Empire State Development Programs 2017 6/13/2017
What is ESD Empire State Development (ESD) is the economic development arm for New York State. The mission of Empire State Development is to promote a vigorous and growing state economy, encourage business investment and job creation, and support diverse, prosperous local economies across New York State through the efficient use of loans, grants, tax credits, real estate development, marketing and other forms of assistance. 2
ESD Incentives and Programs Economic Development Fund Market NY Tourism Grant Program Upstate Revitalization Initiative Excelsior Jobs Program Job Development Authority (JDA) Direct Loan Program Linked Deposit Program Regional Economic Development Council NYS Film Tax Credit Start Up NY NYS Innovation Venture Capital Fund Restore NY Craft Beverage Minority and Women Owned Business Investment Fund Global NY Grant Fund Program Innovate NY Funds Strategic Planning and Feasibility Studies Program NYS Certified Business Incubator and Innovation Hot Spot Program And MUCH more. 3 3
The Consolidated Funding Application (CFA) Streamlined approach to funding requests A single portal allowing access to over $800million Over 30 programs from 12 state agencies 6/13/2017
2017 Competition Breakdown Unprecedented Commitment to Economic Development in New York State More resources = More Opportunities $150M in Capital Grants; $75M in Excelsior Tax Credits All 10 regions eligible Over $575M in additional state funding through the Consolidated Funding Application (CFA) from various state agencies All 10 regions eligible $10M to each region for Downtown Revitalization Initiative 5
Available Resources for Regional Councils in 2017 Direct Assistance to Business and Other Organizations: up to $247.25 million Empire State Development Up to $150 million for ESD Grant Funds Up to $75 million for Excelsior Jobs Program Up to $1.25 million for Innovation Hot Spot Program Up to $1 million for the Strategic Planning and Feasibility Studies Up to $15 million for Market New York Low Cost Financing: Up to $300 million Empire State Development Up to $300 million for Industrial Development Bond (IDB) Cap Department of Agriculture and Markets Up to $5 million for New York State Grown and Certified Agricultural Producers Grant Program 6
Available Resources for Regional Councils in 2017 Community Development: up to $73.1 million NYS Council on the Arts Up to $5 million for Arts, Culture and Heritage Projects Up to $20 million for NYSCA/ESD Arts & Cultural Facilities Improvement Program Homes and Community Renewal Up to $20 million for NYS Community Development Block Grant Program Up to $6.2 million for New York Main Street Program Office of Parks, Recreation and Historic Preservation Up to $1.9 million for Recreational Trails Program Up to $20 million for Environmental Protection Fund Grants Education/Workforce Development: up to $5 million Department of Labor Up to $5 million for Workforce Development 7
Available Resources for Regional Councils in 2017 Environmental Improvements: up to $105 million Department of Environmental Conservation Up to $3 million for NYS DEC/EFC Wastewater Infrastructure Engineering Planning Grant Up to $87 million for the Water Quality Improvement Project Program Environmental Facilities Corporation Up to $15 million for the Green Innovation Grant Program Sustainability Planning and Implementation: up to $14 million Department of Environmental Conservation Up to $10 million for the Climate Smart Communities Program Department of State Up to $4 million for Local Government Efficiency Grants 8
Program Objectives: Capital Projects Business Investment ESD Grant Funds Infrastructure Investment Economic Growth Investment 9
ESD Grant Funds Eligible Project Costs Grant Funds may be used for: Acquisition of land, buildings, machinery and/or equipment; Demolition and environmental remediation; New construction, renovation or leasehold improvements; Acquisition of furniture and fixtures; Soft costs of up to twenty-five percent (25%) of total project costs; and Planning and feasibility studies related to a specific capital project or site. 10
Excelsior Jobs Program $75 million in tax credits is available for economic development. The Program is limited to firms making a substantial commitment to growth either in employment or through investing significant capital in a NYS facility Eligibility Job Growth Track: Targeted industries Creating net new jobs RSP (net new jobs & significant capital investment) Investment Track: Firms in targeted industries (except manufacturing) who retain at least 25 employees; manufacturing firms who retain at least 5 employees Makes investment Meets a benefit-cost ratio of at least 10:1 Discretionary applicants may not be awarded the maximum allowable amount 11
Excelsior Jobs Program Targeted Activities /Industries Firms with project activity in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to four tax credits. Manufacturing Agriculture Software Development & New Media Scientific R&D Distribution Center Back office Financial Services Music Production Entertainment Company Life Sciences 12
Round VII Timeline May 1 CFA Opens July 28 CFA Closes At 4 PM Sharp - No late submissions! October 2 Regional Council Updates and Scores Due Late Fall Round VII Awards Ceremony 13
For More Information Consolidated Funding Application: http://nyworks.ny.gov Email Empire State Development: cfa_esd@esd.ny.gov 14
Governor Andrew Cuomo s Downtown Revitalization Initiative Round Two 6/13/2017
Downtown Revitalization Initiative $100 Million State Investment in 10 downtown neighborhoods nominated by REDCs Strategic Investment Plans will identify projects funded through the DRI and other public & private resources
Community Applications REDCs accept new or revised applications in template form Application requires Vision Preliminary Project List Desired attributes addressed Deadline is June 14th 17
ESD Programs Restore NY The Restore New York Communities Initiative provides municipalities with financial assistance for revitalization of commercial and residential properties. The program encourages community development and neighborhood growth through the elimination and redevelopment of blighted structures. Program Highlights The Restore New York program was established to 18 revitalize commercial and residential property; attract residents and business; and increase tax base, make communities economically viable. Priority is given to projects in a Brownfield Opportunity Zone
ESD Programs Restore NY Eligibility Restore New York funding is available for projects involving the demolition, deconstruction, rehabilitation and or reconstruction of vacant, abandoned, condemned and surplus properties. Applicants must: be initiated by municipalities; demonstrate at least a 10% match; and hold a public hearing to discuss the application and the property assessment list. 19
ESD Programs Restore NY https://esd.ny.gov/businessprograms/restoreny.html 20
ESD Programs New Markets Tax Credit Program ( NMTC Program ) The New Markets Tax Credit Program ( NMTC Program ) provides investment capital for operating companies and real estate development projects in order to foster job creation and community development in low-income communities throughout New York State. The NMTC program is intended for borrowers / projects that can demonstrate new, quality, permanent job creation for low-income communities throughout New York State, or otherwise provide goods and services that benefit residents of those communities. 21
ESD Programs New Markets Tax Credit Program ( NMTC Program ) Program Eligibility Borrowers must meet the definition of a Qualified Active Low-Income Community Business as defined under the NMTC Program guidelines. In addition, investments must be located in census tracts that meet the definition of higher distress per NMTC program guidelines (see definitions below). ESNMC will target: At least 50% of its financing activities to borrowers in non-metropolitan (i.e. rural) counties as defined by the CDFI Fund Operating businesses seeking growth capital for equipment, inventory, and other growth needs Business or non-profit owner-occupied facilities Commercial or mixed-use real estate projects 22
ESD Programs New Markets Tax Credit Program ( NMTC Program ) NMTC product types: Small projects or businesses with borrowers seeking $200,000 $400,000 in flexible low-cost capital, as part of a total project budget of $2 million or less. Projects or businesses that have capital needs that are at least $10 million and have a $1.5 $2 million gap that can be filled by flexible low-cost NMTC capital. ESNMC will consider, on a case-by-case basis, other investments that may not fit these categories. 23
ESD Programs New Markets Tax Credit Program ( NMTC Program ) https://esd.ny.gov/new-markets-tax-credit-program 24
Regional Office The Capital regional office works hand-in-hand with new and existing businesses and local communities to help identify funding options. www.esd.ny.gov Michael Yevoli Regional Director, Capital Region Arnie Will Deputy Director Linda Dillon Project Manager Heidi Pasos Economic Development Program Specialist 2 Kathryn Bamberger Industrial Development Representative, Global NY Shelley Leighton Secretary Empire State Development 433 River Street, Suite 1003 Troy, NY 12180 (518) 270-1130 25