A 16-member committee has set the priorities for how a $500 million fund attached to state aid for Micron will be spent.
The requirement for the $500 million fund was created in 2022 to make the state’s Green CHIPS tax incentive more palatable to some members of the state legislature.
Housing, workforce development and education resources are among the most immediate priorities, according to a document released Thursday listing the priorities.
The committee was co-chaired by Melanie Littlejohn, President and Chief Executive Officer of the Central New York Community Foundation, and Tim Penix, Vice President of the Syracuse Educational Opportunity Center.
At a Thursday press conference, Empire State Development Chief Operating Officer and Executive Deputy Commissioner Kevin Younis, said spending will be aligned with the priorities.
“I understand the desire to inextricably link the fund within the document. But I would maybe encourage folks to not do that because the document is a framework for all of us,” Younis said. “It’s a strategy for folks that are making investments that aren’t here at this table today.”
So far, Micron has invested $30 million dollars in Central New York, said April Arnzen, the president of the Micron Foundation. The $500 million fund includes $250 million from Micron, $100 million from New York State and $150 million will have to be raised.
Two years after the initial announcement of the fund, the $150 million has not yet been raised. The timeline for the fundraising will be determined “moving forward,” Penix said.
The six priority areas were formed by talking to more than 12,000 Central New York residents over the last 13 months, according to the priorities document.
The six priority areas are:
- Educational resources and access
- Workforce exposure, development, and job opportunities
- Minority-, women-, veteran- owned business enterprises and small businesses
- Housing, community development, and quality of place
- Community health and family supports
- Sustainable and equitable infrastructure development
The process for how the money will be distributed has yet to be determined, Younis said. He did add that he believes the process will include two phases, including a letter of intent from nonprofits. The nonprofits who fall into the priority areas will be able to apply for a portion of the funds.
Micron and the state will have to publicize who is awarded money from the fund, according to Younis. He added that the $5 million in state aid Micron will receive is at least in part tied to its spending as part of the fund.
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