State Senator James L. Seward (R-C-I/Milford) today announced a $500,000 grant for the Herkimer County IDA's 5S South Business Park in Frankfort. The funding under the Financial Assistance to Business (FAB) program will pay for improvements to the Village of Frankfort's water supply in order to provide water to the business park.
"Partnership is the key to providing local solutions that produce jobs and a better quality of life," Seward said. "Working with Herkimer County officials to boost the business park, and encourage new jobs, is one part of our effort to grow the Mohawk Valley economy."
The park, a prime 200-acre site located in the Town of Frankfort, is both a designated New York State "Build Now" site and a New York State Empire Zone location.
"On behalf of the Herkimer County Industrial Development Agency (HCIDA) I wish to offer our most profound thanks to Senator Seward for securing $500,000 to allow drilling, testing, and installation of a new water well in the Village of Frankfort," said IDA Chairman J. Keith Davy. "The enhanced village capability will allow provision of potable water to our Frankfort 5s business site leading to hundreds of jobs. Senator Seward's vision and efforts on behalf of local economic development are laudable."
IDA officials say the funding will leverage already committed amounts of $1.2 million in local matching funds as well as $1.6 million in federal EDA dollars.
"The economic future for Herkimer County is greatly dependent upon the success of this business park as we look for opportunities to improve the upstate economy and help businesses interested in locating their facilities here in Central New York," Davy added.
The funding will be administered by the Environmental Facilities Corporation (EFC).