LOHUD: PUTNAM’S $8M IN JOBS FUNDS TARGETS PHARMA FIRMS, NATURAL RESOURCES

 

     

    Written by: Michael Risinit

    CARMEL — The recent announcement of more than $8 million from the state to fund job creation in Putnam County includes money to attract two pharmaceutical companies as well as helping a homeland-security training company set up in a space formerly occupied by a Christian publishing company.

    The grants and tax credits are part of Gov. Andrew Cuomo’s Regional Economic Development Council initiative that spread $200 million in competitive funding among 10 regions of the state. In Putnam, awards also went to a high-tech window manufacturing business and a hydroponic produce grower. Other grants were given for Scenic Hudson’s West Point Foundry Preserve in Cold Spring, the Village of Cold Spring to develop a Hudson riverfront revitalization program and the Open Space Institute for improvements at Fahnestock State Park.

    The funds, Putnam County Executive Mary Ellen Odell said, “could be the shot in the arm that we need.”

    “It equates to a couple hundred jobs. If these folks move into Putnam, it can jump-start the housing market,” she said.

    The five businesses must meet with the state Economic Development Corp. to review their plans to qualify for the money, said Kevin Bailey, president of the Putnam Economic Development Corp. The awards can be outright grants to buy capital equipment or tax credits linked to the number of jobs each expects to create.

    The bulk of the money, $5 million, was set aside for San-Mar Laboratories to potentially relocate to Putnam from its Elmsford location, county leaders and state Sen. Greg Ball’s office said. Officials said the company, a private-label pharmaceutical, cosmetics and health and beauty manufacturer, is looking at a few properties in Putnam. San-Mar didn’t respond to a request for comment.

    “Putnam County should be extremely proud that such a small county has fought to receive such a large amount of these dollars,” Ball said. (READ MORE)