Thursday, 18 May 2017 22:08

New Business Incubator Project Takes Next Step

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New Business Incubator Project Takes Next Step Submitted photo

The County of Oswego Industrial Development Agency (COIDA) recently closed on the former Price Chopper site in Oswego. The site, which the COIDA purchased from the Port of Oswego Authority, will be home to a $6 million business incubator facility.

The main target markets for the facility are research and development, light manufacturing and business services start-ups.

To provide comprehensive support for incubator tenants, a partnership was established among the COIDA, the Port of Oswego, SUNY Oswego, Operation Oswego County, the Small Business Development Center, the City of Oswego Community Development Office, Centerstate CEO, Empire State Development Corp. and the Oswego County Farm Bureau.

All new incubator tenants will develop a graduation plan. Generally, businesses will spend no more than 5 years in the incubator. To achieve graduation, businesses will meet with incubator staff to ensure they stay on track.

In the past several years, the Port of Oswego made arrangements for use of the parking lot at various times, such as during Harborfest. L. Michael Treadwell, CEO for the COIDA, has stated that the COIDA plans to maintain these relationships.

The building will be fully renovated, inside and out. In addition to upgrades to the parking lot, the COIDA will work with the Oswego County Planning and Community Development Office to plants trees and add landscaping.

The incubator was an anchor project for the City of Oswego's winning proposal in Governor Cuomo's Downtown Revitalization Initiave (DRI). While awaiting word on exactly how much the project will receive through the DRI, additional funding is being sought through other sources.

"We are taking the next steps and getting ready for preliminary work to go out for bids," said Treadwell. "We will hopefully see some construction this summer."

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