ITHACA, N.Y., May 5, 2023 – Ithaca Area Economic Development (IAED) held its annual meeting and presented a report to the community at Hotel Ithaca on May 3rd. The event marked the first since the pandemic and was attended by 100 business leaders, community partners, and elected officials. The featured theme “What Does IAED Do?” was illustrated by testimonials from stakeholders and partners, including Richard Polevoy (Knickerbocker Bed Company), Carol Miller (Alliance for Manufacturing & Technology), Nnenna Lynch (Xylem Projects), and Vicki Taylor Brous (SHIFT Capital).
IAED President Heather McDaniel shared, “The annual meeting was a resounding success! It felt great to be together again after several years, and to share our accomplishments and outline our ambitious vision for the future of economic development in Ithaca and Tompkins County.”
In 2022, IAED reported stimulating $72.6 million in private investment, $2.7 million in new property taxes, and $874,000 in new payroll. It also facilitated the construction of 113 housing units and payments of $280,000 into the Community Housing Development Fund to support affordable housing through Tompkins County. IAED presented figures from an ongoing broadband infrastructure project and from the inaugural year of its Direct-to-Work: Pathways to Manufacturing program. Access the full report at IthacaAreaED.org/News.
“All of the support we received from IAED is greatly appreciated. They have been indispensable in the work we’ve been able to do renovating and retrofitting the property, and I’m confident the community will be thrilled with the results,” added Polevoy while sharing the history and status of Knickerbocker’s relocation to Tompkins County.
IAED is backed by a shared revenue model, with funding from Tompkins County, fee-based income, and employer investments. It is now in the final year of its current five-year investment initiative and has exceeded or will realize milestones in private investment, new payroll, and new jobs. During the annual meeting, IAED outlined an extensive list of goals for the next one: Th!nk Tompkins, 2024-28. More information about it will be released in the coming year.