Annual Report Table of Contents
Total Page:16
File Type:pdf, Size:1020Kb
HIGHLIGHTS • YEAR IN REVIEW 2020 Annual Report Table of Contents I. 2020 OVERVIEW: ECONOMIC PRIORITIES IN THE TIME OF COVID-19 Message from ESD Chair Steven M. Cohen and ESD Acting Commissioner and President & CEO-designate Eric Gertler .....................................................4-5 Mission Statement / Investment Strategy................................................................................................................ 6-7 Economic Impacts of COVID-19 .................................................................................................................................8-9 ESD COVID-19 Initiatives .........................................................................................................................................10 -11 ESD COVID-19 Manufacturing Grants ..................................................................................................................12-13 II. OUR PROGRAMS AND DIVISIONS Small Business and Technology Development .................................................................................................16-19 NYSTAR .......................................................................................................................................................................20-21 New York Ventures ................................................................................................................................................... 22-23 Minority and Women’s Business Development ................................................................................................ 24-25 Life Science .................................................................................................................................................................26-29 Infrastructure and Real Estate Development ....................................................................................................30-35 Broadband ...................................................................................................................................................................36-37 Tourism Marketing .....................................................................................................................................................38-39 NY CREATES ...............................................................................................................................................................40-41 Governor’s Office of Motion Picture and Television Development ............................................................42-45 Global New York ........................................................................................................................................................46-47 III. REGIONAL INITIATIVES Regional Economic Development Councils / Downtown Revitalization Initiative ..................................50-51 Buffalo Billion ..............................................................................................................................................................52-55 Upstate Revitalization Initiative .............................................................................................................................56-59 IV. FINANCIALS Comprehensive Economic Development Report Introduction ......................................................................................................................................................... 62-67 Additional Resources .......................................................................................................................................68-69 Appendices Table of Contents ................................................................................................................................................70-71 Program Definitions ...........................................................................................................................................72-75 Appendix 1: Tax Expenditure Programs .......................................................................................................76-78 Appendix 2: Loans and Grants Programs .................................................................................................79-103 Appendix 3: Marketing and Advertising ..................................................................................................104-105 Appendix 4: Innovation.................................................................................................................................106-107 V. EMPIRE STATE DEVELOPMENT APPENDICES Overview Regional Map .......................................................................................................................................110 -111 ESD Subsidiaries ....................................................................................................................................................112-113 PART ONE 2020 Overview: Economic Priorities in the Time of COVID-19 A Message History will remember 2020 as a year of tremendous challenge to our world, economic activity to prioritize public health, colleagues nation. And we continued to work with several large across the agency continuously demonstrated their companies to relocate and expand their operations our nation and our State. We also believe, however, history will recognize commitment to the agency and our fellow New in New York State, resulting in thousands of new job it as a year of extraordinary collective resolve. The following pages reflect Yorkers, whom we are privileged to serve. opportunities for New Yorkers. The year ended on a positive note with the much-anticipated grand opening Empire State Development’s response to the global pandemic caused Our work and accomplishments would not be possible of Moynihan Train Hall. Managed by ESD, Moynihan without the strong support and inspiring vision of by COVID-19: how we supported the State’s efforts to combat it, while Train Hall is one of New York’s most transformative Governor Cuomo, whose commitment to job creation infrastructure and transportation projects in decades. we continued to fulfill our agency’s core mission in spite of it. and economic development ensures New York’s The completion also represented something deeper: best days are yet to come. We appreciate the trust hope. Hope for better days ahead, when the train he has placed in us to execute his regionally based, hall is buzzing with New Yorkers and visitors alike At the start of 2020, New York’s economy was determine if they could remain open and how to do so performance-driven development strategy and the heading out to explore the Empire State. Moynihan thriving. Under Governor Cuomo’s leadership, the safely. ESD supported companies across the State with appointment of talented, experienced board members Train Hall—delivered on time and on budget—is the State was experiencing a decade of historic economic funding for retooling production lines to manufacture who are dedicated to ESD’s mission. The Board has embodiment of what can be achieved when the public growth, setting all-time highs for jobs and wages and personal protective equipment and other critical health been particularly well served by the leadership of and private sectors work together in partnership under achieving a record low unemployment rate. We had supplies. Through innovative partnerships with the Steven M. Cohen, whom Governor Cuomo appointed the visionary leadership of Governor Cuomo. no reason to believe this positive, upward trajectory private sector, ESD launched programs to protect as ESD’s new chair in July, and we are grateful would not continue. But by March, the coronavirus and preserve New York’s small businesses, including Chairman Emeritus Howard Zemsky remains on the It is in that spirit of hope that we reflect on this past had crossed continents, bringing the global economy the creation of a $100 million New York Forward Board so our agency will continue to benefit from his year's challenges and lessons. It is our hope that we to a virtual stand-still, forcing borders to be shut and Loan Fund. And our agency played a key role in valuable insight and wise counsel. as New Yorkers can collectively learn from these trials key industries to close in an unprecedented effort to implementing the State’s phased reopening plan. and tribulations. Together, we will build back better contain the deadly pandemic. Despite the year’s unprecedented challenges, we are and emerge from the pall of COVID-19 stronger, better ESD’s own operations were not immune from proud of the many successes the agency achieved prepared and poised for the future, ensuring that As the pandemic worsened, ESD was forced to pivot COVID-19’s effects. Staff quickly and seamlessly in 2020. ESD made significant progress on several New York State remains the Empire State. away from its traditional mission of creating jobs, began working remotely, and guidance and protocols projects, including “topping off” milestones for Cree’s attracting investment, promoting industry growth and were established to ensure colleagues’ health and silicon carbide device manufacturing facility—the Excelsior + E Pluribus Unum, supporting innovation in order to assist Governor safety. Meetings traditionally held in-person by ESD world’s largest—in the Mohawk Valley and Belmont Cuomo and this administration’s efforts to protect and its subsidiaries—including our monthly Board Park’s UBS Arena, the new home of the New York Steven M. Cohen public health. Our agency