Fighting the ‘unaffordability’ factor
Like Jack, the state must be “nimble and quick” when it comes to jumping over the candlestick of sluggish business, says Patrick Foye, downstate co-chairman of New York”™s Empire State Development Corp.
Foye spoke at an Oct. 11 Orange County Chamber of Commerce breakfast at the Inn at Central Valley in the village of Woodbury.
Foye sees Gov. Eliot Spitzer”™s move splitting the agency into two regions ”“ with Dan Gunderson handling points north of Albany and Foye in charge of the area from Montauk to the capital ”“ as a smart strategic move: Each can focus with precision on his region”™s economic needs. Foye says Spitzer”™s efforts might calm New York”™s “perfect storm of unaffordability. While upstate”™s challenges are the loss of population and manufacturing jobs, the challenge for Orange County and the mid-Hudson (region) is to sustain its growth.”
Foye”™s new turf includes  the wealthier part of the state: Long Island, New York City, Westchester County and the mid-Hudson Valley, incorporating Orange County, the state”™s fastest-growing county. Foye sees Orange County as the epicenter of his region.
Foye Cited success in reducing workers”™ compensation costs for businesses. He told business leaders and politicians that $150 million in corporate tax relief and STAR home assessment rebates have brought some financial relief to tax-weary New Yorkers. He called for Wicks Law reform, which would up substantially the $50,000 benchmark above which multiple bids are required for government work. It has been in limbo in the state Legislature since June. Also needed: $1.2 billion for the state”™s infrastructure; and getting power plants to use renewable resources. These actions would make New York attractive to business and keep its population from fleeing to other states, he says.
New York ranks 39th of the 50 states when it comes to creation of new jobs. “If we were just to take the upstate portion of New York, we would rank 49th,” says Foye. The development corporation”™s strategic plans to help small business is available on the Web at www.empire.state.ny.us.
“We are particularly interested in advancing nanotechnology,” says Foye. “The Nanotech School at SUNY Albany is a magnet, industry observers say, when it comes to bioscience and clean technology. New York has only seen the tip of the iceberg. And with IBM acting as a magnet for tech companies here in the Hudson Valley, they are a major component in the initiative.”
Several  members of the Tech Valley Coalition at the breakfast, including representatives from the Poughkeepsie, Schoharie and Albany-Colonie chambers of commerce, met with Foye privately after his keynote address. Foye said $4.5 billion has been invested in alternative energy statewide and 170 renewable energy companies now exist between Montauk and Buffalo. “We see real opportunity in the solar energy industry.”
Â
Â
Empire Zones
Foye acknowledged the problems of some underperforming Empire Zone designations. He says the program would not be dismantled, but each company that benefited from the zone, but failed to produce the number of jobs it promised, would be scrutinized. “You don”™t throw the baby out with the bath water,” says Foye, who also vows to examine foreign trade zones with an eye to import-export businesses.
It may be 30 years old, but New York”™s “I love New York” slogan once helped the state turn the corner on tourism. Visitor dollars loom large on the state”™s radar and Foye notes, “We are reworking our ”˜I love New York”™ campaign. We have not done a very good job in marketing the brand. Since we began our online initiative, www.ilovenewyork.com, online (hotel) bookings have risen 55 percent. We”™re making it easier for people to visit, especially the Toronto-to-New York connection.”
“The current price of the dollar is a reality,” he says of the weak greenback. “New York is on sale.” That means the price is right to attract businesses from Canada and overseas into New York”™s marketplace. TD Bank Canada  has already flexed its muscle, adding to its TD Banknorth chain of 600 branches by buying out Commerce Bank of New Jersey for a reported $8.5 billion in cash and stocks.
The state is also planning to open an office in China to attract small- and medium-sized businesses to our shores. “New York has made good efforts in attracting large business and in its export market,” Foye says. “We need to empower small business to learn to export.”
Foye rode to the Orange County Chamber of Commerce breakfast with William DeCota, director of aviation for the Port Authority of New York and New Jersey. Counting cars going south, both tried to determine how many were headed for an airport. When it comes to Stewart International Airport and its catchment area of 11 million people, Foye says, “Don”™t overlook its ability to move goods, not just people.”
Foye cites Orange County”™s all-time-low industrial vacancy rate, noting that big developers such as Panettoni were moving toward the area with an eye on Stewart”™s potential. Â “We will work with the Port Authority,” he says. “Stewart will have an incredible economic impact on the entire region.”
Several White Plains developers nodded their heads in agreement. Since the Port Authority announced its decision to buy the National Express Group lease for the underutilized Stewart air facility, Stewart has been on everyone”™s radar.
Although it is not yet officially the owner ”“ that transfer is to take place Nov. 1 ”“ the Port Authority has committed to making immediate improvements and has already increased security around the perimeter of the airport.
On Sept. 20, the Port Authority approved $17.1 million for infrastructure upgrades, $8 million of which will be used to complete the connector road linking I-84 to Drury Lane and to increase parking by 1,300 spaces. The connector road was something the previous owner failed to finish.
The remainder of the upgrade money will be used for runway rehabilitation, snow removal equipment and to wire passenger gates, giving airlines a power source to keep air conditioning and other systems running without keeping a plane”™s engines running. The goal is to keep airport emissions down.
Foye formally announced the appointment of Mike Torelli of Orange County Partnership as director of the mid-Hudson region of  Empire Development Corp., located on Airport Centre Drive in New Windsor. Not only will Torelli bring firsthand knowledge of what”™s available for businesses seeking to move to the mid-Hudson, “he knows the region and he”™s going to be a valuable member of the team,” says Foye.
Â