TCAD & Economic Development An Overview of Strategies, Policies & Programs
TCAD’s Mission TCAD is dedicated to building a thriving and sustainable economy that improves the quality of life in Tompkins County by fostering the growth of business and employment. TCAD’s Vision A flourishing economy with exciting, innovative firms that inspire and attract a talented workforce.
� Board of Directors OFFICERS AND EXECUTIVE COMMITTEE MEMBERS � John Rudd, Chair - President & CEO, Cayuga Medical Center/Cayuga Health System Larry Baum, Vice Chair - Founder, The Computing Center Jeff Gorsky, Secretary/Treasurer - Partner, Sciarabba Walker & Co Greg Hartz, Past Chair - President, Tompkins Trust Company Greg Galvin - Chairman and CEO, Rheonix, Inc. Svante Myrick - Mayor, City of Ithaca Mary George Opperman – VP and Chief Human Resources Officer, Cornell University Charlie Trautmann - Adjunct Professor of Engineering, Cornell University & Director Emeritus of the Sciencenter �
Board of Directors DIRECTORS Julie Baker – Co-Founder & Data Platform Lead, Ursa Space Systems Dr. Orinthia Montague – President, Tompkins Cortland Community College � Katie Borgella – Commissioner of Planning, Tompkins County Department of Planning & Sustainability Brian Noteboom – NE Regional Council of Carpenters James Brown – President, United Way of Tompkins County Kara Pass – Sr. VP, Tompkins Financial Advisors Martha Robertson – Chair, Tompkins County Legislature Dr. Luvelle Brown – Superintendent, Ithaca City SD Tom Schryver – Executive Director, Center for Regional Economic Jerry Goodenough – VP of Development, Heorot Power Advancement, Cornell University Bill Goodman – Supervisor, Town of Ithaca Steve Snyder – VP Global Manufacturing Strategy, BorgWarner Morse Holly Hardie – Walnut Ridge Dairy Systems Anna Kelles – Chair, Tompkins County Planning, Development, & Jennifer Tavares – President, Tompkins County Chamber of Environmental Quality Committee Commerce Tom Knipe – Deputy Dir. for Economic Dev., City of Ithaca Jennifer Tegan – Partner, Cayuga Venture Fund Laurie Linn – President, Communiqué Design & Marketing Jeremy Thomas – Senior Director, Cornell Real Estate Joel Malina – VP University Relations, Cornell University Frost Travis – President, Travis Hyde Properties Julia Mattick – Executive Director, Tompkins County Workforce Janet Williams – Interim VP Finance & Administration, Ithaca College Development Board Gary Woloszyn – Manager, Wegmans Jason Molino – Tompkins County Administrator Gene Yarussi – TCAD Foundation Liaison
Economic Development Goals • Quality Jobs • Strong Tax Base • Vibrant Communities
Strategies to Achieve Goals • Business Development Services • Strategic Planning • Economic Development Leadership
Key Activities Programs • Business Retention and Expansion (BR&E) • Tompkins County Industrial Development Agency (TCIDA) • Tompkins County Development Corporation (TCDC) • Revolving Loan Fund (RLF) • Tourism Capital Grants (TCG) Services • Strategic Planning • Studies and Policy Development • Business Planning Initiatives • Finger Lakes Regional Prosperity Network (FLRPNet) • Economic Development Collaborative (ED Collaborative) • Air Service Board • Advanced Manufacturing Employee Training Program • Business Attraction Strategy
Guiding Principles • Keep what we have / Grow our own • Utilize scarce resources wisely • Invest in companies that are here for sound strategic reasons • Prioritize creation of entry level jobs with career ladders • Balance development and quality of life 8 �
Economic Overview: Traded Sectors Gross Product Manufacturing 16% � Education 18.5% � Local Sectors � Traded Sectors � High Tech 4.4 B � 11% � 4.9 B � 47% � 53% � Utilities 3% � Visitors & Tourists 2.5% � Mining <1% � Ag., Fish, Forestry 1% �
Traded Sectors Employment Manufacturing 4.9% High Tech 8.5% Local Sectors Traded Sectors 58% 42% Educa9on 21.7% 37,600 jobs 27,300 jobs Visitors & Tourists 4.4% Ag Fish Forestry U9li9es <1% 1.8% Mining <1%
Traded Sectors Average Wages Manufacturing 7% Avg $69,500 High Tech 11% Educa*on 30% Avg $64,000 Avg $67,000 Visitors & Tourists 3% Avg $27,000 Ag Fish U*li*es 1% Mining <1% Forestry 1% Avg $101,000 Avg $53,000 Avg $20,000
TCIDA Recent Projects Date Project Date Project Name Square Feet Location Project Name Project Value Square Feet Location Closed Value Closed 323T, LLC TBD 4,614,574 20,174 City of Ithaca Simeon’s on the Commons 2016 660,000 9,660 City of Ithaca DRS Newfield IV & V TBD 9,018,380 Solar Carey Building 2017 5,757,000 17,000 Newfield City of Ithaca SUN8PDC Dryden Road TBD 17,431,772 Solar 210 Hancock/INHS 2016 21,706,403 77,342 Dryden City of Ithaca SUN8PDC Ellis Road 2018 35,566,956 Solar Hilton Canopy Hotel 2016 24,172,500 74,475 Dryden City of Ithaca Therm 209-215 Dryden Assoc 2018 2,500,000 20,000 Town of Ithaca 2015 39,350,000 73,000 City of Ithaca Ulysses Solar TBD 3,568,473 Solar Ulysses The CBORD Group 2015 3,700,000 41,000 Town of Ithaca Town of Enfield Solar TBD 4,615,649 Solar Enfield Advanced Design Consulting 2015 910,000 5,000 Lansing Tompkins Trust HQ TBD 35,000,000 110,000 City of Ithaca Incodema 3D 2015 7,150,000 60,000 Town of Dryden DRS Newfield I, II, III 2017 12,596,523 Solar Newfield Village of BinOptics 2015 7,700,000 8,000 Lansing City Centre 2017 52,713,000 218,211 City of Ithaca Ithaca Beer – 3 2015 7,200,000 23,800 Town of Ithaca Mecklenburg Solar 2017 3,450,000 Solar Enfield Village of Dairy One 2015 4,115,000 17,000 Harolds Holding Lansing 2017 42,900,000 171,600 City of Ithaca Marriott 2014 32,000,000 100,000 City of Ithaca Cayuga Ridge Nursing Home 2017 21,027,176 139,017 Town of Ithaca Total 2014 to 2018 $414,423,406 1,215,279 Hotel Ithaca Lenroc 2016 15,000,000 30,000 City of Ithaca
� Tompkins County Development Corporation Project Name Date Closed Project Value Square Feet Ithaca College 2011 Bond Refinance � 2017 � $21,980,000 � N/A � Ithacare (Longview) 2008 Bond Refinance � 2017 � $12,845,700 � N/A � William George Agency � 2016 � $3,000,000 � 15,000 � Ithaca College Refinance � 2015 � $43,965,000 � N/A � William George Agency � 2015 � $2,000,000 � N/A � Kendal at Ithaca Renovation/Expansion � 2014 $47,720,00 � 84,100 � Cayuga Medical Center � 2013 � $25,000,000 � N/A � TC3 Foundation – Refinance � 2013 � $40,888,000 � N/A � Kendal Refinance � 2012 � $8,985,000 � N/A � Franziska Racker Center � 2011 � $2,500,000 � 31,000 � Ithaca College/College Circle Apts � 2011 � $25,905,000 � N/A � Cayuga Medical Center � 2010 � $14,275,000 � N/A � Totals $249,063,700 130,100
Revolving Loan Funds Project Projected Project Name Year Loan Amount Value Jobs BeetnPath � 2014 � $501,000 � 8 � $150,000 � Ithaca Coffee Company � 2014 � $115,000 � 3 � $50,000 � Finger Lakes ReUse � 2015 � $2,267,962 � 13 � $50,000 � Ithaca Beer � 2015 � $4,200,000 � 22 � $300,000 � Ithaca Hummus � 2015 � $250,669 � 50 � $100,000 � Rosie Applications � 2015 � $200,000 � 3 � $100,000 � Gimme Coffee Company � 2016 � $167,100 � 5 � $50,000 � Ithaca Hummus � 2016 � $200,000 � 28 � $150,000 � Concept Systems � 2017 � $230,000 � - � $103,500 � Totals $8,131,731 132 $1,053,500
Tompkins Trust Company TCIDA
Therm, Inc. TCIDA
Ithaca Beer Revolving Loan Fund
Rosie App Revolving Loan Fund
Hangar Theatre Tourism Capital Grant
Sciencenter Tourism Capital Grant
Strategic Planning • Economic Development Strategy • Workforce Development Strategy • Energy & Economic • Development Task Force • Sewer/Water Infrastructure Study • Municipal Approval Process Study • Food Processing • Business Incubation Program
Challenges Workforce Housing � NYS Business Environment Utility Infrastructure
Thank You Michael Stamm President � Martha Armstrong Vice President and Director of Economic Development Planning � Heather McDaniel Vice President and Director of Economic Development Services � Margaret Frank Assistant Director, Communications and Economic Development Services � Ina Arthur Manager of Administrative Services �
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