July 2001

Cortland County Named New York State's Newest Empire Zone

Cortland, NY -- Governor George Pataki recently joined a celebration of more than 200 people gathered on historic Courthouse Park Square to announce Cortland's County's designation as one of two new Empire Zones in New York State. Joining him was Senator James L. Seward, who spearheaded legislation through the New York Senate enabling Cortland to compete for the designation. Assemblyman Marty Luster sponsored similar Zone legislation through the New York State Assembly, and generously designated a $35,000 planning grant to the Cortland BDC to administer the complex application process.

The Empire Zone program was developed by New York State to foster the creation of jobs, enhance the property tax base and encourage investment into Zone businesses and properties. Zone status provides powerful financial and tax incentives for expanding businesses, or for businesses locating with a Zone. The state and local benefits include investment and wage tax credits, enhanced property tax abatements, low cost utility rates, sales tax exemptions and local incentives. The result makes doing business in a Zone essentially "tax-free."

"Our tax-free Empire Zones are one of New York's most powerful and effective tools to fuel additional job creation and economic growth," said Governor Pataki. "The addition of this Zone which will spark new job creation and private sector investment in Cortland represents another important step in our aggressive efforts to further strengthen the Upstate New York economy."

Senator Seward said, "The Governor has a clear, demonstrated, ongoing commitment to a stronger Upstate economy, and today's announcement is further evidence of it. Partnering with the Governor, the BDC and local officials, we can move forward to assemble the right blend of incentives to make Cortland a prime location for business and job growth. It is a delight to see the legislation I filed two years ago to create a Cortland Zone, and which was signed by Governor into law, come to fruition today."

Assemblyman Luster said, "I am pleased to be the original sponsor of the bill that created six new Empire Zones, two of which are being announced today. I have been fighting for the inclusion of Cortland County since the bill was passed two years ago and am gratified our efforts have finally been brought to fruition."

The Cortland Empire Zone contains the majority of the City's commercial and industrial land, industrial corridors in the Town of Cortlandville, the new Finger Lakes Business and Technology Park in the Village of Homer and an agritechnology development node in the Town of Homer. Additional acreage has been land banked for future development in other communities. Cortland's Zone will be the focus of new job attraction activities in bio-technology, bio-medical, bio-agricultural, information technologies included advanced computer software and electronics, plastics manufacturing, industrial manufacturing and metal fabrication.

The Cortland County BDC will administer the new Empire Zone.

Zone certified businesses enjoy:

• Wage tax credits for new hires
• Investment tax credits for qualified investments
• Enhanced real property tax abatement programs
• Exemption of sales tax on purchase of property or services
• Tax credit for business taxes paid
• Preferred low cost utility rates
• Fee waivers for planning and development permits
• Assistance from the Cortland County BDC packaging it all!

For more information, call Karen Niday, BDC Zone Coordinator, at (607) 756-5005.