State Senator James L. Seward today announced that the 2008-09 state budget includes $500,000 in senate funding for the Finger Lakes East Business Park, a project of the Cortland County Industrial Development Agency-Business Development Corporation. Seward unveiled the funding at the BDC office today.
The local project was included as part of $1.1 billion in capital investments included in the budget. Seward and his colleagues in the senate Republican majority have been fighting for more than a year for state investment in economic development and job creation.
"It's about creating jobs through partnerships. The economic development funding for the park will continue our successful partnership with the county, the BDC-IDA, the town, private sector and state government to help create new jobs right here," Seward said. "This is a smart investment in Cortland's economy, and the park will be a vital component of local job growth and economic development."
The project consists of developing a 260 acre parcel of land on state Route 13 in Cortlandville. A predevelopment study has been completed that includes a master plan, generic environmental impact statement (GEIS), site plan and preliminary engineering report. The first phase includes land acquisition, provision of public water and sewer, and construction of an access road. Cost for the first phase will be just over $4 million. Ultimately, ten to fifteen sites will be developed for light manufacturing, research and development, warehouse distribution and office space. Development activity is expected to generate 450,000 square feet of new building space, $60 million in capital investment, and 1,250 jobs.
"Now more than ever, we need to find common sense solutions to our economic challenges," said Senator Seward. "At the end of the day, what matters is how wisely we use state dollars to build our economy, create jobs, and create a business-friendly environment where our children will want to stay, work and raise families. The senate funding will pave the way for a prosperity agenda that stimulates our struggling economy, generates economic growth, and retains and attracts new businesses and economic development opportunities."