Upstate Revitalization Fund. $1 billion for an Upstate Revitalization Fund that will drive substantial and immediate investments into the Upstate economy. These investments will help fund the Governor’s City-by-City Plans; restore our parks; support the development of affordable and supportive housing; invest in our aging infrastructure; and increase access to capital for businesses, municipalities, arts and cultural institutions, and agribusinesses.
Bridge Safety. As part of the Upstate Revitalization Fund, the Budget provides $100 million in new funding for State and local bridge preservation. This commitment will be financed through an increase in the fee on auto insurance policies, providing a permanent source of revenue for these improvements.
Low Cost Power. Extends the two primary State power programs – Power for Jobs and Energy Costs Savings Benefit – through June 30, 2009. Further, in recognition of inefficiencies within the current programs, a revised program will be implemented on July 1, 2009 that will target those companies for which electricity is the primary component of overall costs; and reward companies with the greatest commitment to job creation and energy efficiency with up to seven year contracts.
Brownfields Reform. Revises the existing State Brownfields program to ensure that this resource will remain available for critical environmental remediation and economic development projects so that brownfields across the State can once again contribute to economic growth and livable communities.
Savings
Empire Zone Reform. Undertakes reforms and administrative changes to improve overall program performance. This will include raising requirements for entry to the program to ensure that only those projects that offer the promise of significant economic growth will gain valuable State tax incentives; and removing businesses from the program that have failed to meet their job creation and investment pledges. These actions are expected to produce savings of $50 million.
Neighborhood and Rural Preservation Program. Reforms the Neighborhood and Rural Preservation Program, resulting in $4.9 million of savings.