ITHACA — An Ithaca firm is among a dozen companies that are either expanding or relocating in New York as part of the first wave of companies participating in Gov. Andrew Cuomo’s Start-Up NY program.
Under the program, businesses have the opportunity to operate tax-free for 10 years on eligible land and space. Businesses partner with the higher-education institutions and have access to industry experts and advanced-research laboratories, Cuomo’s office said in a news release.
The state projects the 12 businesses will invest a total of $50 million and create nearly 400 new jobs in tax-free areas that Cornell University, the University at Buffalo, Rochester Institute of Technology (RIT), and the State University of New York Downstate Medical Center are sponsoring.
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The firms include Incodema3D, LLC, an existing business in Ithaca. It is expanding into Cornell University’s tax-free area to start conducting research and prototype manufacturing.
The company will invest more than $37 million and create 58 new jobs, according to Cuomo’s office.
Incodema specializes in “high precision” additive manufacturing (3D printing) in engineering-grade plastics and metal.
START-UP NY takes New York’s “number one liability — our tax-capital reputation — and turns it on its head,” Cuomo said in the news release.
“Just months after the program’s launch, we are excited to announce the first businesses to participate in Start-Up NY, which will bring nearly 400 new jobs and $50 million in investment to communities in Buffalo, Rochester, Ithaca, and New York City. This is just the beginning and we look forward to welcoming more and more businesses and entrepreneurs to the state of New York through this bold initiative,” Cuomo said.
Cornell is “thrilled” to be among the first university-company partnerships “getting off the ground” through Start-Up NY, David Skorton, president of Cornell University, said in Cuomo’s news release.
“Incodema 3D represents an opportunity for Cornell to leverage its expertise in advanced materials and manufacturing. The employment of 65 people in advanced manufacturing and investment of over $37 million in capital equipment to support that growth by private investors represents a significant positive impact on the region’s economy,” Skorton said.
Contact Reinhardt at ereinhardt@cnybj.com
