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FOR IMMEDIATE RELEASE: July 22, 2005

Schumer Announces Key Senate Panel Backs $200,000 for the Griffiss Local Development Corporation

Senator Aggressively Lobbied Senate Appropriations Committee To Include Funding In Spending Bill Federal Dollars will be used for Development of a Multi-Tenant Technology Office Complex

U.S. Senator Charles E. Schumer today announced that the Senate Appropriations Committee approved $200,000 for Griffiss Local Development Corporation under the FY06 Transportation, Treasury, HUD Appropriations Act. The federal funds will go to the development of a technology office complex to support the real estate needs of the information security and research efforts on going at the Griffiss Park. The bill must now be approved by the full Senate before being sent to a House and Senate Conference Committee, then eventually being signed into law. Schumer had aggressively lobbied members of the Appropriations Committee to include funding for the project in this year’s spending bill.

"This is great news for Rome and the entire Mohawk Valley,” Schumer said. “We need to make sure Griffiss has the capacity they need to accommodate growth as they attract new companies, new jobs, and new energy to the area. This is a major step forward in driving the area's economic development."

The Griffiss Local Development Corporation has seen a strong increase in market demand for class-A office space in the Rome, NY area. Typically, these inquiries emanate from high technology companies in need of relatively short-term leases. The GLDC has leased approximately 118,000 gross square feet of class-A and class-B office space to technology companies in the business of software development in information security. Their target market which is anchored by the Air Force Research Laboratory Rome, as well as the Griffiss Institute for Information Assurance, includes information technology companies, specifically companies that do business with AFRL, DOD, the Office of Homeland Security, and companies involved in preventing identity theft.

These federal funds will help to build a 20,000 to 25,000 gross square foot commercial office shell, including all exterior site work, exterior finishes, windows, roof, landscaping and enough interior systems and finishes to show the property to potential customers and reduce the development time and finance costs of customer-driven requirements (special finishes, power, HVAC, telecommunications, computer networks, security features, vaults, etc.). The shell will be marketed as a fast-track office facility capable of being occupied within 3 months of a tenant’s lease commitment. The design will accommodate subdividing to meet demands for office sizes from less than 1,000 SF on up to the entire facility.

Today, the Appropriations Committee included $200,000 for this project in the Transportation, Treasury, HUD spending bill. The bill was passed out of the Appropriations Committee today and now heads to the floor for a vote before the Senate. A vote is expected later this summer, and after final passage a conference committee will reconcile the differences between the House and Senate versions of the Transportation, Treasury, HUD Appropriations Bill before sending it to the President to become law.

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