Empire State Development Corporationskip breadcrumbs
Agency Web Site: http://esd.ny.gov/
Doing business as Empire State Development (ESD), the Urban Development Corporation (UDC) is a New York State public benefit corporation. Its overall objective is to stimulate economic growth through the creation of jobs by fostering business development, enhancing industrial competitiveness, revitalizing downtown areas, advancing high technology and promoting tourism. It engages in three principal activities: economic and real estate development; State facility financing; and housing portfolio maintenance.
The Executive Budget recommends $741.8 million for ESD. This is an increase of $482.2 million from the 2011-12 budget. The increase reflects new capital funding authorized as part of the New York Works initiative, a second round of funding to support the continuation of the Regional Economic Development Councils and the appropriations necessary to fund previous State commitments for the SUNY College for Nanoscale and Science Engineering and the SUNY 2020 Program.
Major budget actions include:
- Regional Economic Development Councils. Building upon the success of this years' first Regional Council competition, the Budget provides another $130 million of capital funding to support a second round of new and competitively selected projects that will further advance each region's Economic Development objectives. In addition to these moneys, Regional Councils will have the opportunity to compete for an additional $70 million of Excelsior Job Credits, as well as funds from other State agencies made available to the Regional Councils via an innovative Consolidated Funding Application process.
- New York Works Economic Development Fund. The Budget includes $75 million for the New York Works Economic Development Fund as part of the New York Works initiative. This Fund will provide capital grants to support projects that create new or retain existing jobs, as well as infrastructure projects needed to attract or retain business across the State.
- Buffalo Regional Innovation Cluster. The Budget authorizes $100 million for Buffalo Regional Innovation Cluster activities, including $75 million in new capital funding from the New York Works initiative and $25 million in tax credits from the enhanced Excelsior Jobs Program.
- Ongoing economic development programs: $76.8 million is provided to support ongoing economic development programs, including: the Empire State Economic Development Fund; the Jobs Now Program; Minority and Women-Owned Business Development and Lending Programs; the Urban and Community Development Program; the Entrepreneurial Assistance Program; and the retention of professional football in Western New York.
- Continued support of existing capital projects: Over $1.7 billion is recommended in reappropriations for continued support of various economic development and regional initiatives including statewide competitive grant programs administered by ESD, specific downstate regional initiatives, upstate city-by-city projects, and other economic development projects administered by ESD and the Dormitory Authority of the State of New York.
For more information on this agency's budget recommendations located in the Executive Budget Briefing Book, click on the following link:
|Aid To Localities||79,098,000||76,838,000||(2,260,000)||310,453,000|
Note: Most recent estimates as of 1/17/2012