Initiative to Inspire Economic Growth in New York

It took some time but the empire state board of directors recently approved an initiative for nearly 200 Billion dollars for the creation of three projects that are meant to bring in thousands of jobs and produce even more economic growth for New York at large.

The funding for the initiative includes one building that will be a hi-tech innovation and commercialization hub, turning an old manufacturing site into a state-of-the-art set up for hi-tech and green technology businesses. The majority of the money goes toward real estate and construction costs, and the state of New York is providing an additional 200 Million on top of the approved money through the initiative.

This site is to be known as Riverbend, and will hopefully house a number of technology companies focused on clean energy. This was meant to serve as a way to create a hub for advanced research into clean and green energy, or renewable energy sources as it is often called. The project’s construction alone will create around 800 jobs, then when completed the state is projecting over 1000 jobs related to biotech and green energy. New York wants to be the state to go to for research and manufacturing of green energy methods.

Another site under this same funding in Buffalo will be the Information technologies Innovation and Commercialization, which is supposed to do the same as Riverbend will, but for software development. Much of the costs for the Information Technologies Innovation and Commercialization will be focused on computers and server equipment, as well as renovation of an already developed building.

Finally, as can be imagined, the last of the funds were directed toward EWI, to create an Advanced Manufacturing Institute, so that there can be properly educated people for the jobs in this hub. EWI will also assist manufacturing companies with integrating the green technology to their own businesses. The Institute will also have the ability to fund the research and development side through teaching jobs, much as you see with universities and Professors across the United States.

The Project overall, will hopefully produce thousands of jobs, as well as provide a means for discovering the best method for green and renewable energy sources. The grant is just as much about the world’s future as it is New York’s.

Source: http://www.areadevelopment.com/newsitems/6-30-2014/buffalo-billion-initiative-funding-approved901233.shtml