ROCHESTER, N.Y. (WROC) — A new federal deal with Rochester based Kodak could help revitalize the neighborhood along Lake Avenue.
“It is an exciting time for Rochester and our resurgence and our jump starting,” said Rochester Mayor Lovely Warren.
According to Kodak’s CEO, the $765 million federal loan will create “Kodak Pharmaceuticals,”will bring some 300 jobs to Rochester.
MORE | Kodak lands $765M federal loan to develop prescription drug ingredients, aims to add 300 jobs in Rochester
The neighborhood surrounding the factory could benefit from the increased business, and plans to develop Lake Avenue are underway. This includes a new police sub section, improvements to current housing developments, and a plan from Kodak that will further develop the Lake Avenue stretch.
“You’ve already seen a new housing development that went up with Pathstone. Kodak has some other exciting plans that go across the Lake Avenue stretch there and then we also have a plan to build a police sub section,” said Mayor Warren.
Not only will the surrounding community see a potential boost, but Kodak investments are already starting to increase.
Stock prices soared 200% after the announcement and economic analyst say this could revitalize the once booming factory.
“I believe in the long end, will it be good enough to make their stock worth 30,40,60 or more? The jury is still out on that,” said George Conboy, Brighton Securities.
And Mayor Warren hopes this can attract more business to the area who might be struggling due to covid.
“I believe it was business insider that said Rochester is the number one place for recovery of the coronavirus for business, and we want not only our business that are here to be able to continue to be able to thrive and grow here, but be able attract more business which would mean more jobs for our community,” said Warren.
Reports of insider trading surfaced after stock prices soared ahead of the Tuesday press conference, but a financial expert says after looking at the timing of the the press release, which came on Monday morning-the fluctuation we saw could have been people who saw the announcement and traded early.