Release Date: March 7, 2014
BUFFALO, N.Y. — The University at Buffalo has designated more than 175,000 square feet of space as tax-free zones through Gov. Andrew Cuomo's START-UP NY initiative, putting a heavy focus on facilities in downtown Buffalo.
START-UP NY stands for SUNY Tax-free Areas to Revitalize and Transform Upstate NY.
The statewide initiative launched by the governor aims to spur economic development by enabling universities to identify areas where new and expanding businesses can operate for 10 years without paying New York State business, corporate, income, sales or property taxes, or franchise fees.
The governor has approved UB's planned tax-free zones on or near its North, South and Downtown campuses. They include:
UB officials have been in conversations with more than three dozen companies interested in the program.
The university will consider businesses that offer products and/or services that align with the academic focus areas of the university. Targeted businesses will support industry clusters included in the Western New York Regional Economic Development Council’s strategic plan and the Buffalo Billion Investment Development Plan, such as advanced manufacturing and materials, nanotechnology, clean tech and energy, and health and life sciences.
“As one of the nation’s leading public research universities, UB is ready to partner with entrepreneurs and companies to create new opportunities for business growth and commercialization of faculty research,” said Alexander N. Cartwright, UB’s vice president for research and economic development.
“START-UP NY offers an exciting new way for our university to create an environment in which businesses can thrive, students can find employment and innovations can be transferred to the marketplace,” Cartwright said. “UB’s research strengths in the emerging fields of advanced manufacturing and materials, big data supercomputing and nanotechnology are particularly suited for new business partnerships under this initiative.”