Archive: Business & Technology

Governor Andrew M. Cuomo announced several new initiatives to strengthen New York's Concord grape industry, including an investment of more than $1.3 million in the Vineyard Improvement Program to help growers renovate their vineyards, diversify operations and plant new grape varieties, increase production and enhance profitability. In addition, the state will provide funding to support research at Cornell University to develop new Concord grape products and identify market opportunities. These initiatives are a direct result of the Governor's first-ever Concord grape summit held in April of this year.

"As home to the largest Concord grape industry in the eastern United States, the State of New York is making it a priority to support local growers and their businesses which in turn boosts regional economic growth," Governor Cuomo said. "These new initiatives will strengthen the grape industry and create new jobs by utilizing one of New York's greatest agricultural assets."

Local governments that own landfills face nearly $300 million in estimated long-term costs for their active and closed landfills, according to a report released today by State Comptroller Thomas P. DiNapoli. Much of these costs are associated with the decades-long monitoring and maintenance required to prevent waste and contaminants from seeping into groundwater.

"Owning a landfill can generate significant revenues, but also carries a significant long-term price tag," said DiNapoli. "Before landfills begin to reach capacity, it is critical that local governments plan for future costs that will be paid long after the revenue stream has ended."

Governor Andrew M. Cuomo signed legislation (S.08831/A.11051) Monday to protect non-profits from a tax hike resulting from the federal tax bill. This legislation decouples the New York State tax code from a change made to the federal Unrelated Business Income Tax by the Federal Tax Cuts and Jobs Act, which considered the amount paid or incurred by any non-profit employer for commuter benefits, such as transit or parking, as taxable income.

"The federal tax bill egregiously raises costs on non-profits operating in New York State," Governor Cuomo said. "By decoupling from this area of the federal tax code, we are taking action to protect these critical organizations from the federal assault and sending a strong message that New York stands with the non-profit community."

Governor Andrew M. Cuomo today announced that optics manufacturer Rochester Precision Optics will expand its headquarters in the Town of Henrietta, Monroe County, adding more than 200 new jobs to the region. The company's growth will accommodate two new projects—the relocation of an infrared research and development company from Florida acquired by Rochester Precision Optics in May, as well as the addition of 20,000 square-feet at the facility to increase production across the company's plastics, glass, coating, diamond turning and IT divisions. During the expansion, Rochester Precision Optics will retain the 275 jobs currently held at the John Street site.

"By actively engaging with the private sector and incentivizing growth, companies like Rochester Precision Optics continue to expand their operations in New York, strengthening regional economies and creating good-paying jobs across the state," Cuomo said. "This expansion project is a testament to the unique assets of the Finger Lakes and to the Finger Lakes Forward plan which is fostering innovation and transforming the region."

Sea Change Family Chiropractic has expanded, opening a new Downtown Ithaca facility, exclusively for massage therapy at 120 West State Street – Suite 5, 2nd Floor, across from the historic State Theater.

"Our new downtown office provides greater access to massage therapy in an integrated model of healthcare for downtown residents and workers alike. Our providers specialize in treating chronic musculoskeletal conditions, and coordinating care with other members of a client's healthcare team. As the only facility in Ithaca providing massage therapy through the VA (Veterans Administration) for our servicemen and servicewomen, we have a special focus on treating veterans." said clinical director Dr. Ammitai Worob.

The Finger Lakes Regional Prosperity Network and Cornell Cooperative Extension of Tompkins County announced that Amina Omari has been appointed the founding Director of the Food Processing Business Incubation Program (FoodBIP). FoodBIP is a technical support program for the Finger Lakes food and beverage manufacturing sector.

Funding from the Appalachian Regional Commission and the Tompkins County Development Corporation will provide initial support for the FoodBIP program to serve Chemung, Schuyler, Steuben, and Tompkins counties. The program will provide technical assistance, develop the food sector's entrepreneurship eco-system, and implement a web-based information portal for growing food businesses. After the first year pilot, the program will be expanded to serve a 12- county Finger Lakes region.

New York State Comptroller Thomas P. DiNapoli is urging New Yorkers to read the fine print on gift cards this holiday season for details about fees and expiration dates. While some gift card sellers have done away with inactivity fees, consumers should still ask whether fees apply when purchasing a gift card.

DiNapoli said New Yorkers should use their gift cards within a year of purchase to avoid inactivity fees and register cards with the retailers. By registering their cards, owners can be identified which improves the opportunity of finding and claiming unused card balances that may be reported as unclaimed funds.

Williamsville, NY - Tops Markets, LLC announced November 19th that it has successfully completed its financial restructuring and emerged from chapter 11. The Company reorganized on a fully consensual basis, with the support of its secured creditors and the Official Committee of Unsecured Creditors.

The Company is emerging from chapter 11 with a substantially stronger balance sheet, reducing its debt by approximately $445 million, and with over $100 million in liquidity. This significantly enhanced financial flexibility will enable the Company to continue to invest in its stores and create an even more exceptional shopping experience for its customers. The Company also emerges having resolved the labor and pension issues that it faced at the commencement of the chapter 11 cases.

"We are moving forward as a stronger Company with an even greater ability to provide convenience, savings and friendly service to customers across our communities. We are investing in our stores and rolling out new services that make shopping with us even easier" said Frank Curci, Chief Executive Officer of Tops. 

Juul Labs announced Tuesday it would stop selling most of its Flavored JUUL e-cigarette pod sales to 90,000+ retail stores. The San Francisco company also said it would discontinue its social media promotions.

"We don’t want anyone who doesn’t smoke, or already use nicotine, to use JUUL products. We certainly don’t want youth using the product," said JUUL Labs CEO Kevin Burns. It is bad for public health, and it is bad for our mission. JUUL Labs and FDA share a common goal – preventing youth from initiating on nicotine. To paraphrase Commissioner Gottlieb, we want to be the off-ramp for adult smokers to switch from cigarettes, not an on-ramp for America’s youth to initiate on nicotine. We won’t be successful in our mission to serve adult smokers if we don’t narrow the on-ramp."

Governor Andrew M. Cuomo and Mayor Bill de Blasio announced Tuesday that Amazon will establish a new corporate headquarters in Long Island City, Queens. The decision followed a comprehensive, year-long selection process during which 238 cities across North America competed for the multibillion-dollar project.

In 2019, Amazon will occupy up to 500,000 square feet at One Court Square while working to construct four million square feet of commercial space on Long Island City's waterfront over the next 10 years, with expansion opportunities for up to 8 million square feet over the next 15 years. Through a $3.6 billion total investment, Amazon will draw from the diverse and talented workforce in New York State to fill at least 25,000 new jobs by 2029 and up to 40,000 jobs by 2034 with an average salary of more than $150,000. The construction is expected to create an average of 1300 direct construction jobs annually through 2033. Overall, the project is estimated to create more than 107,000 total direct and indirect jobs, over $14 billion in new tax revenue for the State and a net of $13.5 billion in City tax revenue over the next 25 years. The project provides a 9:1 return on investment.

Rochester, NY - Insero & Co. CPAs has been named as one of the 2018 Best Accounting Firms to Work for by Accounting Today for the seventh consecutive year. Accounting Today has partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees. Insero is the only firm in New York state to have been named to the list each of the last seven years.

This survey and awards program is designed to identify, recognize and honor the best 100 employers in the accounting industry, benefiting the industry's economy, workforce and businesses. Insero was ranked 13th in the medium employer category, consisting of firms with 50 to 249 U.S. employees.

Williamsville, NY - Tops Markets, LLC announced Thursday that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization . Tops expects to complete its restructuring and emerge from Chapter 11 shortly.

“We are pleased to receive the Court’s approval of our Plan and are poised to emerge from this process an even stronger and more competitive company,” said Frank Curci, Chief Executive Officer of Tops. “Through this process, we have accomplished several key objectives, including significantly reducing our debt, creating a viable cost structure and efficiently optimizing our store portfolio. Importantly, we provided an opportunity for employment to every associate who was interested and impacted by store closings at other nearby stores. Our restructuring will create an even more exceptional shopping experience for our customers and assure that we will continue to serve our communities like no one else can.”