Empire State Development Corporation

Agency Web Site: http://esd.ny.gov/

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 FY 2017 Executive Budget recommends over $1 billion in new spending authorization in support of various ESD programs and initiatives.

Major budget actions include:

• Continue Upstate Revitalization. The Budget includes an additional $200 million to support Upstate Revitalization Initiative projects to help continue to restore economic opportunity to regions across upstate New York. Modeled on the Buffalo Billion initiative, and the existing structure of the Regional Economic Development Councils, this initiative will target investment within a set of economically-distressed upstate metropolitan areas and their surrounding regions. These additional funds are available to the four regions (North Country, Capital District, Mohawk Valley and Mid-Hudson) that were eligible for the Upstate Revitalization Initiative competition but were not selected as Best Plan Awardees. $30 million is to be provided by ESD, and an additional $170 million will be provided from the New York State Special Infrastructure Account.
• Regional Economic Development Councils. Building upon the success of the last five years' Regional Council competitions, the Budget provides another $150 million of capital funding to support a sixth 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.
• Support for Nano Utica. $200 million to support a cutting edge, 360,000 square foot wafer fabrication facility to be constructed at the Nano Utica site in Marcy. $100 million is to be provided through ESD, and an additional $100 million will be provided from reprogrammed health care funding previously authorized in the FY 2016 budget.
• New York Power Electronics Manufacturing Consortium. To continue fulfilling the State's $135 million multi-year commitment, $33.5 million will be provided to support the New York Power Electronics Manufacturing Consortium to develop and commercialize the use of wide bandgap power electronic devices.
• Clarkson-Trudeau Partnership. An additional $12 million to support the ongoing 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.
• Brookhaven National Laboratory. $50 million over 5 years to support research facilities at the Brookhaven National Laboratory in Stony Brook. The Budget provides $10 million for FY 2017.
• Buffalo High-Tech Manufacturing Innovation Hub. $100 million over 10 years to support the development of the Buffalo High-Tech Manufacturing Innovation Hub at Riverbend in Buffalo. The Budget provides $10 million for FY 2017.
• Albany Nano G450C. An additional $60 million over 4 years to fulfill the State's investment at the Albany Nano G450C facility. The Budget provides $15 million for FY 2017.
• NYSUNY 2020/NYCUNY 2020. $110 million for a new round of NYSUNY 2020 and NYCUNY 2020 grants, including $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.
• New York Works Economic Development Fund. The Budget includes $99 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.
• Support New York Open for Business. $50 million will be appropriated through ESD for the Open for Business initiative to continue an enhanced marketing effort to demonstrate the benefits of investing and doing business in New York and promoting the State's tourism assets.
• Expand and Promote Tourism. The State's economic development agencies will implement a $50.5 million tourism campaign in FY 2017 to attract visitors from around the world, a $5 million increase in funding from last year. The program includes a fourth round of $13 million in competitive funding through the Market NY initiative to support tourism marketing plans and projects that best demonstrate regional collaboration among counties to promote regional attractions.
• Ongoing Economic Development Programs. $43 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; the Entrepreneurial Assistance Program; and various economic development initiatives.
• Continued Support of Existing Capital Projects. Nearly $4.5 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 (DASNY).

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)

Note: Most recent estimates as of 01/13/2016

Click for additional detailed appropriation tables