Gov. Kathy Hochul’s new “Focused Attraction of Shovel-Ready Tracts New York” grant program recently got the attention of Site Selection Magazine. Known as FAST NY, Empire State Development will provide up to $200 million in grants to prepare and develop sites statewide to enhance New York’s shovel-readiness.
In fiscal 2023, the state will provide up to $200 million to develop sites that will aim to attract high-tech manufacturing. In particular the focus is on semiconductor manufacturing, warehousing, distribution and logistics businesses with the goal to jumpstart New York's shovel ready capabilities and increase the state's attractiveness to large employers.
ESD expects to launch applications for FAST NY grant funding later this year.
In announcing this cutting-edge program earlier this year, Gov. Hochul 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. To be the most business-friendly and worker-friendly state in the nation, we're making historic investments in infrastructure, technology, and project delivery. 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.”
The Site Selection Magazine article, written by Managing Editor Adam Bruns, also highlighted the growth opportunities that exist for the semiconductor industry in New York State and the funding that could be available to facilitate new semiconductor projects in the state.
The publication noted that there is broad-based support for Congress to come to an agreement on the CHIPS Act, which would provide $52 billion in federal investments for the domestic semiconductor industry.
Empire State Development President and CEO-designate Hope Knight said the CHIPS Act funding would dovetail nicely with the FAST NY program. “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,” she said, “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.”
Gov. Hochul and more than 20 other governors have come out expressing their support for the bill, that despite being passed by the Senate and House in 2021 and 2022 respectively, requires the House and Senate to reach agreement on joint competitiveness legislation that contains the CHIP Act investments.
For the full Site Selection Magazine article, go to: https://siteselection.com/issues/2022/may/want-big-projects.cfm?utm_source=InvestorWatch&utm_medium=email&utm_campaign=Editorial
