December 2, 2022
Albany, NY

Governor Hochul Announces Up-To-$200 Million "Fast NY" Grant Program to Attract Key Industries to Shovel-Ready Sites Across The State Now Accepting Letters of Intent

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Governor Hochul Announces Up-To-$200 Million "Fast NY" Grant Program to Attract Key Industries to Shovel-Ready Sites Across The State Now Accepting Letters of Intent
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Program will Jump-Start New York's Shovel-Readiness and Increase the State's Attractiveness to Large Employers

Informational Webinar for Potential Applicants to be Held on December 15

Application Portal Opens December 15

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Governor Kathy Hochul today announced that the new up-to-$200 million Focused Attraction of Shovel-Ready Tracts grant program to attract and expand key growth industries in New York State will now accept Letters of Intent from potential applicants. FAST-NY provides certification and grant funding to help prepare key commercial sites across New York State for development in order to attract high-tech manufacturing; interstate distribution and logistics businesses; and other large employers. Empire State Development is accepting Letters of Intent as a first step in the application process and will accept applications on a rolling basis from those who have submitted letters once the application portal opens on December 15.

"The new FAST-NY program will further establish New York's standing as a commercial hub by increasing our supply of shovel-ready sites and attracting the jobs and businesses of the future," Governor Hochul said. "With this up-to-$200 million investment, we are helping to supercharge our state's economy and draw in the key industries that bring high-growth, high-wage jobs. I encourage those interested in FAST NY to jumpstart their application by submitting a letter of intent."

Empire State Development President, CEO and Commissioner Hope Knight said, "The announced historic Micron investment in Central New York is proof positive that having a shovel ready site for companies to build on is a smart investment. As these companies look to take advantage of the federal CHIPS and Science and New York's own Green CHIPS program, New York will need additional shovel-ready sites, and FAST NY will help usher in a new era of growth."

Shovel-ready investments are a key driver in site selection for the semiconductor industry. Semiconductor manufacturer Micron recently chose the shovel-ready White Pine site in Central New York to invest up to $100 billion for its chip manufacturing fab and the shovel ready site in Marcy was a key factor that brought Wolfspeed to the Mohawk Valley.

There are three types of Focused Attraction of Shovel-Ready Tracts (FAST NY) programming:

  • Track A - FAST NY Shovel-Ready Certification
    • This no-cost designation by ESD for site-marketing purposes establishes that the applicant has worked proactively with New York State (the "State") to address all major permitting issues prior to a business expressing interest in the location. Details will be announced at a later date.
  • Track B - FAST NY Pre-Development Grants
    • Working capital grants of up to $500,000 per site will be awarded to fund the cost of necessary pre-development site planning and reviews for future shovel-ready sites.
      • Grants will fund necessary costs to assist grantees in completing pre-development activities, such as those required for FAST NY Shovel-Ready Certification.
  • Track C - FAST NY Infrastructure Improvements
    • Capital grants will be awarded to improve the shovel-readiness of existing, mature sites by funding infrastructure improvements such as water, sewer, transportation, electricity, gas and other capital-eligible site improvement costs.

Competitive grant awards will be available to sites that have substantially met the requirements of FAST NY Shovel-Ready certification.

Applicants that are eligible to apply are municipalities and municipally designated non-profit economic development organizations, such as New York State-based nonprofit industrial development agencies and authorities and economic development corporations designated to act on the behalf of the municipality in which the site is located. Sites must be at least 40 acres in size to be eligible for grant consideration. However, exceptions may be made for smaller sites demonstrating compelling site assets or public benefits such as the possibility for brownfield redevelopment. Eligible industries include:

  • High-tech manufacturing, including but need not be limited to clean-tech renewable energy, life sciences, agribusiness, optics, transportation equipment, materials processing, industrial machinery manufacturing and other advanced manufacturing
  • Sites for interstate distribution and logistics
  • Priority may be given to semiconductor manufacturing and related industry and supply-chain projects

Eligible site activities include:

  • Manufacturing
  • Research and development
  • Office park
  • Interstate distribution and logistics

All grant funds will be issued on a reimbursement basis. For information on how to submit a Letters of Intent (LOI) visit https://esd.ny.gov/fast-ny.

State Senator Anna M. Kaplan said, "As we look to strengthen New York's economy coming out of the pandemic era, and as we seek to bolster local manufacturing to avoid future supply chain disruptions, it's vital that we invest big into the high-tech manufacturing sector that will be a significant driver of future economic growth and innovation. Taking steps now to attract these growing industries to New York will position our State for long-term economic success and strong job creation well into the future."

Assemblymember Harry B. Bronson said, "As Chair of Economic Development, I'm pleased to see shovel-ready investments starting to take place. When we fought to include shovel-ready funding in the budget, we knew how transformational it would be to our economic growth as a state. Businesses will now seek out New York State because of this grant program, and as a result thousands of new jobs will be created. This is the economic stimulus we need to keep moving New York forward towards high-tech manufacturing, modernize our infrastructure, and create an inclusive workforce for our state."

New York State Economic Development Corporation President Ryan Silva said, "New York State's continued economic growth will be accelerated by investing in market/shovel-ready site development. This investment will allow communities to be proactive in attracting new industries by offering predictability and shortening time to market for businesses seeking to invest and grow in New York. It will also create an immediate demand for construction jobs and modernize our infrastructure, which will help New York State achieve its stated clean energy goals while retaining and attracting the jobs of tomorrow, helping secure economic opportunities for all New Yorkers. We thank Governor Hochul and the Legislature for approving this vital program in this year's budget."

Contact the Governor's Press Office

Contact us by phone:

Albany: (518) 474-8418
New York City: (212) 681-4640

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