Economic News for Ithaca and Tompkins County
July 2021
Cayuga Park Breaks Ground!
Cayuga Park held a groundbreaking ceremony on July 13th. The project received tax assistance from the Tompkins County Industrial Development Agency (TCIDA), which is administered by IAED. The design for the project was created by local architecture firm, HOLT Architects, and the developer is Park Grove Realty.

The project will include a 64,000 square foot medical office building for Cayuga Medical Center. The medical facility will be walkable to city residents, generate jobs in the area, and will offer essential healthcare services including women’s health, quick urgent care, imaging, and specialty services. Programs and services will be targeted to the at-risk minority and low-income community in the City of Ithaca’s West End Downtown District, allowing lower income families better access to health care and essential services.

Cayuga Park will be home to 42 affordable housing units, as well as two mixed-use buildings with 166 market rate apartments and ground floor commercial space. The Community Gardens will be relocated slightly, but remain a vital part of Cayuga Park.
IAED Invests in Dimensional Energy
IAED approved a $50,000 convertible debt investment to Dimensional Energy, a company that extracts carbon dioxide from the atmosphere and converts it to commercial products. The investment was made through the Opportunity Fund, part of IAED’s Revolving Loan Fund Program. 
Dimensional Energy’s proprietary technique, developed at Cornell University, extracts carbon dioxide from the atmosphere and converts it into different types of fuel. The company currently intends to use the technique to produce jet fuel, resulting in a net reduction of carbon into the atmosphere. With the investment from IAED and others, Dimensional Energy projects the creation of 57 new jobs over the next four years.

$200M for Downtown Revitalization Initiative (DRI) in 2021
Governor Cuomo has announced that there will be $200 million available for the Fifth Round of the Downtown Revitalization Initiative.
Each of the 10 Regional Economic Development Council (REDC) regions may receive up to two awards for a total of $20 million awarded per region. Funding is awarded to transformative and catalytic downtown redevelopment projects. Ithaca is located in the Southern Tier region.

Looking for Engineering / Computer Science Interns?
Is your company interested in hiring a Binghamton University Engineering or Computer Science Intern? If yes, register for AM&T's webinar for more information on how to engage with students from the Watson College of Engineering and Applied Science.
Webinar: Wednesday, August 11,2021
1:30 pm - 2:00 pm
State and Local Business Assistance
The program was created to provide flexible grant assistance to currently viable small businesses, micro-businesses and for-profit independent arts and cultural organizations in NYS who have experienced economic hardship due to the COVID-19 pandemic. Press Release

Contact Chuck Schwerin ( at IAED with questions about the Grant Program.
The OJT program helps businesses bring on new employees and get them skilled up to be successful in their new position. Employers receive half of a new hire's salary during the training period up to a maximum of $3,000 for full-time positions (at least 30 hours per week) in a permanent position for occupations that are considered "in-demand."

If you are planning to hire and want to know more about OJT availability, please contact:
  • A workforce specialist at the Tompkins Workforce NY Career Center at 607-272-7570. Listen to the full greeting and leave your business name and number so that a staff member may return your call by the close of the next business day, or
  • Email Cindy Sloan, Workforce Development Specialist, at to discuss your plans for hiring
In the News
Ithaca Area Economic Development | 607.273.0005 |