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Tompkins County Area Development

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Tompkins County Area Development A CREATIVE TCAD VISION TO BUILD OUR ECONOMY ANNUAL 2017 REPORT TO THE COMMUNITY TOMPKINS COUNTY AREA DEVELOPMENT Chairman’s Message President’s Message TCAD’S In 2016, as in past years, TCAD TCAD is best known for the services worked tirelessly to fulfill the we deliver directly to our customers. mission of the organization, From high risk loans for a new tech Misson dedicating itself to “building a start up’s first piece of equipment to TCAD is dedicated to building a thriving and sustainable economy incentive packages supporting an that improves the quality of life expansion at one of the community’s thriving and sustainable economy in Tompkins County by fostering traditional manufacturers, TCAD that improves the quality of life the growth of business and has stimulated over $1 Billion in in Tompkins County by fostering TOTAL 2016 PROJECTS employment.” capital investment since we were the growth of business and founded in 1964 – an impressive This Annual Report highlights employment. accomplishment. TCAD’s 2016 accomplishments 12 achieved, and initiatives In addition to this important work undertaken, to support this mission. During this past year, TCAD are our efforts behind the scenes on the infrastructure supporting this TCAD’S played a key role in 12 projects, the creation of 98 jobs, and $66.9 job-creating investment. A continually evolving economy is straining million in new investment. Several large projects in downtown the capacity of some of our systems at the same time external factors Ithaca completed construction in 2016, while others began have made traditional solutions obsolete. With TCAD’s in-house Vision PROJECTED AVG. PROJECTED construction and should be completed in 2017. Still other projects planning capabilities, we often take the lead on developing creative HOURLY WAGE NEW JOBS are in the planning stages with work expected to begin in 2017. solutions, or we participate with other community partners in a A flourishing economy with collaborative approach. exciting, innovative firms that All of the work TCAD does to promote business growth and job creation in Tompkins County is possible because of the The most important of these infrastructure issues include: inspire and attract a talented support of our investors, local government, and key partners workforce. $22.22 98 • Workforce – The demand for entry-level employees has and stakeholders. Our balanced revenue model allows us to outpaced supply in our growing advanced manufacturing sector. devote valuable staff resources to fulfilling our mission. TCAD’s most recent investment campaign, launched in 2014, established • Energy – Current and predicted growth in some areas of the ambitious economic development goals. TCAD is well on the way County is straining NYSEG’s distribution system. to meeting or exceeding those goals. Please refer to the Workforce • Air Service – Airlines are using larger regional jets to fewer and Transform Tompkins page for more information. airports but have identified ours as one with growth potential. NEW INVESTMENT: The quality of TCAD’s work is a testament to the Board of Directors To meet the demands of increased customers and the facility EXISTING JOBS and staff. The TCAD Board of Directors includes representatives requirements of the airlines, airport management is seeking from all key sectors of the economy whose experience, insight, funding for marketing and facility upgrades. $66.9 and knowledge enhance the services TCAD offers. TCAD’s Our economy is one of few in Upstate New York with stable large 533 accomplished, skilled, and well-respected staff is dedicated to employers and a vibrant entrepreneurial environment. Without providing information, guidance, and encouragement to new and continuous improvements to infrastructure, the community will not million existing businesses as they work to attain their goals, as well as to be able to take advantage of opportunities to create or retain good improving the quality of life for everyone in Tompkins County. jobs for local residents. I want to thank and recognize the committed staff and Board of Directors of TCAD, as well as the many individuals who volunteer Michael B. Stamm their time to advance the mission of TCAD. None of the 2016 accomplishments highlighted in this annual report would have President, Tompkins County Area Development been possible without them. John B. Rudd President & CEO, Cayuga Health System & Cayuga Medical Center Revolving Loan Fund Since its inception in Revolving Loan Funds are a popular economic development tool, delivering high risk capital to projects that cannot be entirely financed by conventional 1989, the Loan Fund sources. The TCAD Loan Fund Program helps local entrepreneurs start new businesses and existing businesses expand. Program has delivered $3.1 million in loans to 68 companies that have created or retained over 1,100 jobs. CAPITAL INVESTMENT RETAINED JOBS $200,000 PROJECTED 3 NEW JOBS PROJECTED 5 NEW JOBS RETAINED JOBS 44 84 LOAN AMOUNT $50,000 LOAN AMOUNT CAPITAL INVESTMENT $150,000 Gimme Coffee is an Ithaca based specialty coffee roaster and retailer established in 2000. Gimme’s corporate offices, Founded by Chris Kirby in 2013, Ithaca Hummus is an bakery and roasting facility are located in Tompkins County. $167,100 unpasteurized, Lebanese-style hummus made with all They source sustainably grown beans from around the globe. natural, raw ingredients. In 2015, the company opened its Gimme plans to increase wholesale business to the office and own facility in Groton to increase production. The company grocery segments and launch new product lines. has 10 employees and boasts a distribution network of over 200 retailers that include Wegmans and Whole Foods. Therm, Incorporated Tompkins County Therm is a third generation, family owned company. The company has occupied its facility since 1935. Therm specializes in custom machining for the aerospace industry. In 2016, Major customers include GE and Honeywell. The company Industrial is currently building a new 20,000 square foot building at its the Tompkins County existing campus located at 1000 Hudson Street Extension in the Town of Ithaca. The new building will relocate a unit of Industrial Development Agency the company that has been operating out of the South Hill Development Business Campus for many years. Consolidating operations (IDA) approved 4 projects will reduce costs and improve company efficiencies. Agency that will retain 446 existing INVESTMENT $2,500,000 jobs, create 49 new jobs and Since the late 1980’s, TCAD has provided management and administrative services to the IDA. This includes meeting the stimulated $63,159,847 in State’s complex reporting requirements and transparency and accountability mandates. Independent of State requirements, the IDA carefully balances incentives offered against economic private investment. impacts. As one of TCAD’s primary incentive programs, the IDA has the authority to deliver a variety of tax incentives to major construction and renovation projects that will strengthen the tax base and provide long-term quality employment opportunities. Company Square Ft. Retained Jobs Projected New Jobs Therm, Incorporated 20,000 158 10 Simeon’s American Bistro 9,660 27 14 Cayuga Mine (Cargill) n/a 183 4 Hotel Ithaca Phase II 30,000 78 21 TOTAL 59,660 446 49 Simeon’s American Bistro Simeon’s is housed in a 135 year-old building on the corner of the The knowledgeable and dedicated staff at TCAD Ithaca Commons and is a popular and iconic Ithaca restaurant. Simeon’s suffered extensive damage over a year ago following a provided support and guidance to Cargill as we tragic accident. Extensive rebuilding and renovations took place, including a new second floor dining area and larger kitchen. “navigated the local and State funding application The renovations allowed Simeon’s to resume business with a beautifully updated and expanded space. processes. Their assistance was invaluable. INVESTMENT $659,847 Shawn Wilczynski, Mine Manager, Cargill Deicing Technology – Cayuga Salt Mine ” Cargill Deicing Technology Cayuga Salt Mine The Cayuga Salt Mine in Lansing has been in continuous operation since 1918 and produces approximately two million tons of rock salt per year. The mine employs over 200 people and will construct a new 2,500-foot shaft to provide fresh ventilation air and access closer to where mining is taking place, as well as reduce energy usage in the mine. The new shaft will extend the operations of the mine for 30 years. INVESTMENT $45,000,000 Hotel Ithaca Phase II The centrally located downtown hotel demolished existing outdated facilities and is constructing a five story, ninety guest room tower with first and second floor connections to the existing hotel. The new facility also includes a pre-function area, break out meeting space, and fitness center. INVESTMENT $15,000,000 Simeon’s photos by Eleanore Kohorn Mariott Hotel The new flagship Marriott Hotel anchors the east Highlights of 2016 end of the Ithaca Commons. The 10-story, 159-room hotel offers a full-service restaurant, bar and lounge, TCAD contributes to a vibrant and thriving business community by supporting and 2,400 square feet of meeting and function space. new projects that creatively make use of space and opportunities, and by With an estimated 42,500 room nights booked supporting the retention and expansion of existing businesses. Several impressive Rick Lew by Marriot photos per year, and guests spending over $6 million projects were completed in 2016, while construction on the Tompkins Trust on food and beverage and $4.3 million on retail Company headquarters is now underway. and entertainment, the hotel will contribute to a growing, vibrant, and bustling downtown economy. Tompkins Trust Company The Tompkins County Bank was founded in 1836 in Ithaca and has grown progressively over the years. Today the Tompkins Financial Corporation umbrella includes Tompkins Trust Company, Bank of Castile, Mahopac Bank, VIST Bank, Tompkins Insurance and Tompkins Financial Advisors. The company has 1,090 employees, of which 282 are headquartered in downtown Ithaca.
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