Current college properties multiply for STARTUP-NY partners

By: Griffin Onderchain

Photo Editor

Hudson Valley Community College is expanding their current properties in a move to increase space for its STARTUP-NY partners. 

Launched by New York State Governor Andrew Cuomo just six years ago, the program is a plan to get new companies to launch or relaunch in New York State.

The reason for the new building space is to make more room for two current STARTUP-NY companies, one of which has outgrown its current space and will now have room for almost 50 new employees.

These additions are also an attempt to have more software and tech development businesses come to Troy. Recently, two new software companies are partnering with Hudson Valley Community College, one in the Frear Building and one in another location called the Quackenbush Building. 

Back in January of 2019, Hudson Valley Community College created a new plan that allots 181,973 square feet of off-campus space, 13,557 square feet of on-campus space and 11.25 acres of vacant land for Tax Free Areas (TFAs). 

These are the areas that Hudson Valley Community College wants to set aside for small businesses. 

The plan is going to be amended to increase eligible land in Troy, which is also known as Market Block, by 3,962 additional square feet. 

At the city of Troy’s Frear Building, Hudson Valley Community College plans on adding 7,954 additional square feet.

This is an additional increase of 11,916 square feet in downtown Troy, bringing the total amount of off-campus TFAs to 193,889 square feet. 

This is 6,111 square feet under the limit of 200,000 square feet of any vacant building space or vacant land area located within one mile of a SUNY or community college campus. 

As for Hudson Valley Community College, it must go through a process of designating vacant land on or off campus to be marked as a TFA. The New York State will then know how much land is allocated to the partnered business. 

All of these processes go through boards of advisors and the companies themselves have to take a variety of steps in order to be perceived as an eligible business. 

The program is geared more towards small businesses in the hopes to give them a chance to make it in the wider market. 

The program works by having small businesses apply to get their company registered under STARTUP-NY.  To do so, there are general requirements the businesses have to meet. 

The company has to be in the state of New York and your business has to contribute to the community in terms of job creation and economic development. Lastly, your business must be partnered with a college or university. 

These application requirements are where things may get a bit more restrictive for small business. In addition to passing those requirements, businesses must also be labeled as eligible. There are a variety of businesses that aren’t. 

Restaurants, law firms, medical practices, utility companies, financing services and real estate management companies are all businesses that are not allowed to become part of STARTUP-NY.

The restrictions on business specialty are there to focus in on the companies that the state of New York finds most beneficial, mainly technology and venture capitalist startups.