ITHACA, N.Y. — In its newly released 2022 annual report to the community, Ithaca Area Economic Development (IAED) reported stimulating $72.6 million in private investment last year. IAED — which administers the Tompkins County Industrial Development Agency (TCIDA) and Tompkins County Development Corporation (TCDC) — says its achievements last year also included helping generate $2.7 […]
ITHACA, N.Y. — In its newly released 2022 annual report to the community, Ithaca Area Economic Development (IAED) reported stimulating $72.6 million in private investment last year.
IAED — which administers the Tompkins County Industrial Development Agency (TCIDA) and Tompkins County Development Corporation (TCDC) — says its achievements last year also included helping generate $2.7 million in new property tax payments and $874,400 in new payroll.
IAED facilitated the construction of 113 housing units and payments of $280,000 into the Community Housing Development Fund to support affordable housing through Tompkins County.
Other highlights of the report included data from 2022 annual state reporting indicating that there were 59 active TCIDA/TCDC projects in 2022 that contributed more than $4 million in new property tax payments and created or retained over 2,200 jobs.
IAED released the annual report during its annual meeting held May 3 at Hotel Ithaca. The 100 attendees included business leaders, community partners, and elected officials. The full report is available at: https://ithacaareaed.org/wp-content/uploads/2023/05/IAED_AnnualReport.pdf.
IAED also presented figures from an ongoing broadband-infrastructure project and from the inaugural year of its Direct-to-Work: Pathways to Manufacturing program.
The event’s featured theme “What Does IAED Do?” was illustrated by testimonials from stakeholders and partners, including Richard Polevoy of Knickerbocker Bed Company, Carol Miller with Alliance for Manufacturing & Technology, Nnenna Lynch of Xylem Projects, and Vicki Taylor Brous with SHIFT Capital.
“It felt great to be together again after several years, and to share our accomplishments and outline our ambitious vision for the future of economic development in Ithaca and Tompkins County,” Heather McDaniel, president of the IAED, said about the annual meeting.
IAED is backed by a shared-revenue model, with funding from Tompkins County, fee-based income, and employer investments. It is now in the final year of its current five-year investment initiative and “has exceeded or will realize milestones” in private investment, new payroll, and new jobs.
During the annual meeting, IAED outlined an “extensive” list of goals in what it calls Th!nk Tompkins, 2024-28. It will release more information about it in the coming year, the agency said.