FOR IMMEDIATE RELEASE: January 23, 2004

SCHUMER, CLINTON SECURE $280,000 FOR NEPPERHAN VALLEY TECHNOLOGY CENTER IN YONKERS

New omnibus appropriations report includes over a quarter million dollars to help develop high-tech and biotech jobs in Yonkers and surrounding areas

Nepperhan Valley Technology Center expects to help create 30 new businesses providing hundreds of new jobs

US Senators Charles E. Schumer and Hillary Rodham Clinton today announced that they have secured $280,000 million for the Nepperhan Valley Technology Center in Yonkers. The funds will be used to build a technology center that will include a 32,000 square foot incubator for biotechnology, lab space, and new media space. The funding was included in the Fiscal Year 2004 Omnibus Appropriations Bill conference report passed today by the Senate. The report is now expected to receive the President's signature.

"Nepperhan Valley shows how we can transform old, industrial-era commercial space into new uses - in this case a center for biotech and a business incubator that should help create hundreds of jobs," Schumer said.

“I am pleased to announce these funds for Nepperhan Valley so that they may continue their commitment to fostering business development in New York. These funds will go a long way towards creating a technology, information and professional center for the 21st century and beyond,” Senator Clinton said. "I was proud to work side by side with Senator Schumer and the rest of the New York Delegation on this. I am disappointed that the bill contained other provisions that I feel were harmful to the people of New York, but I am happy that we can move ahead on this."

The Nepperhan Valley Technology Center is located in the historic Nepperhan Valley industrial area, which was once the leading center of carpet manufacturing in the United States. In 1999, when Purdue Fredrick moved its primary research facility from Yonkers to Ardsley, NY, the space was sold to the Yonkers Industrial Development Authority for one dollar.

The business incubator was designed to help promote and support the development of successful businesses in the City of Yonkers by helping create high-quality employment opportunities and providing office space, tech support services, access to shared meeting space and other resources. Biotechnology, technology, new media start-ups and early-stage companies are eligible to use these resources, which are not currently available in Yonkers.

Over the next five years, the Nepperhan Valley incubator will support the successful launch and development of at least 30 technology-based businesses and the creation of at least 200 jobs. Nepperhan Valley expects that the total development costs will be $17.4 million, of which, $12.4 million has already been committed through private and public sources. Today's $280,000 will be added to these resources.

The building's physical characteristics make it well suited for its conversion to a high-tech center. The four story, 116,492-square-foot structure is made of concrete and steel frame construction. Situated on more than two acres of land, it has high ceilings, a large load freight elevator, five loading docks, high floor-load capacity and additional column weight capacity to support mechanical equipment. About 34,000 square feet of the building will be reserved as sub-dividable (multi-tenant) incubator space for start-up companies.

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