Economic development groups re-align
NORWICH – A long-awaited restructuring of Chenango County’s economic development endeavors came to fruition Tuesday.
Chamber of Commerce Director David Hall told members of the county’s Planning and Economic Development Committee that the Greater Norwich Local Development Corporation - which administers Empire Zone programs - has dissolved and been merged with the Chenango Area Corporation, forming a new entity tentatively titled, “Development Chenango.”
Back in 2004, the Chamber began talking about consolidating in order to make development efforts more self-sufficient and to eliminate redundancy that was negatively affecting potential new business for the area. Changes in state funding for economic development also spurred the re-direction.
The Chenango Area Corp. was the lead economic development arm of the county. The not-for-profit organization provides general business planning, start-up services and administers economic development loan funds. Businesses and organizations that have been assisted by the Chenango Area Corp. in the past include: The Children’s Center, Save-A-Lot, Mayhood’s, Pharsalia Forestry, Morrisville State College and the Norwich Family YMCA.
New York State Empire Zone programs have provided incentives for businesses to develop locally by offering tax credits and exemptions as well as low-interest loans. Since 2003, approximately 362 new jobs were created by the 70 or so businesses located in Empire Zone locations throughout Chenango County. The certified businesses applied for $2.7 million in Empire Zone Credits and represent a capital investment locally of $19.5 million.
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