Empire State Development Corp.’s board of directors has approved up to about $200 million in previously announced funding for three Buffalo Billion projects.
The board approved a grant of up to $107 million for the South Buffalo manufacturing hub commonly known as RiverBend that will house green energy businesses Silevo and Soraa. The funds will cover reimbursement for real estate acquisition, site and infrastructure development, and construction costs. The $107 million is part of a larger $225 million commitment by the state.
The board also approved $55 million to support the Buffalo Information Technologies Innovation and Commercialization Hub, a software development center that will be anchored by IBM and is expected to create 500 jobs. The funds will be used to purchase and build out part of KeyCenter and install software and equipment.
The third project approved for funding was the EWI/Advanced Manufacturing Institute in Buffalo, which will help area manufacturers commercialize technologies and improve their production efficiency. The board approved two grants totaling $35.3 million for the cost of furniture, fixtures, machinery and equipment, and for operating costs including personnel.