There are more restaurants per person here than NYC; the traffic is never bad except during 30-minute rush hour intervals; there is enough middle/upper-middle income here to support high-end retail and services (ex: even if there is only one very good spa and steakhouse, it is still a very good spa and steakhouse); the cost of living is...well it's ok. Housing is expensive in the City and the surrounding Town, but if you go a mere 5 minutes out of the Town of Ithaca in any direction you practically pay peanuts. Still, food and other necessities are Upstate-cheap if you don't shop at Wegmans.
But most importantly, Ithaca is a pleasant place filled with pleasant people. The average person on the street is friendly and helpful. Nobody is "too important." Maybe it's because we have a top public high school where rich and poor alike receive a quality education, but there isn't an economic "us vs them" one often finds in decrepit Rust Belt cities with wealthy suburbs or revitalized metro areas that sag professionals with "gentrifier guilt."
The point I'm trying to make is that if you want professionals (and thereby, businesses) to come and stay, you have to make your city a nice place to live. Tax breaks don't fix a lousy commute. Fancy new mixed-use high-rises don't diminish the sneers you get from service workers who see you as a disruptive yuppie who is destroying their hometown without even realizing it.
I know it's not terribly helpful to suggest "if you want to make your city attractive to professionals, it just has to have that spark," but I see it as akin to a doctor recommending the extremely difficult tasks of regular exercise and a healthy diet instead solving every problem with a pill.