Hmmmm. Most of the big stories in Business Today could just as easily been in Government Today.
- Report criticizes performance of state’s IDAs - Matt Glynn/The Buffalo News
The state’s industrial development agencies award too many tax breaks for too little payoff in job growth, a new report contends.
A reform group called the NY IDA Coalition released the report, called “No Return on Our Investment,” based on 2008 data for the state’s 115 IDAs.
“Economic development subsidies represent a substantial investment of taxpayer resources—we must target that investment wisely to get a good return,” the group said in its report, which used data from the state Office of the Comptroller. ...
Allison Duwe, executive director of the Coalition for Economic Justice, which helped prepare the report on IDAs, said the trends in incentives and job creation hit home at a time of fiscal crisis for the state....
Al Culliton, chief operating officer of the Erie County IDA, said he feels his agency and other IDAs are doing a good job fostering job growth. The ECIDA conducts an annual survey of the companies it works with, to keep track of their job counts, he said.
- Tax breaks for businesses in N.J. towns hurt taxpayers, report says - Newark Star Ledger
- Dresser-Rand putting $9.6 million into Olean research, development - Matt Glynn/The Buffalo News
Dresser-Rand will invest $9.6 million to bolster research and development at its Olean location, a project that will lead to more jobs, Empire State Development said.
The R&D investment is expected to retain 787 jobs at the Cattaraugus County manufacturing plant and eventually add 50 jobs, the state’s economic development agency said. ...
Empire State Development is providing a $500,000 capital grant, and Dresser-Rand will receive about $1.6 million in Empire Zone benefits. The company will also receive a $250,000 electric infrastructure grant from National Grid and Empire Zone electric rate reductions.
- Grant aids rural expansion of Web - Dino Grandoni/The Buffalo News
The U.S. Department of Agriculture has released $855,901 to fund the expansion of broadband Internet service in southern Chautauqua County.
The money is part of the Obama administration’s economic stimulus package, approved by Congress in February 2009.
Windstream Corp. — the Little Rock, Ark.-based broadband and telecommunications company that was awarded the money after a competitive application process — will use it to provide up to 12 megabytes per second of Internet access to the towns of Clymer, Columbus, Ellery, French Creek, Mina and Sherman.
- Recovery Act investments in broadband - White House National Economic Council