Economic News for Ithaca and Tompkins County

May 2023

IAED Holds Annual Meeting, Presents Report to Community

IAED held its annual meeting and presented a report to the community at Hotel Ithaca on May 3^rd. The event marked the first since the pandemic and was attended by 100 business leaders, community partners, and elected officials. The featured theme “What Does IAED Do?” was illustrated by testimonials from stakeholders and partners, including Richard Polevoy (Knickerbocker Bed Company), Carol Miller (Alliance for Manufacturing & Technology), Nnenna Lynch (Xylem Projects), and Vicki Taylor Brous (SHIFT Capital).

In 2022, IAED reported stimulating $72.6 million in private investment, $2.7 million in new property taxes, and $874,000 in new payroll. It also facilitated the construction of 113 housing units and payments of $280,000 into the Community Housing Development Fund to support affordable housing through Tompkins County. Read IAED’s annual report at IthacaAreaED.org/News.

Direct to Work Initiative Graduates First 2023 Cohort

IAED’s Direct to Work: Pathways to Manufacturing (DTW) program graduated its first cohort of 2023! Graduates completed the Tooling U-SME curriculum and VR technical skills lab, practiced 100 hours of communication and teambuilding exercises, and spent half days at participating employers (including BorgWarner, C&D Assembly, Incodema3D, Knickerbocker, Lansing Instrument, Stork, and Therm). All graduates have since accepted positions with an area manufacturer and have successfully passed the national credential exam, earning Certified Manufacturing Associate (CMfgA) certifications.

DTW will launch a summer cohort in early July. For more program information please contact: Danielle Szabo, Director of Workforce Innovation, at danielles@ithacaareaed.org.

IAED Hosts Business Leaders Roundtable, Site Tours with Rep. Marc Molinaro

IAED hosted U.S. Representative Marc Molinaro, NY-19 for a business leaders roundtable and site visits at SHIFT Capital’s SouthWorks and Ithaca Neighborhood Housing Service’s Compass MHC projects. Conversations centered on critical infrastructure and workforce development and housing. Congressman Molinaro sits on the House of Representatives’ Small Business and Transportation & Infrastructure Committees, both relevant to the Ithaca and Tompkins County community.

State Theatre Announces Budget Win

The State Theatre of Ithaca was one of Upstate New York’s historic theaters to be awarded funds from the recently passed 2023-2024 NYS budget. As part of $5 million in funding for the Alive Downtowns! Coalition, the State Theatre will receive $103,000 to support its operating expenses. After advocating for historic theaters to be included in this funding, Senator Lea Webb visited the theater on Saturday, May 6^th to deliver the news alongside Assemblymember Anna Kelles, City of Ithaca Mayor Laura Lewis, and other elected officials. Read more about it in the Ithaca Journal here.

FUNDING OPPORTUNITIES

NYS Consolidated Funding Application Open, Available for 30 Programs

Governor Hochul recently announced the launch of Round XIII of the Regional Economic Development Council Initiative. Round XIII includes core capital grant and tax-credit funding combined with a wide range of programs from 10 State agencies, including $150 million in grant funds from Empire State Development, available to projects on a continuous basis. Projects that address strategic priorities–including green building and sustainable development, childcare, distressed communities, and innovative public-private partnerships are eligible for additional award funding.

New this year, two new micro programs will award capital grants to support NYS craft beverage manufacturers and non-profit organizations, and a new $30 million Challenge competition will award $10 million to up to three regions to implement creative solutions to tackle persistent barriers to economic growth. Read the Governor’s press release here or access the CFA application and resources here.

CALENDAR

Global NY Trade Promotion Tour, June 12-16, 2023

Businesses interested in exporting to Canada, Mexico, or China are encouraged to attend an upcoming Global NY promotion tour from June 12-16, 2023. Among the seven stops are Syracuse and Rochester. For more information or to register, visit Empire State Development here.

Visit Ithaca Area Economic Development's Website