Governor Hochul Announces “Fast NY” Grant Program to Attract Key Industries to Shovel-ready Sites

Governor Kathy Hochul right now introduced plans for the brand new Centered Attraction of Shovel-Prepared Tracts New York grant program to draw and develop key progress industries to New York State. The Governor introduced this system on the New York State Financial Improvement Council Convention in Albany.

By means of Empire State Improvement, Governor Hochul’s fiscal yr 2023 finances will make as much as $200 million obtainable to the brand new FAST NY grant program to develop websites that may appeal to high-tech manufacturing, notably semiconductor manufacturing, warehousing, distribution and logistics companies to the state to jumpstart New York’s shovel-readiness and enhance the state’s attractiveness to giant employers.  

“My administration is laser-focused on main a restoration that works for all the state, investing in each neighborhood and creating good-paying jobs of the longer term,” Governor Hochul stated. “To be essentially the most business-friendly and worker-friendly state within the nation, we’re making historic investments in infrastructure, know-how, and challenge supply. The tons of of tens of millions of {dollars} invested into the event of shovel-ready websites will assist us diversify our economic system and jumpstart New York’s subsequent nice comeback.”

Empire State Improvement Appearing Commissioner and President and CEO-designate Hope Knight stated, “At present, with the federal authorities poised to speculate billions of {dollars} beneath initiatives such because the proposed CHIPS Act and the not too long ago handed Infrastructure Funding and Jobs Act, the time is ripe for New York to spend money on a brand new era of shovel-ready websites, and FAST NY will assist usher in a brand new period of progress.”

FAST NY grant funding shall be used to enhance the shovel-readiness of current, mature websites by funding enhancements equivalent to water infrastructure, sewer infrastructure, roads, electrical substations and energy and gasoline traces, in addition to put together an rising pipeline of future shovel-ready websites by addressing essential pre-development web site planning and critiques.

Empire State Improvement launched a FAST NY on-line portal to solicit curiosity and supply updates about this system as it’s developed.  The location will function the house of the FAST NY grant program, which, following the passage of the state’s finances, will finally characteristic a proper utility. The knowledge collected will assist inform the State because it critiques potential websites that may place New York to be a extra aggressive place to find and develop a enterprise, by serving to to usher in a brand new period of market-ready infrastructure.  

State Senator Anna M. Kaplan stated, “As we glance to strengthen New York’s economic system popping out of the pandemic period, and as we search to bolster native manufacturing to keep away from future provide chain disruptions, it is important that we make investments huge into the high-tech manufacturing sector that shall be a major driver of future financial progress and innovation. Taking steps now to draw these rising industries to New York will place our State for long-term financial success and powerful job creation effectively into the longer term.” 

Assemblymember Harry B. Bronson stated, “It is very important be sure that New York is prepared for the longer term, and this begins with ensuring that our state is ready to develop the economic system in industries which are in excessive demand.  By means of Quick NY, we’ll be sure that we now have taken the required steps to make the Empire State enticing to key industries on this extraordinarily aggressive market.”

Shovel-ready investments are a key driver in web site choice for the semiconductor trade. Governor Hochul has not too long ago voiced her sturdy assist for federal investments in home semiconductor manufacturing by becoming a member of 22 different governors calling for the passage of the CHIPS Act, which performs an important function in nation’s economic system and our nationwide safety, and has beforehand written an oped on the significance of passing this federal laws investing within the home semiconductor trade.

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