Newly Formed Organization to provide “First Stop” Help to New and Existing Businesses
The Cayuga Economic Development Agency (CEDA) is pleased to announce Terence (Terry) Masterson as the organization’s first executive director. As director, Masterson will work to foster an improved and sustainable quality of life in Cayuga County through job retention, expansion, and attraction. His efforts will contribute to the economic development of Cayuga County by creating job opportunities, strengthening the tax base, and diversifying the County’s economic foundations.
A lifelong New York State resident, Masterson’s career has focused on the development of local and regional economies. Masterson has worked on behalf of Westchester County since 1989, and formerly served as Executive Director of the Westchester Partnership for Economic Development, an agency chartered to provide economic development services within Westchester County. During his tenure, Masterson created “Team Westchester,” a unified alliance of state, county and local professionals focused on securing retention and relocation projects. Masterson was also a partner in the formation of “Team Hudson Valley,” an alliance of Westchester, Dutchess and Orange Counties designed to market the Hudson Valley as a premier business location. Additionally, Masterson worked on the formation of a $750,000 Small Business Revolving Loan Fund.
Masterson was selected from a broad and talented candidate pool of over 40 applicants, gleaned from a local, regional and national search. He was the unanimous choice of the full, 15-member CEDA Board of Directors, who represent a variety of Cayuga County and Auburn business interests, including agri-business, banking, higher education, hospitality, and manufacturing.
The newly created private-sector organization was formed in response to needs identified in the Community Economic Development forum of July 2009 and subsequently funded by the Cayuga County Legislature and the CCIDA (Cayuga County Industrial Development Agency).
“CEDA is an important new element of the business development efforts in the County,” offers Ezio Leonardi, president of Leonardi Manufacturing Company, Inc., in Weedsport, N.Y.
“This new organization will provide an excellent platform for Auburn and the County to increase their business creation and retention efforts, and to nurture job creation. CEDA’s coordinated economic development strategy will provide needed continuity among diverse parties and serve to promote and sustain the economic integrity of the County.”
According to Doug Young, managing member of Spruce Haven Farm in Union Springs and a member of the CEDA board, the newly created CEDA will deploy a “First Stop” model of economic development—meaning Masterson will act as the point person for any kind of existing, or potential, Cayuga County business. “As a ‘first stop,’ CEDA will provide coordination and continuity among diverse agriculture and business development parties and serve to foster a sustainable quality of life throughout the County,” Young explains.
Local business owners are optimistic about the help CEDA can provide. “It will be nice to have a one-stop shop that can provide access to small business assistance and help grow and maintain small businesses like mine, says Craig Clark, a member of IGNITE and owner of Sound Monkey Music, a new business in Auburn. “When Sound Monkey Music is ready to grow, I’ll know who to call.”
CEDA will establish business offices in downtown Auburn’s Creative Corridor on State Street at the Stardust Entrepreneurial Institute building. Organizers say the location will forge and strengthen business services partnerships and ensure collaboration in local economic development initiatives. Terry Masterson can be contacted at
terry@cayugaeda.org or by telephone at 315.567.5250
