11/22/2013 9:17:51 AM
The Buffalo News: High-tech hub for Buffalo includes state funding, $1.5 billion from 2 firms
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The Buffalo News
In the largest down payment on his Buffalo billion-dollar commitment, Gov. Andrew M. Cuomo this morning announced the creation of a clean-energy research campus on 90 acres of land along the Buffalo River that will include two tenants investing $750 million apiece to create a total of 850 jobs. The initiative will be dubbed Buffalo High-Tech Manufacturing Innovation Hub @ RiverBend.
“Today we come full circle,” Cuomo said, referring to the old use of the site, Republic Steel, now to be reused for clean energy. ““Buffalo’s future is the future of the state of New York.”
The companies were indentified as Soraa and Silevo. In discussions after Cuomo’s speech concluded, officials said the state will invest $225 million in the project, leveraging $1.5 billion investment from the two companies.
Construction of the 275,000 square foot facilities for the two companies is expected to be finished in 18 months; officials said it would take up to one year after that to reach the promised employment of 850 jobs, with 375 jobs at Soraa and 475 at Silevo. The state would purchase the equipment for the two companies, and the facilities and equipment will be owned by the state.