ESD, Micron now accepting letters for $500M investment fund

ALBANY — Those interested in pursuing funding from the $500 million Green CHIPS Community Investment Fund can now submit a letter of intent. Both Empire State Development (ESD) and Micron Technology, Inc. (NASDAQ: MU) will review letter-of-intent submissions, which started being accepted on Aug. 15, the office of Gov. Kathy Hochul said in the July 18 announcement. Those that align with program goals will be invited to submit a full application. Hochul used the July 18 announcement to release the guidelines for pursuing the money in that fund. The state created the fund as part of the Green CHIPS incentive agreement between Micron and ESD, New York’s economic-development agency, Hochul’s office said in its announcement. Boise, Idaho–based Micron plans to build a massive semiconductor-manufacturing campus at the White Pine Commerce Park in the town of Clay.  Information about the fund can be found on ESD’s website, as well as registration for the community workshops for those pursuing funding. All entities seeking grant funding from the Green CHIPS Community Investment Fund must submit a letter of intent for initial consideration. Letters of intent will be received and reviewed on an ongoing basis by funding partners. The Green CHIPS Community Investment Fund will support investments in four categories: workforce development, education, community investments, and housing. The program guidelines center on the “grassroots priorities” outlined in the recently released community priorities document (CPD) from the Central New York Community Engagement Committee (CEC). The elements form the key criteria in the program guidelines with special consideration given for projects that address the immediate priorities identified in the CPD. The Central New York Community Engagement Committee is made up of local stakeholders and five ex officio members. The effort to create the CPD included more than 13 months of public engagement across more than 300 community organizations and contains input from more than 12,700 Central New Yorkers. “This fund has the potential to make sure economic growth in our region’s future benefits everyone, especially those historically left behind. By centering the voices of Central New Yorkers in the Community Priorities Document, we believe this program will help bring equitable and inclusive growth following Micron’s transformative investment,” Melanie Littlejohn and Tim Penix, co-chairs of the Central New York Community Engagement Committee, said in the state’s announcement. As we move forward, we’re excited to see awards from this fund create new opportunities that reach every corner of Central New York, uplifting our entire community.” Besides leading the committee, Littlejohn is president and CEO of the Central New York Community Foundation and Penix is VP of the Syracuse Educational Opportunity Center. Empire State Development is contributing $100 million to the fund. Investments from ESD’s portion will be available for capital-based projects and ESD will consider grant requests over $100,000. Micron is committing $250 million to the Community Investment Fund over the next 20 years, with an additional $150 million to be raised from private philanthropy and other sources. Investments from Micron’s portion of the Community Investment Fund will be determined by Micron with guidance from the CPD and in consultation with ESD. Awards will be publicly reported as part of Micron’s Green CHIPS incentive requirements, Hochul’s office said.