BUFFALO, N.Y. -- On Thursday, New York Governor Andrew Cuomo is scheduled to come to town to announce what is shaping up as the state's largest investment ever in the local economy.
Sources tell investigativepost.org
Editor James Heaney that this deal has been months in the making and far surpasses the first major Billion to Buffalo deal involving drug research, development and manufacturing at the Buffalo Niagara Medical Campus. That project, scheduled to open for business next year, involves a $50 million state investment and the creation of some 250 jobs.
Cuomo is set tomorrow to announce that two out-of-state companies will set up shop on a restored Brownfield on or near the city's waterfront in South Buffalo. These companies are described as high-tech, clean-energy companies that will be engaged in research, development and advanced manufacturing.
Construction to build offices and manufacturing facilities would begin this coming year, with the two companies opening for business in 2015.
They are projected to hire about 850 employees during their first phase of operation and another 1,000 or so after that. Jobs in the clean tech sector tend to be good paying, although we have no hard numbers for the Buffalo project.
Sources also say the state will invest more than $100 million, perhaps substantially more than that, to bring the companies here.
That would make it one of the largest, if not the largest investment the state has made locally to promote economic development.
Rather than providing the companies direct subsidies, as has been the norm in the past, all of the state funds will be invested to build and equip facilities that the state will own and lease to the firms.
The plan is to use these two companies as anchor tenants that will in turn attract other companies in the same line of work. The idea is to build a critical mass. This is the model the state has used to develop a nanotech sector in the Albany area.
2 On Your Side will be at tomorrow's announcement and will stream it live at 10:30 a.m. on wgrz.com.