Governor Andrew Cuomo’s State of the State address brought big news for not only New York State, but for Buffalo as well. Governor Cuomo announced a $1 Billion economic development package for the city to promote large investments in growth industries to locate or relocate to Buffalo.
“New York State is on the way to coming back stronger than ever before. By working together in a bipartisan manner and putting the people first, we have established the credibility to govern and to lead. Now we must build on what we have already accomplished to begin to undo decades of decline. We have big problems, but we are confronting them with big solutions. Now is the time to get to work, building a New New York together,” Governor Cuomo said.
New York State will offer national and global industries a total of $1 billion in multi-year economic development incentives to come to Buffalo. The hope is that offering a massive incentive will draw large investments in growth industries, perhaps shaping Buffalo as a new center of something like nanotechnology or similar industries. The overall goal is to create thousands of jobs as well as prompt $5 billion in new investment and economic activity.
“The announcement that Governor Cuomo is committing $1 billion to economic development in Buffalo will accelerate the city’s transformation.” said Mayor Brown, “As a member of the Governor’s Economic Advisory Council, I’ve had the opportunity to highlight many of Buffalo’s assets, including one of the lowest effective tax rates in the state and 350 shovel ready acres that my administration has assembled to pave the way for business investment and job creation.”
Other notable initiatives include:
- NYC will get the largest convention center in the country at the Aqueduct Race Track venue. The facility is expected to clock in at 3.8 million square feet. The current Javits Center site in Manhattan would be redeveloped
- An additional round of Regional Economic Development Awards totaling $200 million
- The creation of the New York Works Fund and Task Force to coordinate and leverage capital investment and create thousands of jobs. Job creation will come as a result of rebuilding New York’s infrastructure, including repairing over 2,000 miles of roadways
- A constitutional amendment to allow additional gambling in New York State, which is estimated to bring $1 billion in economic activity
- Build a private sector funded $2 billion “energy highway” system that will focus on renewable energy potential in Upstate and Western NY in order to bring low-cost power to the energy needs of downstate NY
- Invest and expand solar energy production while also keeping down cost through the NY-Sun Initiative. It is designed to quadruple annual development of solar energy production by 2013
- Holding the line on spending this year and closing the remaining $2 billion budget deficit with no new taxes or fees
- Reform to the pension system and the creation of a Tier VI retirement plan
- Appoint a bipartisan education commission to work with the Legislature to recommend reforms in key areas including teacher accountability, student achievement, and management efficiency
- A plan to allow SUNY’s 60 campuses to compete for three $20 million challenge grants. The grants will continue the Governor’s work to build SUNY institutions into leading centers of excellence, innovation, and job creation
- Creation of the Tax Reform and Fairness Commission to propose additional, long-term changes to corporate, sales, and personal income tax systems, and to find ways to close tax loopholes, promote efficiency in administration, improve New York’s business climate, and enhance collection as well as enforcement
- Create an Office of New Americans to assist legal permanent residents who come to New York State. The office will provide a variety of services, including helping those with high-skills training and experience obtain the licenses and credentials they need to earn their way; helping those with limited formal education receive access to adult education and job training; and helping new legal permanent residents navigate the path to citizenship. It will also encourage entrepreneurship and take steps to protect new Americans as they transition to full participation in New York’s communities
The big news for the region is the State’s committment to local economic development.
“I applaud Governor Cuomo, who realizes the potential Western New York has,” said Senator Mark Grisanti, 60th District. “By investing $1 Billion into Western New York, this should attract businesses to come to our area. As stated a few weeks ago when Governor Cuomo visited the University of Buffalo, I introduced him as ‘Western New York’s new best friend.’ He has certainly lived up to that expectation and I look forward to working with him and other lawmakers to determine the best use of this money and thank him for believing in Western New York.”
“This investment sends a clear message to Western New Yorkers – Governor Cuomo shares our belief that our best days are still ahead of us,” said Senator Timothy M. Kennedy, 58th District. “We are confident that this $1 billion will unleash the potential for major economic growth in Western New York, as it will help us attract new industries, invest in existing businesses, train our workforce and improve our infrastructure.”
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