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: enhancement of private business investment and growth; real estate development; and State facility financing.
Budget Highlights
The Executive Budget recommends over $1.3 billion for ESD. This is an increase of $894.3 million from the 2013-14 budget. The increase primarily reflects the resources necessary to fully implement the Governor’s billion dollar commitment to Buffalo and for other strategic economic development capital initiatives.
Major budget actions include:
- Regional Economic Development Councils. Building upon the success of the last three years' Regional Council competitions, the Budget provides another $150 million of capital funding to support a fourth 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.
- Buffalo Regional Innovation Cluster. The 2014-15 Budget fulfills the Governor’s $1 billion commitment to Buffalo by authorizing an additional $680 million in new capital funding for the program. This complements $150 million in prior-year capital appropriations and $170 million in tax credits reserved under the Excelsior Jobs Program to provide the full $1 billion for the initiative.
- Nano Utica. $180 million to support the purchase of equipment for a project at Nano Utica, the State’s second major hub of nanotechnology research and development .
- New York Genome Center. As part of the State's $105 million commitment to create the NY Genomic Medicine Network, $55.75 million will be provided to the New York Genome Center to support the construction of a new facility to conduct research in genomics.
- Cornell University College of Veterinary Medicine. $5 million initial State investment to support the expansion of the Cornell University College of Veterinary Medicine.
- Clarkson-Trudeau Partnership. $10 million to support a partnership between the State, Clarkson University and the Trudeau Institute to form a world-class biotech enterprise and further establish the North Country Region as a premier center of biotechnology research and development.
- Onondaga Lake Communities Revitalization. $30 million to support economic development and infrastructure improvements that encourage the revitalization of Onondaga Lake and its surrounding communities.
- Economic Transformation Program. $24 million to support communities adversely affected by future correctional and juvenile justice facility closures. In consultation with the Regional Councils, those communities will be able to use the funds to leverage private sector investments that create jobs and support initiatives that transform their economies.
- NYSUNY 2020/NYCUNY 2020. $110 million for a new and expanded round of NYSUNY 2020 and NYCUNY 2020 grants, $55 million for each university system. Funding will continue to be awarded through a bottom-up competitive process through which campuses develop plans for improving academic outcomes, finding efficiencies, and promoting innovation and economic development.
- Ongoing Economic Development Programs. $42.9 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 $1.9 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 2013-14 |
Appropriations Recommended 2014-15 |
Change From 2013-14 |
Reappropriations Recommended 2014-15 |
|---|---|---|---|---|
| Aid To Localities | 42,537,000 | 42,935,000 | 398,000 | 281,815,000 |
| Capital Projects | 403,057,000 | 1,296,945,000 | 893,888,000 | 1,906,052,000 |
| Total | 445,594,000 | 1,339,880,000 | 894,286,000 | 2,187,867,000 |
Note: Most recent estimates as of 01/20/2014