NY board oks spending $685 million at Nano Utica for ams, GE projects
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The Quad-C building at the SUNY Poly campus in Marcy, N.Y. |
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A New York authorities board last week approved spending $685 million at the Utica-area campus of SUNY Polytechnic Institute for ams and GE, two companies that have promised to bring at least 1,200 jobs to the Mohawk Valley.
The spending approval by the Public Authorities Control Board drew criticism from the state's comptroller, who argues the state's economic development arm has not provided enough detail about when New York will see a promised $2 billion in private investment.
Comptroller Thomas DiNapoli also argued the state has yet to show whether the $685 million will be enough money to create the promised jobs.
Ams AG of Austria, a global sensor technology company, has promised to invest $2 billion in a new manufacturing plant at the Nano Utica site in Marcy, next door to SUNY Poly's Utica-area campus. In return, New York has pledged to spend $536 million to build a 360,000-square-foot building and buy equipment for the manufacturer.
Ams will then pay the state $1 a year for 20 years to lease the building.
The Quad-C building at the SUNY Poly campus in Marcy, N.Y. This is the future home for GE, which has promised to bring at least 470 jobs to the Utica, N.Y. area. In return, the state has pledged to spend $100 million refitting the building for GE.tweaver@nyup.com
GE plans to move into the Quad-C building at SUNY Poly, bringing 470 jobs in the near future and possibly another 350 jobs within a decade. The state has agreed to spend $100 million refitting and equipping Quad-C for GE and other partner companies.
Ams has promised to invest $1 billion in the Marcy facility in the first decade, and a second $1 billion in the next 10 years, according to an agreement among the state, a local Oneida County development group and ams.
Ams has agreed to create 452 jobs within five years and another 288 jobs by year 10. Officials estimate the new facility could create as many as 500 spin-off jobs.
DiNapoli's criticism comes as federal investigators are looking at similar development projects in Gov. Andrew Cuomo's administration. Cuomo has opened his own investigation into the way SUNY Poly and its associated development corporations have been financing these kind of projects.
The spending approval by the Public Authorities Control Board drew criticism from the state's comptroller, who argues the state's economic development arm has not provided enough detail about when New York will see a promised $2 billion in private investment.
Comptroller Thomas DiNapoli also argued the state has yet to show whether the $685 million will be enough money to create the promised jobs.
Ams AG of Austria, a global sensor technology company, has promised to invest $2 billion in a new manufacturing plant at the Nano Utica site in Marcy, next door to SUNY Poly's Utica-area campus. In return, New York has pledged to spend $536 million to build a 360,000-square-foot building and buy equipment for the manufacturer.
Ams will then pay the state $1 a year for 20 years to lease the building.
The Quad-C building at the SUNY Poly campus in Marcy, N.Y. This is the future home for GE, which has promised to bring at least 470 jobs to the Utica, N.Y. area. In return, the state has pledged to spend $100 million refitting the building for GE.tweaver@nyup.com
GE plans to move into the Quad-C building at SUNY Poly, bringing 470 jobs in the near future and possibly another 350 jobs within a decade. The state has agreed to spend $100 million refitting and equipping Quad-C for GE and other partner companies.
Ams has promised to invest $1 billion in the Marcy facility in the first decade, and a second $1 billion in the next 10 years, according to an agreement among the state, a local Oneida County development group and ams.
Ams has agreed to create 452 jobs within five years and another 288 jobs by year 10. Officials estimate the new facility could create as many as 500 spin-off jobs.
DiNapoli's criticism comes as federal investigators are looking at similar development projects in Gov. Andrew Cuomo's administration. Cuomo has opened his own investigation into the way SUNY Poly and its associated development corporations have been financing these kind of projects.