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Two California Firms Poised To Be First Tenants At Buffalo, New York High-Tech Manufacturing Innovation Hub
A Memorandum of Understanding agreement has been reached betweenNew York State and the City of Buffalo for the purchase of 88 acres of city-owned property, which serve as site of the Buffalo High-Tech Manufacturing Innovation Hub at RiverBend. The project has already attracted to high-tech firms from California: Soraa and Silevo.
According to Gov. Andrew Cuomo's Office, the
State will build a state-of-the-art anchor hub facility for high-tech and green energy businesses at the site.
Governor Cuomo said the State will invest $225 million from the Buffalo
Billion, attracting two California-based high-tech energy companies, Soraa and
Silevo, which will collectively invest $1.5 billion into the project. Both
firms will establish their major operations in Buffalo, creating 850 permanent
jobs and attracting additional manufacturing companies to the site. RiverBend
is the site of a former Republic Steel manufacturing facility.
Soraa is a California-based manufacturer of
green LED lighting with the highest efficiency on the market. The company will
relocate its corporate R&D and manufacturing operations to RiverBend,
investing $750 million and creating 375 jobs.
Silevo is a California-based company that
develops and manufactures silicon solar cells and modules, with an already
established manufacturing plant in China. Phase 1 of Silevo's project, with a
$750 million investment which will create at least 475 jobs, involves a 200
megawatt production facility establishing its sole North American manufacturing
operations at RiverBend.
The MOU establishes the terms of the sale of the
property from the City of Buffalo via the Buffalo Urban Development Corporation
to the Fort Schuyler Management Corporation, a not-for-profit entity created by
the State to manage property transactions on behalf of the SUNY Research
Foundation.
"This agreement marks swift progress by the
State in acquiring the RiverBend property and carrying out the exciting
redevelopment of the former steel manufacturing site into a state-of-the-art
clean energy innovation hub," Governor Cuomo said. "We are now poised to bring about one of
the most dramatic developments in Buffalo's history. With cutting edge
technology, hundreds of good-paying jobs, and the attraction of dynamic 21st
Century high-tech companies, RiverBend will further strengthen the city's and
region's continuing economic revival."
The MOU includes an agreed to sale price of $2.5
million; a partnership with the city to develop a Community Development
Agreement that includes where appropriate MWBE participation consistent with
established state practices; and permitting the Buffalo Niagara Riverkeeper
organization access to the property for a continuing federally-funded shoreline
restoration project along the Buffalo River, which flows through the
development site.
New York State will invest $225 million in Empire State Development capital to establish infrastructure at the site
including water, sewer, utility and roads; construct a state-owned 275,000
square feet facility that will house Soraa and Silevo as the first two tenants;
and purchase and own equipment. Neither company is receiving direct funding
from the State's investment.
Additional facilities will be built over time to
accommodate new manufacturing companies operating in the field of biotech, high
tech and green energy. The facilities and equipment will be owned by the State
University of New York Research Foundation. Area colleges and universities,
including SUNY Buffalo, will also benefit from the partnership and contribute
to the project's future growth.