Empire State Development Corporation
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Mission
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.
Budget Highlights
The Executive Budget recommends $598.9 million for ESD. This is a decrease of $195.7 million from the 2012-13 budget. The decrease largely reflects the non-recurrence of certain one-time capital appropriations for specific economic development projects included in the 2012-13 budget.
Major budget actions include:
- Regional Economic Development Councils. Building upon the success of the last two years' Regional Council competitions, the Budget provides another $150 million of capital funding to support a third 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 the Consolidated Funding Application process.
- New York Works Economic Development Fund. The Budget includes $165 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. As a part of the Governor's $1 billion multi-year commitment to Buffalo, the Budget authorizes $100 million for Buffalo Regional Innovation Cluster activities, including $75 million in new capital funding and $25 million in tax credits from the enhanced Excelsior Jobs Program.
- Retention of the Buffalo Bills. The Budget includes over $60 million in new funding to support a multi-year agreement to retain the Buffalo Bills in Western New York, including $54 million for stadium improvements.
- The NYS Innovation Venture Capital Fund. A new $50 million venture capital fund will provide critical seed and early-stage funding to incentivize new business formation and growth in New York State and facilitate the transition from ideas and research to marketable products. The Fund will be administered by ESD with program funding sourced from the New York Power Authority and redirection of dormant investment programs administered by ESD.
- NYSUNY 2020/NYCUNY 2020. To continue to spur economic development through university-industry collaboration, the Executive Budget includes $110 million for competitive capital grants for the SUNY and CUNY systems. $55 million will be provided for a third round of NYSUNY 2020 grants and $55 million for a new NYCUNY 2020 program.
- Ongoing Economic Development Programs. $38.5 million is provided to support ongoing economic development programs, including: the Empire State Economic Development Fund; Minority and Women-Owned Business Development and Lending Programs; the Urban and Community Development Program and the Entrepreneurial Assistance Program.
- Continued Support of Existing Capital Projects. Over $2 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:
Briefing Book – Economic Development (PDF)
| Category | Available 2012-13 |
Appropriations Recommended 2013-14 |
Change From 2012-13 |
Reappropriations Recommended 2013-14 |
|---|---|---|---|---|
| Aid To Localities | 89,615,000 | 42,885,000 | (46,730,000) | 336,769,000 |
| Capital Projects | 705,000,000 | 556,057,000 | (148,943,000) | 2,025,013,000 |
| Total | 794,615,000 | 598,942,000 | (195,673,000) | 2,361,782,000 |
Note: Most recent estimates as of 01/22/2013