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 $1.9 billion for ESD. This is a net increase of $575 million from the 2014-15 budget. The increase primarily reflects the addition of the $1.5 billion Upstate Revitalization Fund and other strategic economic development capital initiatives.
Major budget actions include:
- Upstate Revitalization Fund. The Executive Budget includes a new $1.5 billion Upstate Revitalization Fund, modeled on the successful Buffalo Billion initiative. The Upstate Revitalization Fund will target investment via a competitive process to a set of economically-distressed upstate metropolitan areas and their surrounding regions, focusing on catalytic infrastructure projects, as well as quality of life initiatives, to make upstate New York a better place to live, work, and visit. The Upstate Revitalization Fund harnesses the existing expertise and structure of the Regional Councils to develop regional investment plans that identify existing assets, highlight needs and recommended investment areas.
- Regional Economic Development Councils. Building upon the success of the last four years' Regional Council competitions, the Budget provides another $150 million of capital funding to support a fifth 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 Power Electronics Manufacturing Consortium. As part of the State's $135 million multi-year commitment, a $33.5 million initial state investment will be provided to support the New York Power Electronics Manufacturing Consortium to develop and commercialize the use of wide bandgap power electronic devices.
- Cornell University College of Veterinary Medicine. $19 million to complete the State investment to support the expansion of the Cornell University College of Veterinary Medicine.
- Clarkson-Trudeau Partnership. $5 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.
- Binghamton University School of Pharmacy. As part of the State's $50 million commitment to complete construction of a new Binghamton University School of Pharmacy, $25 million will be provided by ESD. This initiative will help Binghamton continue to build its stature as a premier research university, expand enrollment, create jobs, increase economic activity in the Southern Tier and help meet health care workforce needs.
- 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 $45 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.
- 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 and the Entrepreneurial Assistance Program.
- Continued Support of Existing Capital Projects. Over $2.9 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 (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)
| Category | Available 2014-15 |
Appropriations Recommended 2015-16 |
Change From 2014-15 |
Reappropriations Recommended 2015-16 |
|---|---|---|---|---|
| Aid To Localities | 52,801,000 | 42,986,000 | (9,815,000) | 263,216,000 |
| Capital Projects | 1,304,945,000 | 1,889,723,000 | 584,778,000 | 2,916,280,000 |
| Total | 1,357,746,000 | 1,932,709,000 | 574,963,000 | 3,179,496,000 |
Note: Most recent estimates as of 01/21/2015