Business Briefs, March 2006

March, 2006

	Contingency Planning: Sign Up for Emergency Alerts

	Team Work Gets Results: Bayer HealthCare to Expand and Remain in Greenburgh

	And the winner is: Westchester Awarded Empire Games in July 2007

	Economic Focus: Westchester Economy Begins 2006 with Solid Signs

	Finance: Westchester County Receives Triple AAA Bond Rating

	Resources for Business: County Offers Resources to Lower Cost of Commuting


A scientist at Bayer HealthCare's Greenburgh facility

	Contingency Planning: Sign Up for Emergency Alerts Westchester County wants to be able to contact local businesses in case of a major emergency, such as a severe storm, flood or even a terrorist event. Companies that sign up to be part of the emergency contact database can be notified, time permitting, via email and/or text messages to mobile devices. Sign up by going to www.westchestergov.com and clicking on the emergency banner at the top of the page. Your information will be kept confidential and would ONLY be used in a major emergency.

	Team Work Gets Results: Bayer HealthCare to Expand and Remain in Greenburgh Bayer HealthCare is expanding its Tarrytown facilities by relocating 100 jobs from Elkhart, Indiana -- the current home of its diabetes division. The high level initiative to win these jobs was a joint effort by Westchester County, New York State, the Town of Greenburgh and Con Edison. Bayer, which employs nearly 800 people in Tarrytown, had considered moving the full operation to New Haven. The Westchester County Industrial Development Agency stepped in to offer sales tax breaks and low-cost electricity and New York State designated Bayer a “regionally significant” firm, making the company eligible for additional incentives under the Empire Zone Program.

	And the winner is: Westchester Awarded Empire Games in July 2007 Westchester County won the nomination to host the 30th annual New York State Empire Games, the nation’s largest amateur sporting event. The award caps a lobbying campaign waged by County Executive Andy Spano, local officials and county residents. The games will bring together 10,000 athletes, coaches and officials for competitions in 25 sports. The games promise a big economic impact for Westchester, with consumer spending expected to reach more than $12 million. Competitions will be held at local colleges as well as municipal and county recreational facilities. Five colleges will provide housing for athletes and officials.

	Economic Focus: Westchester Economy Begins 2006 with Solid Signs Westchester County came into 2006 with strong economic numbers. Westchester’s office vacancy rate has fallen to 14%, down from 18% in 1998. Downtown White Plains’ vacancy rate is at 12%, down from 30% in 1998. The December 2005 unemployment rate was 3.9% -- the lowest since 2000. Since 2004 the Westchester workforce has expanded by over 8,000 jobs or 1.3%. The Hudson Valley has also added over 20,000 jobs since 2004. Westchester’s hotel occupancy rate of 77.6% was the second highest in New York State after New York City. The regional inflation rate is 3.9%, down from 4.4% in July 2004. In addition, as a good sign for the year to come, Reckson Associates kicked off the new year by announcing plans to construct a $96 million 300,000-square-foot office building in Rye Brook.

Finance:
Westchester County Receives Triple AAA Bond Rating
Westchester County government recently earned another Triple AAA rating from Standard and Poor’s (S&P). This important rating translates to lower interest rates and less debt. Robin Prunty, a credit analyst for S&P, noted that “strong and conservative budget and financial management practices have enabled the county to effectively manage its budget pressures while maintaining a stable financial position.”

	Resources for Businesses: County Offers Resources to Lower Cost of Commuting Westchester County offers a number of programs and resources to lower the cost of commuting to work. To learn about the options, please link to the following web sites: www.westchestergov.com/consumer - Access lists of the lowest priced gas stations as complied by the Westchester County Department of Consumer Protection. beelinebus.westchestergov.com – Obtain information on express buses to New York City, White Plains and other Westchester locations as well as new “Park-and- Ride” locations. www.metropool.com – Metro Pool is an organization that provides direct assistance in helping commuters join or start up a car or van pool. www.westchestergov.com/smartcommute - Learn how pre-tax dollars may be used to pay for commutation and parking expenses - $105 per month for commuting and $200 for qualified parking. www.nuride.com – NuRide is a free Internet- based service that can arrange shared rides for work or personal travel and give participants reward points that can be redeemed for consumer product gift cards.

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