State Agency OKs Funds Supporting $4.5M Business Projects in Westchester

The Empire State Development Corporation’s Board of Directors today approved funding totaling $11 million, which the agency contends is helping to create 130 new jobs and retain 905 existing jobs in New York State.

The funding will leverage more than $354 million in investment across the state and includes two projects in Westchester — Tarrytown and White Plains — with grants worth $4.5 million. 

In Fiscal Year 2010–2011, the agency approved projects for 265 companies and organizations. These projects totaled more than $488 million in grants and loans, retained 11,907 jobs and created 5,185 jobs, according to the agency. 

The following were awarded Economic Development Fund money:

Regeneron Pharmaceuticals Capital (Westchester County) – $4 million

Regeneron is a publicly traded, fully integrated biopharmaceutical company that discovers, develops, and commercializes medicines for the treatment of serious medical conditions. Founded in 1988, the company established its corporate headquarters and research laboratories in Tarrytown, and its manufacturing facility in Rensselaer County to produce commercial and investigational products for its clinical trials.

In order to address growth in its scientific and corporate operations as well as its increased employment, Regeneron needed to expand its facilities.  The company considered ready-to-move spaces in several locations in New Jersey. A grant of up to $4 million was awarded to the company to be used for a portion of the cost of construction, building improvements and purchase of new machinery and equipment. As a result of the project, Regeneron will retain 565 full-time permanent jobs in the Westchester and Rensselaer locations. Without ESD funding, Regeneron would no longer be able to stay competitive within the industry and would be forced to move operations out of state. Total project cost is $111,100,000.

Towers Watson Capital (Westchester County) – $500,000

Towers Watson Pennsylvania Inc. (“Towers Watson PA”) is a wholly-owned subsidiary of Towers Watson & Co (“Towers Watson” or the “company”), a publicly traded global consulting firm that provides services for benefits, risk and financial services and talent and rewards.  

Today, Towers Watson operates 146 offices in 36 countries throughout North America, Europe, Asia Pacific and Latin America.  The company helps clients enhance business performance by improving their ability to attract, retain and motivate qualified employees and focuses on delivering consulting services that help organizations anticipate, identify and capitalize on emerging opportunities in human capital management. The project entailed the relocation of Towers Watson PA from Valhalla to 45,000 square feet of leased space in White Plains.  

A grant of up to $500,000 was awarded to Towers Watson PA to be used for a portion of the cost of renovations. The project began in June 2010, and renovations and equipment installation were completed in November 2010.  As a result of the project, Towers Watson PA will retain 140 jobs and has created 20 new jobs. Total project cost is $4,315,000.

Empire State Development promotes business investment and growth in New York State.  The agency also oversees the marketing of "I LOVE NY."