The New York State Economic Development Council (NYSEDC), New York’s leading association for public and private entities that work to build and sustain prosperous communities, will launch four new programs designed to give development professionals new tools for their ongoing development efforts.
“New York is constantly evolving, and so are the challenges and opportunities it faces as it pursues economic growth and sustainable prosperity,” said Brian McMahon, executive director of NYSEDC. “To keep pace with constant change, NYSEDC always looks for ways to help the development community it serves with new insights, tools, and the development of best practices.
“Our work to develop these programs is just the latest part of the ongoing NYSEDC commitment to helping our members help their communities,” he added.
The new programs include:
Cost-benefit analytics for New York’s IDAs – NYSEDC and the Center for Governmental Research (CGR) have collaborated to develop a new web-based software tool designed to help IDAs evaluate the costs and benefits of projects that have requested financial assistance. Inform ANALYTICS is a comprehensive, user-friendly, Web-based program that considers state and local tax data, the IDA’s PILOT policy, and region-specific multipliers tailored for each agency’s region. CGR will annually update local and state tax and other data for each participating IDA and LDC.
EB-5 investment program to help grow businesses and jobs – NYSEDC is partnering with the Prime Companies, a real estate development and financial services company, to establish an “EB-5” employment creation program that will generate new sources of capital for development projects. The U.S. Citizen and Immigration Services (USCIS) administers the Immigrant Investor Program, also known as “EB-5,” which sets aside certain EB-5 visas for foreign nationals who invest in projects deemed to promote economic growth. EB-5 investments must produce at least 10 new jobs for every $500,000 invested by foreign nationals.
New Empire State College master’s degree in community and economic development – NYSEDC has collaborated with Empire State College to develop a new master’s degree in community and economic development. The degree was developed after the college’s School for Graduate Studies met with NYSEDC representatives on the need for an academic program that would educate and train new professionals in economic development. The 36-hour curriculum includes courses that address such key development factors as land use, municipal finance, workforce development, ethics and community leadership, and strategic management. Courses will be offered online in recognition of the need for flexibility that all working professionals have. The program will also include executive retreats with keynote speakers and workshops. Enrollment for this Master’s program began this year.
Developing compliance risk assessment program for IDAs and LDCs – NYSEDC is partnering with Bollam, Sheedy, Torani & Co. LLP, CPAs (BST) to offer a Compliance Risk Assessment Service to New York State IDAs and Local Development Corporations. This service will provide NYSEDC members a valuable benefit, and assist them with identifying compliance risk areas and fulfilling their fiduciary responsibilities. The Compliance Risk Assessment Service will provide IDAs and LDCs a cost-effective management tool that will assist with: fulfilling their fiduciary responsibilities; identifying key compliance risk areas; providing a roadmap to address key compliance areas; and, identifying potential solutions for compliance risk areas.