,053,500
Tompkins Trust Company TCIDA
Therm, Inc. TCIDA
Ithaca Beer Revolving Loan Fund
Rosie App Revolving Loan Fund
Hangar Theatre Tourism Capital Grant
Sciencenter Tourism Capital Grant
Strategic Planning Economic Development Strategy Workforce Development Strategy Energy & Economic Development Task Force Sewer/Water Infrastructure Study Municipal Approval Process Study Food Processing Business Incubation Program
Challenges Workforce Housing! Utility Infrastructure NYS Business Environment
Thank You Michael Stamm President! Martha Armstrong Vice President and Director of Economic Development Planning! Heather McDaniel Vice President and Director of Economic Development Services! Margaret Frank Assistant Director, Communications and Economic Development Services! Ina Arthur Manager of Administrative Services!