Empire State Development Corporation
skip breadcrumbs| All amounts are in dollars |
| Category | Available 2007-08 |
Appropriations Recommended 2008-09 |
Change From 2007-08 |
Reappropriations Recommended 2008-09 |
|---|---|---|---|---|
| Aid To Localities | 85,364,000 | 81,121,000 | -4,243,000 | 421,098,000 |
| Capital Projects | 350,450,000 | 900,000,000 | 549,550,000 | 3,061,783,000 |
| Total | 435,814,000 | 981,121,000 | 545,307,000 | 3,482,881,000 |
Note: Most recent estimates as of 01/22/08.
Mission
Doing business as Empire State Development Corporation (ESDC), the Urban Development Corporation (UDC) is a New York State public benefit corporation. It engages in four principal activities: economic and real estate development; State facility financing; housing portfolio maintenance; and privatization initiatives.
ECONOMIC AND REAL ESTATE DEVELOPMENT
The Corporation provides financial and technical assistance to businesses, local governments, and community-based not-for-profit corporations for economic development and large-scale real estate projects that create and/or retain jobs in New York and reinvigorate distressed areas.
STATE FACILITY FINANCING
The Empire State Development Corporation issues bonds to finance the construction and modernization of correctional facilities and other special projects for the State. Debt service on these bonds is paid from State appropriations.
HOUSING PORTFOLIO MAINTENANCE
In the early 1970s, the Urban Development Corporation built 113 large-scale housing developments for low- to middle-income persons. The Corporation also built non residential civic and industrial properties, including the Niagara Falls Convention Center, the Wards Island Fire Training Center, the Monroe County Fairgrounds, the Ten Eyck Plaza in Albany, and public school facilities in Buffalo, Manhattan, the Bronx, and Brooklyn. Since the mid 1970s, activity in this area has been limited to the monitoring and loan servicing of projects.
PRIVATIZATION INITIATIVES
The Corporation is charged with facilitating efforts by State agencies and authorities to privatize State functions and assets.
Budget Highlights
The Executive Budget recommends $981.1 million for Empire State Development Corporation in 2008-09, an increase of $545.3 million from 2007-08. This net change primarily reflects the resources necessary to implement the $1 billion Upstate Revitalization Fund.
In 2008-09, the Empire State Development Corporation's activities will be funded through a combination of state general fund appropriations and corporate revenues generated by corporation owned residential and non-residential properties and by its financing programs. The Corporation will have a workforce of 256 in 2008-09, an increase of 15 from the 2007-08 Budget. This primarily reflects actions to expand statewide economic development efforts, including additional staff for the Upstate headquarters in Buffalo.
Major budget actions include:
- Economic Development Initiatives: $77.0 million in support for economic development initiatives, including: the Empire State Economic Development Fund; Minority - and Women-Owned Business Development and Lending programs; the Urban and Community Development Program; the Entrepreneurial Assistance Program; the retention of professional football in Western New York; military base retention; the operation and development of the Centers of Excellence or other high technology research centers; and a new Venture Capital Program to provide seed stage assistance to entrepreneurs and start-up firms in targeted industries;
- Operations: $4.1 million to support the Empire State Development Corporation's administration and expansion of various State economic development programs;
- Economic Development Capital: $400 million for various economic development and regional initiatives including a statewide competitive grant program administered by the Empire State Development Corporation, specific downstate regional initiatives and Upstate city by city projects. Portions of which shall be made available to support the $1 billion Upstate Revitalization Fund;
- Upstate Regional Blueprint Fund: $250 million to enable ESDC to work with Upstate municipalities to identify targeted investments that capitalize on each region's unique assets and potential to spur economic development. An additional $100 million will be made available through the sale of surplus state property;
- Downstate Revitalization Fund: $200 million to support investments in distressed communities in the Downstate region to encourage business and community development;
- Upstate Agricultural Economic Development Fund: $50 million to support the continued growth of the food and agricultural industry by encouraging investments that promote the development of alternative fuels products, access to markets, and in farm and agricultural infrastructure; and
- Continued support of specific projects: Over $2.5 billion for economic development, cultural facilities, university development, environmental, and energy projects administered by the Empire State Development Corporation and Dormitory Authority of the State of New York, including $300 million for the development of an international computer chip research and development center; $50 million to support capital improvement projects at Governor's and Roosevelt Islands in New York City, as well as redevelopment initiatives at the Harriman Research and Technology Park in Albany and in Niagara Falls; $650 million for the development of a semiconductor manufacturing facility and $300 million for the Restore New York Communities initiative.
2008-09 Executive Budget — Agency Presentation
Empire State Development Corporation (PDF)