Empire State Development (ESD), the State’s economic development agency, has approved SUNY New Paltz’s plan to take part in START-UP NY, an economic development initiative developed by Governor Andrew M. Cuomo to establish tax-free areas for existing businesses looking to expand and help attract new businesses to the State of New York through partnerships with college and university campuses. These partnerships build on the academic strengths and priorities of each campus.
Under START-UP NY, eligible businesses that align with academic mission will have the ability to locate on or near participating campuses and take advantage of the opportunity to operate tax-free, spurring regional economic development through job creation and expansion.
SUNY New Paltz is the latest institution in the state to receive campus plan approval from the SUNY Research Foundation and ESD.
New Paltz’s campus plan seeks partnerships with businesses that align with the college’s mission and that will enrich academic programs. The plan calls for opportunities for faculty and student involvement through enhanced research opportunities and internships, and the likelihood of hiring appropriately educated and qualified New Paltz graduates.
“We are excited to be part of this initiative that promises to attract new business and industry, create new jobs, and grow the economy in the state and region,” said President Donald P. Christian. “We have already had inquiries from companies in diverse areas including 3D printing, advanced manufacturing, digital media production, software development, and design. We look forward to continuing these conversations.”
Because of campus space shortages, prospective business participants applying to SUNY New Paltz for sponsorship in START-UP NY are encouraged to work with commercial real estate agents or other sources to identify appropriate off-campus sites that may align with business needs. According to college officials, use of such off-campus space will be negotiated between the prospective business participant and the property owner; it is expected in these instances that no property would come off the property-tax rolls, but the company could take advantage of other tax benefits of the program.
“START-UP NY is a unique way for higher education and business to join forces for positive economic development, and we look forward to the future opportunities this program could bring to SUNY New Paltz,” said Richard Winters, community & government relations associate, and New Paltz’s START-UP NY campus contact.