Rochester University has been granted permission to turn part of the incubator High Tech Rochester as well as two buildings in Eastman Business Park into tax-free zones. The buildings cover a combined area of 105,894 square feet.
High Tech Rochester, the region’s only state and federally designated incubator, will see its Lennox Tech Enterprise Centre turned into a tax-free zone. Similarly, buildings 59 and 320 in the Eastman Business Park will profit from governor Andrew Cuomo’s Start-Up NY initiative.
The three sites will appeal to companies at different stages of growth and will help create high-tech jobs. Businesses that participate in Start-Up NY are exempt from paying taxes for 10 years. So far, more than 70 companies have already approached university officials about partnering. Most of these are startups focusing on medicine, alternative energy, engineering, optics, imaging, data sciences, and information technology.
The private research university is aiming to create several public-private partnerships, research collaborations and training opportunities for students.
Start-Up NY was announced in autumn 2013 by governor Cuomo. As part of the initiative, companies must open their offices within a mile of a campus and support the school’s academic mission and be beneficial to faculty and students. They also need to create jobs. Start-Up NY’s aim is to get businesses to relocate, start up or expand in New York state through affiliation with public and private universities and colleges.
