Maurice Hinchey NEWS

22nd C O N G R E S S I O N A L D I S T R I C T, N E W Y O R K

FOR IMMEDIATE RELEASE

May 15, 2003

HINCHEY ANNOUNCES $1.75 MILLION GRANT FOR NEWBURGH HIGH-TECH BUSINESS PARK

600 New Jobs Possible

WASHINGTON - U.S. Representative Maurice Hinchey (NY-22) today announced that the City of Newburgh has been awarded $1.75 million to construct the infrastructure necessary for a 17-acre high-technology business park, as well as a Medical Technology Incubator on the site. Upon completion, the project is expected to create up to 600 new jobs.

"This is great news for the City of Newburgh and the surrounding area," said Hinchey. "These high-tech, full-time jobs are ideal for improving Newburgh's economy and will have a major impact the city's future. It's gratifying to see a lot of hard work paying off in such a big way."

The West Street Medical/Technical Office Park, a key component of Newburgh's Economic Strategic Plan, is being developed through a partnership between Northeast Management and Development Corporation, the Adirondack Area Network, and Hudson Valley DataNet. When completed, the project will encompass 75,000 square feet, subdivided into five buildings on West Street.

A $2.5 million two-story telecommunications center will create 200 jobs and occupy 25,000 square feet. The Medical Technology Incubator will employ 80 people and occupy over 8,600 square feet. An additional 320 jobs are expected to be created by future tenants of the remaining three buildings.

The grant is being awarded by the Economic Development Administration (EDA), a division of the U.S. Department of Commerce. EDA also provided the funding that allowed Newburgh to complete its Economic Strategic Plan. Last year, Hinchey announced a $27 million loan guarantee to Hudson Valley DataNet through the U.S. Department of Agriculture's Broadband Loan program. That approval, which allows DataNet to participate in the West Street project, was made possible by a legislative measure Hinchey wrote into a spending bill.

Hinchey was informed of the $1.75 million grant when he telephoned EDA today to continue his advocacy for the project.