START-UP NY Plan for Hudson Valley Community College Approved
Governor Andrew Cuomo introduced START-UP NY with the State University of New York system serving as the primary infrastructure to attract new investment from the private sector. Companies participating in the program must align with a college or university’s academic mission and START-UP NY plan, as well as demonstrate their contribution to the economic development of the local community. Under START-UP NY, new, relocating or expanding businesses may operate for 10 years in designated tax-free areas on eligible college campuses and nearby property where mutually beneficial strategic partnerships are possible. Employees that join participating businesses also will be exempt from state personal income taxes for the 10-year period.
Hudson Valley’s plan designates four off-campus locations with a total of 134,575 square feet in downtown Troy as START-UP NY tax-free areas. Companies must focus on advanced or chemical manufacturing, biotechnology, clean and emerging energy development, nanotechnology and semiconductor manufacturing. Additionally, the college will consider businesses relating to computer science, health information management, information systems or those seeking partnerships with its Entrepreneurship degree and certificate program, faculty and students.
“Hudson Valley has a long history of developing innovative collaborations to spur economic growth, and our START-UP NY plan to partner with private industry will generate new economic development and serve as a resource for academic departments and programs, student recruitment, internships and job placement for our graduates,” said Drew Matonak, president of Hudson Valley Community College.
“Governor Cuomo’s START-UP NY program combines some of the best resources the Empire State has to offer – from our world-class universities and community colleges to a large and talented workforce, with the added benefit of the opportunity to operate tax-free – to generate new jobs and investment across New York State,” said Empire State Development’s Leslie Whatley, executive vice president for START-UP NY. “Hudson Valley Community College’s participation in START-UP NY will help bolster the local economy by attracting new business activity, creating new jobs, and forging critical partnerships between academia, the community and the private sector.”
Rensselaer County Executive Kathy Jimino stated, “Creating local jobs is crucial to boosting our local economy and my administration is committed to utilizing all tools available to foster an environment that promotes job growth. I want to thank Hudson Valley Community College for their efforts to help provide the educational opportunities and job training that bolsters our ability to attract businesses to our communities.”
“As mayor and a former Hudson Valley Community College professor, I think of this as a great location for a START-UP NY zone,” said Lou Rosamilia, mayor of the City of Troy. “The potential positive impact that this will have on both the college and businesses will make this a useful tool in our continuing efforts to grow our local economy and keep Troy moving in the right direction.”
“With this approval of Hudson Valley's plan, START-UP NY will make a substantial impact on the revitalization of downtown Troy. At the new Center of Gravity, businesses and entrepreneurs will be able to take direct advantage of Governor Cuomo's vision for economic development,” said Laban Coblentz, chairman of the board of the Tech Valley Center for Gravity, a tax-free area identified the college’s plan.
Hudson Valley’s START-UP NY plan was approved after substantial planning and collaboration with local economic development agencies and feedback from the community during a 30-day public comment period.
Founded in 1953, Hudson Valley Community College offers more than 75 associate degree and certificate programs in four schools: Business; Engineering and Industrial Technologies; Health Sciences; and Liberal Arts and Sciences; and an Educational Opportunity Center for academic and career training. One of 30 community colleges in the State University of New York system, it has an enrollment more than 12,000 students, and is known as a leader in distance learning initiatives and workforce training. Hudson Valley has more than 75,000 alumni.