Program Purpose
The Economic Transformation Program was created to assist communities affected by closures of the state's correctional and juvenile justice facilities. This Program will leverage private sector investments to create jobs and support initiatives that will help transform the economies of these communities by providing:

• $50 million in capital funding to support economic development initiatives in communities impacted by facility closures; and

• 5 new fully refundable tax credits over a 5 year benefit period to new businesses that locate near and around a closed facility.

 

Eligibility
Eligible applicants include businesses, municipalities, IDAs and other economic development organizations.

The project has to be within an Economic Transformation Area and retail, real estate development and professional service firms are excluded unless located at the site of a correctional or youth detention facility closed after April 1, 2011.

Economic Tranformation funds assist with construction, expansion and rehabilitation of facilities; acquisition of machinery and equipment; working capital; and the training of full-time permanent employees.  

Funds may be used for:

• Real Estate and Land Acquisition
• Demolition
• Construction and Renovations
• Site and Infrastructure
• Machinery and Equipment
• Inventory
• Construction Related Planning and Design

Program Overview 

Program Statute

Program Regulations

Program Guidelines

 

Contact Information
For more information, eligible applicants should visit http://nyworks.ny.gov/, which includes contact information for the appropriate ESD Regional Office covering the project area.