Keuka College was one of four upstate New York colleges to be unanimously approved for a tax-free designation thanks to the START-UP NY initiative.
START-UP NY is an initiative from Governor Andrew M. Cuomo designed to provide major incentives for businesses to relocate, start up, or significantly expand in New York state through affiliations with public and private universities, colleges and community colleges. Businesses will have the opportunity to operate free of state and local taxes- on or near academic campuses, and their employees will pay no state or local personal income taxes. In addition, businesses may qualify for additional incentives.
START-UP NY tax relief is more extensive than what is offered under other similar government programs, such as industrial development agencies. Under START-UP NY, participating companies will not pay any state or local taxes for 10 years, including property, income, business, corporate or sales taxes. Franchise fees are also forgiven.
2,530 square feet of vacant space at Penn Yan’s Keuka Business Park was declared eligible for inclusion in the state’s tax-free START-UP NY program, which links universities and colleges to business growth. Part of the initiative states that of the three million feet of space for private universities, 2.4 million feet must go to campuses upstate.
“This proposal was completed in conjunction with the Finger Lakes Economic Development Center,” said College President Jorge L. Díaz-Herrera, “and now that we have this relationship with START-UP NY, we hope to be able to revise our proposal to include the Keuka Commons once construction is underway. The designation would make it even more appealing for high-tech business from out-of-state and new technology startups to come to the Keuka College campus.”
Preliminary plans call for a 30,000 square foot Keuka Commons building across from the main campus with 4,000 square feet designated as tax-free space. Among other things, the building would house the College’s Center for Business Analytics and Health Informatics.
According to Steve Griffin, CEO of the Finger Lakes Economic Development Center, receiving the initiative is a momentous accomplishment.
“The START-UP NY initiative makes a significant incentive for businesses going forward, and is vitally important to keep us in a competitive environment with the rest of the state,” said Griffin.
“The START-UP NY board has also approved plans from Clarkson University, Columbia University, and the University of Rochester—so we are in extraordinarily good company and among one of the first private institutions to have space approved,” said President Díaz-Herrera.
“The space is small enough to get a business started, but has room for future allocations,” said Griffin. “There are overhead doors to accommodate large machinery. I think it will fill quickly.”