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Marcy solar-energy project granted USDA loan
Green Street Power Partners, LLC (GSPP) will use more than $6 million in loan funding to provide permanent debt financing for a 6.751-megawatt, ground-mounted, solar project in Marcy, near Utica. It’s among nine projects seeking to combat climate change across rural parts of New York to which the U.S. Department of Agriculture (USDA) is awarding […]
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Green Street Power Partners, LLC (GSPP) will use more than $6 million in loan funding to provide permanent debt financing for a 6.751-megawatt, ground-mounted, solar project in Marcy, near Utica.
It’s among nine projects seeking to combat climate change across rural parts of New York to which the U.S. Department of Agriculture (USDA) is awarding more than $11 million. Brian Murray, USDA New York State director for rural development, announced the funding Aug. 24.
GSPP is headquartered in Stamford, Connecticut. GSPP 7024 Fox Rd LLC is one of multiple commercial-scale solar projects that GSPP is building in New York with the same organizational structure, the USDA said. The solar array is expected to produce nearly 7.6 million kilowatt hours of electricity in the first full year.
Funding includes a nearly $894,000 applicant contribution and $3.36 million from tax equity investors, per the USDA news release.
Besides the Marcy project, USDA also awarded funding to projects in Saratoga and Columbia counties in eastern New York.
The $11 million in funding for New York is part of a nationwide announcement where Deputy Secretary Dr. Jewel Bronaugh also announced USDA is investing $121 million in critical infrastructure to combat climate change across rural America. The investments include $111 million for 289 projects to help people living in socially vulnerable communities. The funding will help people in 49 states, Guam, and Puerto Rico.
VIEWPOINT: A New World of Investing: Combating Inflation through Innovative Strategies
When it comes to investing, there have been a set of standard practices that have benefited long-term investors. That being said, in our current economic climate, where inflation rates are at an all-time high and the average American holds more than $90,000 in debt, investors have had to turn to new, modern ways to invest
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When it comes to investing, there have been a set of standard practices that have benefited long-term investors. That being said, in our current economic climate, where inflation rates are at an all-time high and the average American holds more than $90,000 in debt, investors have had to turn to new, modern ways to invest for the future.
Outside of a traditional investment portfolio, there are numerous ways to secure a strong financial future and help offset the rising cost environment.
I-Bonds
These are savings bonds issued by the U.S. Treasury with an adjustable interest rate based on the consumer price index (CPI) to keep pace with inflation. Today, the interest rate on new Series I savings bond is 9.62 percent. You can purchase up to $10,000 (per Social Security number) in each calendar year by opening an account on treasurydirect.gov. If you happen to cash the I-bond before five years, you only lose the prior three months of interest.
Corporate Bonds
As interest rates jumped considerably from the lows of the pandemic, income-producing debt on high quality corporate bonds are becoming more attractive. Corporate bonds are debt issued by businesses to fund growth in areas such as capital expenditures and acquisitions. As an example, the ICE BofA AAA US Corporate index, a broad measure of highly rated US corporate debt, has an attractive effective yield of about 3.6 percent. While bonds are subject to price fluctuation, coupon payments provide a steady stream of income for bond holders.
Real assets
Income-generating investments in real estate can provide a buffer in a rising-rate environment. For example, real estate in areas such as apartment buildings have generally offered attractive levels of income. Rent prices in the U.S. are averaging a 14 percent year-over-year increase allowing investors the opportunity to experience higher income. Publicly traded real-estate investment trusts (REITs) allow the average investor opportunities for investment in such markets.
High-Yield Savings Account
These are the best places to maintain an emergency fund, or somewhere to easily access money while it also grows and generates a small return. However, before utilizing one of these accounts, make sure the host institution is FDIC insured.
Certificates of Deposit (CDs)
These are considered short-term to medium-term investments as they are harder to get into than a high-yield savings account and capture more growth. These are issued by an FDIC bank at a higher fixed interest rate than the average savings account; however the funds cannot be accessed ahead of the maturity date without penalty.
Exchange-Traded Funds (ETFs)
ETFs continue to grow in popularity and can be accessed through a brokerage account. They allow the investor to access a basket of individual investments. They invest in areas such as indexes, sectors, and commodities to name a few. Index ETFs track various indices such as the S&P 500, [Russell 2000, and NASDAQ 100] and offer diversification as well as low fees. Sector specific funds allow for the opportunity to invest in parts of the market experiencing pricing power such as energy companies.
Dividend Stocks
These are distributions, typically paid quarterly, to an investor that owns a shares in a company. Often times, investors take their dividends and reinvest the proceeds in their portfolio. Look for healthy dividend-paying businesses, invest in companies generating ample amounts of internally generated cash flow, and avoid businesses issuing shares and debt in order to fund dividend payments.
Working with a qualified financial advisor can help take the guesswork out of major financial decisions. Whether you chose to invest through traditional strategies or want to incorporate some of the options above, it’s important to understand your investment time horizon and risk tolerance.
Tamer Elshourbagy is a VP and senior portfolio manager at Tompkins Financial Advisors, Central New York.
Jefferson County hotel- occupancy rate rises more than 6 percent in July
WATERTOWN, N.Y. — Jefferson County hotels registered another increase in overnight guests in July compared to the same month a year ago. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 6.2 percent to 73.1 percent in the seventh month of the year, according to STR, a Tennessee–based hotel
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WATERTOWN, N.Y. — Jefferson County hotels registered another increase in overnight guests in July compared to the same month a year ago.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 6.2 percent to 73.1 percent in the seventh month of the year, according to STR, a Tennessee–based hotel market data and analytics company. Year to date, occupancy is up 16.1 percent to 54.8 percent.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, rose 17.5 percent to $99.40 in July from the year-prior month. So far in 2022, RevPar has increased by 32 percent to $61.12.
Average daily rate (ADR), which represents the average rental rate for a sold room, went up 10.6 percent to $135.96 in July from the same month in 2021. Through the first seven months of this year, ADR has increased 13.7 percent to $111.47.
Herkimer County solar project advances toward permitting
COLUMBIA, N.Y. — The rural town of Columbia in Herkimer County could be home to one of the state’s largest solar installations in the next several years if the California company EDF Renewables obtains all the necessary permits. The Columbia Solar Energy Center, if approved, will be a $550 million, 350-megawatt facility with 20 megawatts
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COLUMBIA, N.Y. — The rural town of Columbia in Herkimer County could be home to one of the state’s largest solar installations in the next several years if the California company EDF Renewables obtains all the necessary permits.
The Columbia Solar Energy Center, if approved, will be a $550 million, 350-megawatt facility with 20 megawatts of co-located storage located on about 2,000 acres — primarily in the town of Columbia, with some acreage in the neighboring town of Litchfield.
“We’re constantly looking for new areas to develop projects,” Jack Honor, EDF’s director of development for grid scale power in New York state. Columbia was an attractive location, he notes, because of the high-voltage power lines that run through the town.
“Access to robust transmission connection is paramount,” he explains. “We kind of looked at the greater Utica–Cooperstown area.” Columbia stood out because there was less transmission congestion and the state’s “Marcy South” power lines are easily accessible.
EDF Renewables started signing leases with landowners in 2019, and currently has about 90 percent of the required land under lease, Honor says. The company remains focused on leasing the last of the land it needs for the project as well as completing the environmental and engineering studies required for the permitting process, which takes about 18 months.
Pending that approval, Honor expects construction to start in 2025 into 2026. EDF Renewables is funding the entire project cost, and the company will receive a 30 percent federal tax credit.
Once underway, about there will be about 300 construction jobs followed by five full-time jobs once complete. During its first year of operation, the project will generate an estimated $1.2 million tax contribution split between Herkimer County, Columbia, Litchfield, and school districts within the project area. Residents in the two towns will also receive a credit on their electric bills for 10 years.
The project is so large that the state actually handles the process, Honor says, and he expects that to begin early next year. Currently, EDF is completing wetland studies, animal studies, and any others it needs for the permits.
The majority of the land is what Honor calls lower production agricultural land, mostly hayfields. The land is a mix of inactive and active farms.
“They see this as an opportunity to lease the land to us and keep the land in the family,” Honor says of many of the landowners that signed onto the project.
Keeping that rural farmland setting in mind, Honor says EDF works to make sure its solar projects do as little as possible to detract from the surroundings by using fencing that’s appropriate, such as agricultural-style fencing, vegetation, and other means to improve the look of the solar-installation area.
“There’s no way to prevent everyone in the community from seeing the project,” he notes, but EDF tries to make it as visually appealing as possible.
Another component includes looking at ways to actively incorporate agriculture into the project, Honor says. That could include efforts such as using sheep to graze around the solar panels, setting up beehives, or growing shade-loving vegetables below the panels.
The Columbia project will not be one large installation. Instead, the multiple sections of solar installation are spread around the 2,000 acres and connected via underground wires.
The project (www.edf-re.com/project/columbia-solar-energy-center/) is one of three EDF projects in the works across the state, and among 22 total solar projects in the state, to receive a long-term contract by the New York State Energy Research and Development Authority (NYSERDA). Those contracts allow the solar companies to sell renewable energy solar credits to the state for 20 years.
New York estimates the 22 solar projects will produce enough energy to power more than 620,000 homes for at least 20 years. They also progress the state toward its goal to obtain 70 percent of the state’s electricity from renewable sources by 2030 and a zero-emission grid by 2040.
Indium to expand Rome manufacturing operation
ROME, N.Y. — Indium Corporation is expanding its manufacturing facility in Rome and would like to hire 300 employees over the next two years. With its growth, the facility at 5836 Success Drive in Rome is now the company’s largest manufacturing center globally in terms of square footage, Indium said in its Aug. 24 announcement.
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ROME, N.Y. — Indium Corporation is expanding its manufacturing facility in Rome and would like to hire 300 employees over the next two years.
With its growth, the facility at 5836 Success Drive in Rome is now the company’s largest manufacturing center globally in terms of square footage, Indium said in its Aug. 24 announcement.
Indium expects the 24,000-square-foot expansion to have a “significant” economic impact on the city of Rome. It represents a more than $10 million investment into the local economy with the company looking to hire 300 employees over the next two years, “with many roles needed immediately.”
In addition, the expansion brings the number of processes executed at the facility to 25 with more than 175 pieces of manufacturing equipment.
“The people of Rome have been welcoming to Indium Corporation since we began our operations here in 2013,” Ross Berntson, president and COO of Indium, said in a release. “This investment represents our continuing commitment to being a conscientious corporate citizen, while ultimately contributing to the already fantastic quality of life here.”
The Rome facility produces solder fabrications that are used primarily by advanced-electronics manufacturers to build their final assemblies, the company said.
Since operations started at the Rome facility in August 2013, staffing has grown from just a few employees to 163, with more hiring needed to meet “increased demand,” the company noted.
Total jobs at Indium’s Central New York facilities have grown from 681 in 2020 to the current local employee count of 951, the company said. Indium continues to grow globally as well with more than 1,300 employees at 15 locations around the world.
Following an Aug. 24 news conference, Indium hosted a recruiting event onsite to “address its immediate production needs.” The company is continuing its hiring campaign for Rome and other local facilities. Career seekers can visit jobs.indium.com to learn more.
About Indium Corp.
Based in Clinton in Oneida County, Indium is a materials refiner, smelter, manufacturer, and supplier to the global electronics, semiconductor, thin-film, and thermal-management markets.
Products include solders and fluxes; brazes; thermal interface materials; sputtering targets; indium, gallium, germanium, and tin metals and inorganic compounds; and NanoFoil.
Founded in 1934, Indium has global technical support and factories located in China, Germany, India, Malaysia, Singapore, South Korea, the United Kingdom, and the U.S., the company said.
Northern N.Y. economic-development projects get federal funding
ALBANY, N.Y. — Several local projects are among a dozen in New York’s 28-county northern border region to receive federal grants for economic and community development. The Northern Border Regional Commission (NBRC) reviewed 55 applications with funding requests totaling more than $35 million before selecting the final 12 grant recipients, which received $5.8 million, according
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ALBANY, N.Y. — Several local projects are among a dozen in New York’s 28-county northern border region to receive federal grants for economic and community development.
The Northern Border Regional Commission (NBRC) reviewed 55 applications with funding requests totaling more than $35 million before selecting the final 12 grant recipients, which received $5.8 million, according to a news release from the New York governor’s office.
The Town of Fayette in Seneca County will receive $1 million to install more than 11 miles of sewer force main to about 330 parcels, which will connect the town’s district to the Village of Waterloo sanitary sewer system. The new system will serve properties on Seneca Lake and reduce septic-system discharge to the lake.
Griffiss Local Development Corporation in Oneida County will receive $353,360 to expand rail-yard capacity within Griffiss Business & Technology Park by about 16 railcars. This will provide greater flexibility to serve existing park tenants, per the release.
The Village of Canton in St. Lawrence County was awarded $1 million to design and construct a new secondary water source to increase capacity and accommodate economic growth.
The St. Lawrence County Industrial Development Agency will receive $494,400 to rehabilitate the industrial track and bridge over the Oswegatchie River. The project will restore reliable, direct rail service to the Dunn Paper Mill in Natural Dam and allow for further industrial development of parcels in Gouverneur.
The NBRC evaluated the projects through a competitive process for their potential economic impact, regional need for the project, level of coordination with existing plans and regional activities, and their consistencies with the priorities of the program. The projects will leverage an additional $11.5 million in funding and support through private investment, the release stated.
Projects must fall within one of the following categories in order to be considered: transportation infrastructure; basic public infrastructure; telecommunications infrastructure; employment-related education, entrepreneurship, technology and business development; basic health care and other public services to assist economically-distressed areas; resource conservation, tourism, recreation, and preservation of open space for economic development; and development of renewable and alternative energy sources.
Projects are eligible for up to $1 million for infrastructure and $350,000 for other projects. NBRC grants awarded in distressed counties require a 20-percent local match while transitional counties necessitate a 50-percent local match.
The NBRC is a regional economic-development partnership between federal, state, and local government. The commission includes the governors of New York, Vermont, New Hampshire, and Maine, along with a federal co-chair appointed by the president.
ESF’s Teron named Nathan Public Policy Fellow by Rockefeller Institute
SYRACUSE, N.Y. — The Rockefeller Institute of Government announced it has named Lemir Teron, a faculty member at the SUNY College of Environmental Science & Forestry (ESF) in Syracuse, as a 2022-23 Richard P. Nathan Public Policy Fellow. He is one of six researchers and practitioners to receive the honor. Over the next year, these
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SYRACUSE, N.Y. — The Rockefeller Institute of Government announced it has named Lemir Teron, a faculty member at the SUNY College of Environmental Science & Forestry (ESF) in Syracuse, as a 2022-23 Richard P. Nathan Public Policy Fellow.
He is one of six researchers and practitioners to receive the honor. Over the next year, these experts will partner with Rockefeller Institute researchers to examine timely public policy issues in gun violence, public health, health care, local government fiscal management, and environmental justice, the Albany–based Rockefeller Institute said in a release. As part of his fellowship, Teron will study issues of transportation and environmental justice, with a special emphasis on the disparate impacts of urban heat islands and strategies to combat urban heat.
At ESF, Teron’s research focuses on urban sustainability, energy policy, and environmental justice. He received his Ph.D. from the University of Delaware and completed a National Oceanic and Atmospheric Administration (NOAA)-supported postdoc at the Environmental Cooperative Science Center at Florida A&M University, per the release. He currently serves on the energy working group of the forthcoming New York State Climate Impacts Assessment. Teron was awarded the 2019 Distinguished Faculty Member for Teaching Excellence Award by the SUNY ESF Undergraduate Student Association and he received a 2020 Unsung Hero Award at the 35th Martin Luther King Jr. Celebration in Syracuse for his commitment to racial and environmental justice.
C&S hires Huxley to grow sustainability practice
SALINA, N.Y. — C&S Companies recently announced it has hired Olwen Huxley as a senior principal to facilitate the growth of C&S’s sustainability practice and “support the firm in meeting its own sustainability and energy-management goals.” C&S describes Huxley as “an esteemed sustainability professional and leader.” She has more than 25 years of professional experience
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SALINA, N.Y. — C&S Companies recently announced it has hired Olwen Huxley as a senior principal to facilitate the growth of C&S’s sustainability practice and “support the firm in meeting its own sustainability and energy-management goals.”
C&S describes Huxley as “an esteemed sustainability professional and leader.” She has more than 25 years of professional experience focused on energy management, environmental policy, climate-change planning, and sustainability policy, management and consulting.
“I am extremely excited to be joining the C&S team as part of the firm’s ongoing journey to strengthen its already substantial sustainability offerings and ethos,” Huxley said in a statement. “The opportunities continue to expand in such areas as energy efficiency, infrastructure and energy and resilience, community and environmental restoration, and high-performing facilities. I am looking forward to all the work that we can do together to support our clients in all these areas and more.”
Prior to joining C&S, Huxley served as an energy program manager for the FBI, where she focused on improving the performance of high-intensity facilities such as central utility plants, laboratories, and data centers. Over the course of her career, she also served as an energy and environmental consultant to multiple agencies of the U.S. Department of Defense (DOD). Huxley also has legislative and policy experience from five years on Capitol Hill, including working in the office of U.S. Representative Jack Quinn (NY-30) and the House Science Committee, which chaired by the late U.S. Representative Sherry Boehlert (NY-25).
In addition, Huxley has also worked in the advocacy sphere on economic, environmental, and health issues.
She holds a master’s degree in energy and environmental analysis from Boston University and earned her bachelor’s degree in history and science from Harvard-Radcliffe College. Huxley is also a certified energy manager (CEM) and LEED-accredited professional, C&S said. LEED is short for Leadership in Energy and Environmental Design.
Salina–based C&S Companies is a planning, design, and construction firm with 20 offices across the U.S. The firm serves government, airports, higher education, health care, industrial, private development, and other clients with infrastructure planning, design, and construction projects. The firm is headquartered at 499 Col. Eileen Collins Blvd. in the town of Salina, near Syracuse Hancock International Airport.
N.Y. gets $25M in federal money to plug orphan oil and gas wells
New York State will use $25 million in federal funding to plug, cap, and reclaim orphaned oil and gas wells in upstate New York. U.S. Senate Majority Leader Charles Schumer (D–N.Y.) on Aug. 29 announced $25 million in federal money through the U.S. Department of Interior to bolster New York State’s efforts in this matter,
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New York State will use $25 million in federal funding to plug, cap, and reclaim orphaned oil and gas wells in upstate New York.
U.S. Senate Majority Leader Charles Schumer (D–N.Y.) on Aug. 29 announced $25 million in federal money through the U.S. Department of Interior to bolster New York State’s efforts in this matter, his office said.
New York has nearly 7,000 of these abandoned sites from the fossil-fuel industry, concentrated heavily in the Southern Tier, Central New York, the Finger Lakes, and Western New York, per Schumer’s office. They can leak methane and other pollutants, posing a “serious safety hazard and further fueling climate change.”
“Upstate New York, from the Southern Tier and Central New York to Western New York and the Finger Lakes, has been plagued by orphaned oil and gas wells for decades creating hidden hazards that can pollute our backyards, drinking water sources, and communities. Now, thanks to the Bipartisan Infrastructure and Jobs Law that I championed, Upstate New York will receive $25 million in desperately-needed funding to confront these long-standing environmental challenges and plug hundreds of these wells,” Schumer said.
In a separate news release on the same topic, Gov. Kathy Hochul said that by locating, assessing, and plugging these decades-old oil and gas wells, New York is making major contributions toward reducing air pollution that significantly contributes to climate change by preventing them from leaking methane into the environment.
Schumer’s office cites the New York State Department of Environmental Conservation (DEC) as indicating most of these orphaned oil and gas wells across the state were drilled in the late 1800s to early 1900s. The time period was prior to the establishment of modern environmental protections. As a result, the wells lack “comprehensive documentation and may present threats to public safety and the environment,” Schumer’s office said.
The highest number of orphaned wells are located in Allegany County.
If left unplugged, orphaned wells can leak methane — a more potent greenhouse gas than CO2 — and other toxic contaminants into the environment and ground and surface waters. The funding will go directly to helping to boost the ongoing work to “plug, cap, and reclaim these orphaned wells and keep our communities safe.”
Schumer’s office went on to say that New York is already involved in locating and plugging these wells.
In 2020, the DEC and the New York State Energy Research and Development Authority (or NYSERDA) launched a new program using drone and magnetometer technology to map abandoned oil and gas wells.
The U.S. Environmental Protection Agency estimates that methane emissions from these abandoned wells are equivalent to more than 6 million tons of carbon dioxide (CO2) into the atmosphere each year.
The Infrastructure Investment & Jobs Act provided $4.7 billion to plug, remediate, and reclaim orphaned wells via grants to states and new federal programs to tackle legacy pollution. As of 2021, there were more than 129,000 orphaned wells that have been identified across the U.S. This number is expected to grow as more are found using funding from the infrastructure law.
The funding announced Aug. 29 is part of an overall $1.15 billion in phase-one awards announced from the Department of Interior for states to plug and remediate orphaned wells, with more formula funding expected in the coming months.
ESF, Rockefeller Institute to host sustainability conference
SYRACUSE, N.Y. — The SUNY College of Environmental Science and Forestry (ESF) in Syracuse and the Albany–based Nelson A. Rockefeller Institute of Government are set to host an upcoming event discussing successful sustainability initiatives at the local level. This free conference, titled “Locally Sourced: Municipal Green Policy Solutions” is scheduled for Sept. 9 from 8
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SYRACUSE, N.Y. — The SUNY College of Environmental Science and Forestry (ESF) in Syracuse and the Albany–based Nelson A. Rockefeller Institute of Government are set to host an upcoming event discussing successful sustainability initiatives at the local level.
This free conference, titled “Locally Sourced: Municipal Green Policy Solutions” is scheduled for Sept. 9 from 8 a.m.-4 p.m. at ESF’s Gateway Center in Syracuse.
Attendees will hear from SUNY sustainability experts, municipal leaders, and other key stakeholders with the information they need to empower more sustainable and environmentally friendly decision-making, ESF said in its Aug. 25 announcement.
“This conference is an incredible opportunity for local officials, researchers, and community advocates to learn how to implement change for a more sustainable planet,” Joanie Mahoney, president of ESF, said. “We’re proud to partner with the Rockefeller Institute to provide guests with the opportunity to learn from and network with policymakers and experts — and at no cost to attend.”
The conference seeks to highlight successful projects and practices that have addressed sustainability at the local level, identify research questions and challenges faced by local leaders when developing projects, identify policy priorities and practices for state and local leaders, network with experts and other municipal leaders, and facilitate long-term connections between the research, policy, and practice communities, ESF said.
The event’s guest speakers will represent ESF; New York State Energy Research and Development Authority; New York State Department of Environmental Conservation; Onondaga County; and the municipalities of Hastings, White Plains, and Cohoes.
“While federal and state governments are central to promoting sustainability and addressing climate change, critical work is also being done at the local level,” Bob Megna, president of the Rockefeller Institute, said. “We are excited to connect the Institute with SUNY ESF, a leader in sustainability, to showcase how municipalities and other local government entities can take significant action to advance green policy solutions.”
As ESF explained it, municipal leaders and planners regularly make decisions about how to manage their communities’ resources and infrastructure. Many local leaders across New York have “made a commitment” to consider environmental sustainability when making these decisions.
This includes amending code requirements, requiring the use of sustainable materials and design, implementing innovative and renewable technologies, rethinking planning processes, combining green and grey infrastructure systems, and seeking out new partnerships with local companies and nonprofits, ESF said.
Federal funding under the American Rescue Plan Act and the Infrastructure Investment and Jobs Act has “created further opportunities” for localities to “(re)imagine” their streets, pipes, parks, and waterways. The conference will focus on best practices, lessons learned, and successful projects that illustrate how local leaders can integrate sustainability into their municipal decision-making, per the ESF announcement.
The Rockefeller Institute of Government is the public-policy research arm of SUNY. Founded in 1981, the Rockefeller Institute conducts “cutting-edge research and analysis to inform lasting solutions to the problems facing New York State and the nation,” per its website.
ESF says it is “dedicated to the study of the environment, developing renewable technologies, and building a sustainable and resilient future through design, policy, and management of the environment and natural resources.”
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