Empire State Development announces $1.5 million in funding for STAMP project

Press release from Empire State Development:

Western New York Science, Technology and Advanced Manufacturing Park – Priority Project (Finger Lakes Region – Genesee County) – Grant - $500,000; Loan $1,100,000

Designated a Priority Project by the Finger Lakes Regional Economic Development Council, the Western New York Science, Technology and Advanced Manufacturing Park (STAMP) will create significant opportunities for semiconductor, flat panel display, photovoltaic, and bio-manufacturing projects.

The Genesee Gateway Local Development Corporation (GGLDC), which serves as the recipient of ESD’s grant and loan, was established in 2004 to handle industrial park development and serves as a conduit for assistance to private companies. Since its inception, GGLDC has completed five park developments across Upstate New York – each of which have infrastructure completed and are able to accommodate new business developments.

In 2005, GGLDC identified a market need to develop a much larger park than those previously developed. Such a mega site, of at least 1,000 acres, would seek to attract a large-scale advanced manufacturing project. GGDLC identified a site in the Town of Alabama, and since 2008 has expended several million dollars for preliminary multifaceted feasibility studies, completed an Environmental Impact Statement, and conducted community outreach and began to acquire property. In order to continue developing STAMP as New York State’s third mega site, ESD is providing a grant of up to $500,000 and a loan of $1.1 million to assist in the purchase of 364 acres of land at the site for the next phase of development.

GGDLC currently owns 143 acres with the option to purchase another 1,073. This real estate transaction will allow for design, engineering and construction for the initial infrastructure at the site, which will be completed by the end of 2014.

This project will position Western New York State as a hub for advanced technology manufacturing and spur significant regional economic growth. There is potential for up to 1,200 jobs at the STAMP site by 2016, and over 9,300 projected jobs at full build-out in 2032.