HomeMy WebLinkAboutI - 05c CDBG Project # 287ED967-21 Extension RequestTOWN OF CORTLANDVILLE
RAYMOND G. THORPE MUNICIPAL BUILDING
TOM WILLIAMS, TOWN SUPERVISOR
3577 Terrace Road
Cortland, New York 13045
p:(607) 756-6091 £(607) 758-7922
Supervisor Town Board Members, Attorne
Tom Williams Jay Cobb, Deputy Supervisor John A. DelVecchio
Jeff Guido, Deputy Supervisor
Asst. to the Supervisor Greg Leach, Town Councilman
Amanda Rainbow David Donlick, Town Councilman
March 8, 2023
Ms. Lindsay Kirk
Economic Developer
NYS Homes and Community Renewal
38-40 State Street, Hampton Plaza, 4th Floor
Albany, NY 12207
Dear Ms. Kirk:
The Town of Cortlandville would like to request an extension for its 2021 CDBG
Economic Development grant #287ED967-21 for the Seven Valley Specialty Cables
(7VSC) project. The town is requesting a 12-month extension until March 11, 2024.
Currently, $1S2,400 of the $330,000 grant has been disbursed from the CDBG
program to the Town of Cortlandville. Program disbursements have been prorated
and based on expenditures that have been documented by 7VSC. The business has
created three FTE jobs since the date of grant award and is in the process of
onboarding four new FTE positions.
Market complications from the Covid-19 pandemic such as supply chain issues,
material pricing, and limited workforce have slowed expansion efforts for this
business startup, which began operations during the peak of the pandemic.
Although 7VSC has slowly expanded, the business has already secured double the
value of contracts from its 2022 fiscal year in the first quarter of 2023.
7VSC has slowly increased its production capacity as it has purchased new cable
manufacturing equipment over the past two years. Recent CDBG-funded equipment
acquisitions positioned the company to secure an annual cable manufacturing
contract with SkyCam; a business that provides cable -suspended broadcast quality
video and audio services to the National Football League. This contract, amongst
others, will support the four new FTE's referenced above.
The Town of Cordanrlville is an Equal opportunity Provider and Employer —
I£you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, found online at
hno://www.ascr.usda.eov/co ulairt filina ysthtml, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter to us
by mail at U.S. Department of Agriculture, Director, Office of Adjudication. 1400 Independence Avenue, S.W., Washington, DC 20250-9410, by fax (202)
690-7442 or email at oroaram.imake0usda eov..
As a result of its recent successes, 7VSC is planning a large equipment purchase
which will be the final acquisition required for the manufacturing operation to run
at capacity. Once the equipment is delivered and assembled, 7VSC will begin to
create the remaining jobs needed to satisfy the terms of the CDBG grant. The grant
extensions will afford the business the additional time required to expand
operations and bring on new hires.
Please don't hesitate to contact me if you have any questions or need any additional
information. Thank you for your assistance with this matter and for your
consideration of this grant extension request.
Sincerely,
Tom Williams, Supervisor
Town of Cortlandville
cc: Thoma Development Consultants
Seven Valley Specialty Cables