Empire State Development Corporation

Note: Most recent estimates as of 12/16/08.

Mission

Doing business as Empire State Development Corporation (ESDC), 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 $251 million for Empire State Development Corporation in 2009-10, a decrease of $1.5 billion from 2008-09. This net change primarily reflects the reappropriation of capital spending authorized in 2008-09.

In 2009-10, 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. Major budget actions include:

• New York GAINS (Growth, Achievement and Investment Strategy) Fund: $50 million to support the newly created New York GAINS Fund to be administered by the Corporation with funding targeted to strategic industries based on anticipated job growth. Grants or loans will be provided to firms within the manufacturing, financial services, agribusiness or high technology industries that demonstrate substantial job creation unlikely to occur without State assistance.

• Economic Development Initiatives: Over $50 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; and the operation and development of the Centers of Excellence or other high technology research centers.

• "I ♥ NY" Program: $11 million for "I ♥ NY" tourism advertising, a decrease of $6 million from the 2008-09 budget;

• Tourism Matching Grants: $4.2 million is provided to assist local tourism promotion agencies, a decrease of $1 million from the 2008-09 budget;

• International Trade: $1.5 million, a decrease of $2 million from the 2008-09 budget, to attract the international investment to New York State, and increase export sales to foreign countries;

• Visitor Centers: $392,000 to support visitor welcome centers in Beekmantown and Binghamton;

• High Technology: $31.6 million to support critical university-based matching grants, and other high technology and research and development programs previously administered by the Foundation;

• Economic Development Capital: $375 million in cost savings will be identified through the reduction or elimination of non-essential projects A portion of this savings will be reprogrammed to support critical economic development initiatives, such as $50 million for the development of a semiconductor packaging center in Upstate, $25 million to support activities at Albany Nanotech, and $200 million to be administered by the Corporation to identify new high value opportunities;

• Continued support of specific projects: $1.285 billion for continued support of various economic development and regional initiatives including a statewide competitive grant program administered by the Corporation, specific downstate regional initiatives and upstate city-by-city projects. In addition, this Executive Budget recommends over $2.5 billion for economic development, cultural facilities, university development, environmental, and energy projects administered by the Corporation and Dormitory Authority of the State of New York. These projects include $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; and

• Operations: $18.8 million to support the Empire State Development Corporation’s operations and administration of State economic development programs.

2009-10 Executive Budget — Agency Presentation
Empire State Development Corporation (PDF)