New York Gov. Kathy Hochul announced at the New York State Economic Development Council Conference in Albany on Feb. 28, plans for the new “Focused Attraction of Shovel-Ready Tracts” New York (FAST NY) grant program to attract and expand key growth industries to New York State.
Through Empire State Development, Gov. Hochul's fiscal year 2023 budget will make up to $200 million available to the new FAST NY grant program to develop shovel-ready sites that will attract high-tech manufacturing, particularly semiconductor manufacturing, warehousing, distribution and logistics businesses to the state. The program is geared to jumpstarting New York's shovel-readiness and increase the state's attractiveness to large employers.
“My administration is laser-focused on leading a recovery that works for the entire state, investing in every community and creating good-paying jobs of the future,” Gov. Hochul said. “To be the most business-friendly and worker-friendly state in the nation, we're making historic investments in infrastructure, technology, and project delivery. The hundreds of millions of dollars invested into the development of shovel-ready sites will help us diversify our economy and jumpstart New York's next great comeback.”
Empire State Development Acting Commissioner and President and CEO-designate Hope Knight added, “Currently, with the federal government poised to invest billions of dollars under initiatives such as the proposed CHIPS Act and the recently passed Infrastructure Investment and Jobs Act, the time is ripe for New York to invest in a new generation of shovel-ready sites, and FAST NY will help usher in a new era of growth.”
FAST NY grant funding will be used to improve the shovel-readiness of existing, mature sites by funding improvements such as water infrastructure, sewer infrastructure, roads, electrical substations and power and gas lines, as well as prepare an emerging pipeline of future shovel-ready sites by addressing necessary pre-development site planning and reviews.
“This program dovetails perfectly with ongoing efforts by the Orange County Partnership and the Alliance for Balanced Growth to attract new shovel-ready sites for Orange County,” said Orange County Partnership President and CEO Maureen Halahan. “Now, property owners can access state funding to make the necessary infrastructure improvements to have their properties shovel-ready and attractive for private investors.”
Empire State Development launched a FAST NY online portal to solicit interest and provide updates about the program as it is developed. The site will serve as the home of the FAST NY grant program, which, following the passage of the state's budget, will eventually feature a formal application. The information collected will help inform the state as it reviews potential sites that would position New York to be a more competitive place to locate and expand a business, by helping to usher in a new era of market-ready infrastructure.
Shovel-ready investments are a key driver in site selection for the semiconductor industry. Gov. Hochul has recently voiced her strong support for federal investments in domestic semiconductor manufacturing by joining 22 other governors calling for the passage of the CHIPS Act, which would play a crucial role in the nation's economy and national security, and has previously written an op-ed on the importance of passing this federal legislation that would invest in the domestic semiconductor industry.
Link to Program Portal: https://esd.ny.gov/fast-ny
