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Economic Impact

Background

  • Established in 1951 with significant growth since 1986
  • Primary objective: Keep Ithaca a great place to live, by helping companies provide quality jobs, tax revenues, and strengthen the community's economic base.

Development

  • 300 acres (200 commercial, 100 residential)
  • 24 buildings
  • Over 1/2 million square feet of space (677,000 SF)
  • Large concentration of wet labs and clean rooms

AMENITIES

  • Free parking at your door, airport, child-care center, exercise facility, Marriott Courtyard, medical clinics, Post Office, Federal Express, Broadband internet, picnic area, trail system, beautiful waterway.

Companies

  • More than 80 tenant companies with 1,600 jobs
  • 62% of the companies are technology-based, many of which conduct research associated with or derived from Cornell.
  • Representative firms:
    Advion -
    BinOptics -
    Claritas - national demographic research and marketing company
    CBORD - worlds largest supplier of food and nutrition software solutions, ID card programs and housing management systems.
    Kionix - development & manufacturing of micro-electro mechanical (MEMS) devices
    International Food Network - research and development of commercial food products
    US Geological Survey - water resource division

PROPERTY TAXES

  • $7.7 million paid over last 10 years.
  • $16 million will be paid over next 10 years, even with no further development.
  • As a project, Park is among top 10 tax payers of Tompkins County.

JOBS

  • About 1,600 employees
  • About $57 million in annual payroll put into local economy

Impact

  • Additional jobs for 2,838 people
  • Additional $61 million in payroll
  • Additional $45 million in retail sales Additional $2.2 million in property taxes
    (Figures from TCAD)

Construction activity (about $2 million/year)

Many young companies started in the Park but have moved elsewhere in Ithaca:

  • Ithaca Peripherals - 100 jobs
  • Transonic Systems - 80 jobs
  • AC Technologies - 40 jobs

Non-Financial Benefits

Park employees patronize local restaurants, theater, music, and other activities that keep Ithaca a great place to live:

  • 55% of Park employees volunteer/contribute to charities, not-for-profits, or civic organizations
  • 52% attend or otherwise support the arts
  • Beautiful gateway to community
  • Recreational use of ponds, paths, and grounds

COMMUNITY-WIDE IMPACT

Ithaca is a small community. Economic growth isn’t compartmentalized by municipal boundaries.

Tax revenues are shared:

  • 67% goes to schools
  • 19% goes to County
  • Village of Lansing only keeps 6%

Park employees support downtown:

  • 74% shop downtown
  • 85% go out to dinner downtown
  • 87% use downtown services (dry cleaning, auto repair, etc.)
  • 66% go downtown for entertainment (theater, movies, music)

CONTACT

  • Jeremy Thomas, Senior Director, Cornell University Real Estate
    15 Thornwood Drive, Ithaca, NY 14850
    Telephone 607.266.7866, Facsimile 607.266.7876
    Email: jt675@cornell.edu
    Web: www.cornellbtp.com