Archive: Business & Technology

Tompkins County Area Development (TCAD) President Heather McDaniel released an annual report yesterday that summarizes the organizations 2019 achievements. Last year TCAD facilitated 23 projects, 54 projected new jobs, 159 retained jobs, and new investment in Tompkins County of $87 million.

In a letter to community partners, McDaniel wrote, "It has been three months since all of our lives were first impacted by COVID-19. Three months ago the TCAD team was putting the fining touches on our annual report and planning for our annual meeting in May – our opportunity to share and celebrate our successes with all of you. We made the decision to cancel the annual meeting, but I could not let an entire year go by without sharing the work we did in 2019 to contribute to a thriving and prosperous Ithaca and Tompkins County."

TCAD's purpose is to attract new companies and retain and grow existing ones to expand the Tompkins County economy. The organization provides services to local businesses and entrepreneurs, including manufacturing and high tech companies. The goal is to increase employment opportunities with higher wages, better benefits, and opportunity for advancement. In line with that mission TCAD administers Tompkins County's Industrial Development Agency (IDA), which provides tax incentives to attract new construction and expansion of existing businesses.

In 2019 the IDA supported nine projects that totaled $79 million in capital investment, and 242,000 square feet. It also supported a 5MW community solar project. Projects included an incentive package for the purchase and renovation of a $2.3 million building in Dryden, which will be the new home of Emmy's Organics. A sales tax incentive was provided for the Hilton Garden Inn, and a property tax agreement with Longview was extended.

The IDA also delivered an incentive package tor a 5MW community solar project in the Town of Lansing. When completed the solar farm will deliver enough clean renewable energy to power 1,000 homes. In all the IDA has incentivized 50MW of solar projects.

Other projects included the renovation of a high tech startup space in the Village of Lansing; Ithaca Arthaus, a $28.7 million affordable housing development; a #31.7 million incentive package to Library Place, which is being developed on the site of the old Tompkins County library; and extended a property tax agreement with Ithaca Beer Company for an additional three years.

TCAD markets the Tompkins County Tourism Capital Grants Program, and is a leader in economic planning and developing strategies to increase the local economy. It is an AEDO-Accredited Economic Development Organization, the first in New York State to be certified, and one of only 67 in the world.

The report opens with a letter from McDaniel and TCAD Board of Director Chair Larry Baum that acknowledges special challenges presented by the coronavirus lockdown. They say, "As 2020 unfolds, the economy is experiencing challenges that no one could have ever imagined. The team at TCAD is aggressively addressing these challenges by doing the work we have always done best: Convening, coordinating, creating and communicating. We are reaching out to our customers, our friends, and our collaborators to find answers and create solutions under extraordinary circumstances. We are in this to ensure the Ithaca and Tompkins County economy survives, recovers and continues to diversify and grow."

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