Accolades

“Economic development agencies like Tompkins County Area Development are to be  commended for the work they do, especially with regard to maintaining  and developing manufacturing jobs.”
Elia Kacapyr
Chair of the Department of Economics, Ithaca College

“TCAD plays a pivotal role in our community  promoting business development and economic activity. Services provided  by TCAD are of particular importance to entrepreneurial ventures seeking  to get started and mature into successful business ventures in Tompkins  County.”
Carl Haynes
President
Tompkins Cortland Community College

“We have worked with TCAD on several large scale projects  critical to the future of Cayuga Medical Center. The support they  provided, guiding us through the complex tax exempt financing process,  was invaluable. It is a very effective organization, a true asset to the  community.”
John Rudd
Senior VP & CFO, Cayuga Medical Center

“TCAD continues to play a major role in  determining the future vitality of downtown Ithaca. Our own Gateway  project would not have been possible without its valuable assistance.”
Mack Travis
Gateway Plaza Associates

“Tompkins Cortland Community College (TC3) is  proud of our long standing involvement with TCAD. We collaborate on many  projects to assure our business community of cutting edge employee  training and workforce development opportunities. This is only one  aspect of several vital services provided by TCAD that helps keep our  economy growing and prospering.”
Greg Galvin
CEO & Chairman
Rheonix, Inc.

“TCAD has been instrumental to Ithaca College in  providing fast and efficient access to the tax exempt bond market. The  college has sold more than $80 million in bonds in the last year, a  portion of which involved refinancing existing dept at substantial  savings. The staff at TCAD is very professional and the organization is a  tremendous asset to the Tompkins County economy and the community at  large.”
Carl Sgrecci
Vice President for Finance and Administration
Ithaca College

“Without TCAD, our growth would have been stifled  and we may have had to move out of Ithaca. TCAD has helped us grow and  create new jobs in Tompkins County.”
Tom Kurz
Co-Founder, President
Advion Bioservices

 

ADDITIONAL TCAD INVOLVEMENT

TCAD has continued it’s involvement with the County and other organizations by participating in other areas vital to the area economy.

 

• Tompkins County Affordable Housing Oversight Committee and Community Housing Trust Program, collectively known as the Housing Fund, is a joint effort of Tompkins County, the City of Ithaca and Cornell University to help communities and organizations throughout Tompkins County respond to the diverse affordable housing needs of its residents. TCAD participates on the Affordable Housing Oversight Committee, which makes funding recommendations to support predevelopment costs for affordable housing projects. Two projects were awarded funds in 2010.

 

• Lansing Market – In keeping with its commitment to strengthen unique community centers, the IDA delivered its standard incentive package to support the construction of a new full service grocery store in the Town of Lansing. The project is valued at $3 million and will create 17 jobs.

 

• Cortland Produce – The IDA agreed to transfer previously approved incentives from one company to a new owner of this warehouse distribution facility in the Town of Dryden. Cortland Produce will invest $1 million in the facility in the short term and create twelve new jobs.

 

• Transonic Systems – In addition to TCAD’s work to bring a sewer extension to this long-standing Town of Lansing company, a complex incentive package was created to help the company with a 30,000 sq. ft. addition, a near doubling of its existing space. The $4.75 million invested is conservatively estimated to create 20 new jobs in the next few years.

TCAD creates, implements, communicates and updates a comprehensive economic development strategy for Tompkins County. We also provide economic development policy information and leadership to public and private sector leaders.Over the years TCAD has helped launch major initiatives like the Cayuga Venture Fund, the Air Service Board,  and the Finger Lakes Entrepreneurs’ Forum to respond to the needs of the growing number of technology-based entrepreneurs in our area. Recently, we refined our long-standing revolving loan fund programs so they are now more useful to early stage companies.We continue our commitment to working collaboratively with the community’s Workforce Investment Board and devote substantial resources to the infrastructure necessary to support job-creating businesses.

TOURISM CAPITAL GRANTS

On behalf of the County, TCAD manages a grant program to support capital projects at local tourism destinations. In 2011, the Tourism Capital Grants program awarded

$210,000 for three projects:

• the Sciencenter – Marcellus Shale Exhibit

• Cayuga Nature Center – capital improvements to enhance programs

• Ithaca Skate Park – expansion and improvements

Over $1.3 million has been awarded by the program to 14 local tourism destinations since its inception in 2003.

EMPIRE ZONE

The Empire Zone Program, was the State’s premiere tax incentive program, and was very short lived in Tompkins County. One of the last counties in the State to be awarded, the program flourished under TCAD’s management from 2006 until it sunset statewide in June of 2010. Staff will continue to provide administration on behalf of the County for the 47 businesses that were grandfathered into the program.

Credits Program

The Empire Zone Capital Credits program exceeded expectations in 2010, giving non-profit organization undertaking bricks and mortar projects in the Zone a tremendous boost to their fundraising campaigns. Donors were eligible to receive 25% of their contributions back in State tax credits. Six not-for-profit projects raised $949,051 in donations. $237,262 in State tax credits were delivered to 147 donors. Projects were as follows:

  • Family & Children’s Service of Ithaca —Consolidation & Renovation
  • Kitchen Theatre — Campaign for a Bold New Space
  • Challenge Industries — Relocation
  • Finger Lakes Wine Center — Construction
  • Tompkins Learning Partners — Renovation
  • Sciencenter — Exhibition Development Center

REVOLVING LOAN FUND

TCAD has managed a revolving loan fund program meeting the needs of businesses creating quality jobs since 1987. Since then we have loaned $2 million to 56 companies that have created over 841 jobs. In 2011 TCAD continued to provide technical assistance and oversight for the program. Four loans were awarded totaling $268,000, including two to high techs tart up companies using a quasi-equity investment model implemented to support early-stage companies. A total of 23 jobs will be created over three years as a result of these projects.

• Widetronix – $75,000 loan to Widetronix to purchase fixed assets as part of a project totaling $127,996. The project will install a prototype production facility at the corporation’s current facility at the South Hill Business Campus to assemble, package, and test betavoltaic batteries for use in wireless sensors. This is a key step toward commercializing its next generation battery and getting approval for sale/distribution by the Nuclear Regulatory Commission, which is anticipated in early 2012. Jon Greene of Widetronix said of his partnership with TCAD, “Our partnership with TCAD will enable us to slowly develop testing capabilities and migrate our assembly process in-house to our facility in the South Hill Business Campus.”

• Cortland Produce – a fourth generation wholesale distribution company primarily serving restaurants in the region. The company relocated to a vacant distribution facility in the town of Dryden.

• Concept Systems –provides applied research and evaluation, technological support and management assistance aimed at improving public policy, private enterprise and collaborative ventures. Concept Systems is upgrading its proprietary software analysis components and converting to a fully web based application.

• Mezmeriz – a start up company that builds carbon fiber MEMS devices. The company is in the final stages of product development for a small, energy efficient, low-cost embeddable projection system capable of projecting large, high-resolution images at short distances from mobile devices.

ADDITIONAL TCAD INVOLVEMENT 

TCAD has continued it’s involvement with the County and other organizations by participating in other areas vital to the area economy.

• Tompkins County Affordable Housing Oversight Committee and Community Housing Trust Program, collectively known as the Housing Fund, is a joint effort of Tompkins County, the City of Ithaca and Cornell University to help communities and organizations throughout Tompkins County respond to the diverse affordable housing needs of its residents. TCAD participates on the Affordable Housing Oversight Committee, which makes funding recommendations to support predevelopment costs for affordable housing projects. Two projects were awarded funds in 2010.

• Lansing Market – In keeping with its commitment to strengthen unique community centers, the IDA delivered its standard incentive package to support the construction of a new full service grocery store in the Town of Lansing. The project is valued at $3 million and will create 17 jobs.

• Cortland Produce – The IDA agreed to transfer previously approved incentives from one company to a new owner of this warehouse distribution facility in the Town of Dryden. Cortland Produce will invest $1 million in the facility in the short term and create twelve new jobs.

• Transonic Systems – In addition to TCAD’s work to bring a sewer extension to this long-standing Town of Lansing company, a complex incentive package was created to help the company with a 30,000 sq. ft. addition, a near doubling of its existing space. The $4.75 million invested is conservatively estimated to create 20 new jobs in the next few years.