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Gov. Kathy Hochul
By: Adina Genn February 28, 2022
To spur key growth industries such as high-tech manufacturing in New York State, officials are planning a $200 million shovel-ready grant program.
Gov. Kathy Hochul announced plans for the program during the New York State Economic Development Council Conference, which kicked off in Albany, Monday.
Funding for the program would be available through Empire State Development and is included in Hochul’s 2023 budget, officials said.
“My administration is laser-focused on leading a recovery that works for the entire state, investing in every community and creating good-paying jobs of the future,” Hochul said in a statement about the program.
Dubbed the new “FAST NY” grant program, the initiative would develop sites to attract high-tech manufacturing, especially semiconductor manufacturing, warehousing, distribution and logistics businesses to the state, With that effort, the state aims to “jumpstart New York’s shovel-readiness” and attract large employers to the state, officials said.
“To be the most business-friendly and worker-friendly state in the nation, we’re making historic investments in infrastructure, technology, and project delivery,” Hochul said.
“The hundreds of millions of dollars invested into the development of shovel-ready sites will help us diversify our economy and jumpstart New York’s next great comeback,” she added.
“Currently, with the federal government poised to invest billions of dollars under initiatives such as the proposed CHIPS Act and the recently passed Infrastructure Investment and Jobs Act, the time is ripe for New York to invest in a new generation of shovel-ready sites, and FAST NY will help usher in a new era of growth,” Empire State Development Acting Commissioner Hope Knight said in a statement.
Grant funding would be directed toward boosting shovel-readiness of existing, mature sites. The funding would be used for water infrastructure, sewer infrastructure, roads, electrical substations and power and gas lines.
It would also be used to prepare an emerging pipeline of future shovel-ready sites by addressing necessary pre-development site planning and reviews.
Empire State Development has already launched a FAST NY online portal to generate interest and post updates about the program as it is developed. Pending the passage of the state’s budget, the portal would ultimately feature a formal application.
“As we look to strengthen New York’s economy coming out of the pandemic era, and as we seek to bolster local manufacturing to avoid future supply chain disruptions, it’s vital that we invest big into the high-tech manufacturing sector that will be a significant driver of future economic growth and innovation,” State Senator Anna Kaplan said in a statement.
“Taking steps now to attract these growing industries to New York will position our state for long-term economic success and strong job creation well into the future,” she added.
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