Ithaca, NY, (September 26, 2023) – Ithaca Area Economic Development (IAED) announced the public launch of their 5-year investment initiative – Th!nk Tompkins – on Thursday, September 21, during a private reception held at Tompkins Community Bank. IAED revealed that they secured 65% of their $2.1 million goal and are hopeful to hit their mark over the next few months. During the reception, IAED also recognized existing quiet phase investors, specifically Platinum Investors of over $50,000, including Cornell University, and issued a call to action for other businesses to support the Th!nk Tompkins initiative by making their own pledges.
“Cornell is so pleased to continue to support IAED’s critical work of fostering economic growth and workforce development in Tompkins County,” said Joel M. Malina, Cornell’s Vice President for University Relations. “Our five-year commitment of $460,000 is an integral part of Cornell’s investment in the county and reflects our ongoing commitment to enhancing opportunity and prosperity for our region and its residents.”
IAED is powered by a shared revenue model. Fee-based income, county government, and employer investments support IAED in five-year cycles. The Th!nk Tompkins initiative will run from 2024-2028 and features ambitious goals in jobs, payroll, and private investment. It also raises the bar on workforce development, housing, and renewable energy.
“Our investors empower us to deliver customized economic development solutions in support of business growth and retention in Ithaca, Tompkins County, and Central New York,” stated Heather McDaniel, IAED President. “We are committed to providing direct services – such as technical assistance, loans, and incentives – workforce training, and thought and process leadership. The work that we do every day can be measured by the economic impact to this community.”
In its case statement for investment, IAED presents the theme “What Does IAED Do” by way of three strategic priorities: Direct services to businesses, workforce development, and economic development leadership. All three aspects are aimed at building a thriving and sustainable economy. To learn more and to make a pledge, visit IthacaAreaED.org.