ALBANY — Governor Kathy Hochul has announced that the new up-to-$200 million Focused Attraction of Shovel-Ready Tracts grant program will now accept Letters of Intent from potential applicants.
FAST-NY provides certification and grant funding to help prepare key commercial sites across New York State for development in order to attract high-tech manufacturing, interstate distribution and logistics businesses, and other large employers. Empire State Development is accepting Letters of Intent as a first step in the application process and will accept applications on a rolling basis from those who have submitted letters.
"The new FAST-NY program will further establish New York's standing as a commercial hub by increasing our supply of shovel-ready sites and attracting the jobs and businesses of the future," Governor Hochul said in a press release. "With this up-to-$200 million investment, we are helping to supercharge our state's economy and draw in the key industries that bring high-growth, high-wage jobs. I encourage those interested in FAST NY to jumpstart their application by submitting a letter of intent."
There are three types of Focused Attraction of Shovel-Ready Tracts (FAST NY) programming:
• Track A - FAST NY Shovel-Ready Certification: This no-cost designation by ESD for site-marketing purposes establishes that the applicant has worked proactively with New York State to address all major permitting issues prior to a business expressing interest in the location. Details will be announced at a later date.
• Track B - FAST NY Pre-Development Grants: Working capital grants of up to $500,000 per site will be awarded to fund the cost of necessary pre-development site planning and reviews for future shovel-ready sites.
Grants will fund necessary costs to assist grantees in completing pre-development activities, such as those required for FAST NY Shovel-Ready Certification.
• Track C - FAST NY Infrastructure Improvements: Capital grants will be awarded to improve the shovel-readiness of existing, mature sites by funding infrastructure improvements such as water, sewer, transportation, electricity, gas and other capital-eligible site improvement costs.
Competitive grant awards will be available to sites that have substantially met the requirements of FAST NY Shovel-Ready certification.
Sites must be at least 40 acres in size to be eligible for grant consideration. However, exceptions may be made for smaller sites demonstrating compelling site assets or public benefits such as the possibility for brownfield redevelopment. Eligible industries include:
• High-tech manufacturing, including but not limited to clean-tech renewable energy, life sciences, agribusiness, optics, transportation equipment, materials processing, industrial machinery manufacturing and other advanced manufacturing
• Sites for interstate distribution and logistics
• Priority may be given to semiconductor manufacturing and related industry and supply-chain projects
Eligible site activities include manufacturing, research and development, office park, and interstate distribution and logistics. All grant funds will be issued on a reimbursement basis.
