Assembly Increases Assistance For
Economic Development Projects

Legislation enacts New York State Capital Assistance Program that will
build on region strength, increasing jobs and community development

Assembly Speaker Sheldon Silver, Ways and Means Committee Chair Herman D. Farrell Jr. and Economic Development, Job Creation, Commerce and Industry Committee Chair Robin Schimminger announced today that the state budget agreement for SFY 2008-09 will provide over $1 billion for economic development initiatives around the state. This includes $350 million for the New York State Capital Assistance Program (NYSCAP), an Assembly program to help develop a strong, job creating climate.

As part of the budget, NYSCAP will focus on supporting projects that have an economic and social impact on the state. The focal point of this program will be providing capital grants and loans to support development projects for the state, including state universities, infrastructure, health care facilities and homeland security.

"We have put a plan in place that contains essential elements for protecting New York's future economic growth. Our budget provides an assistance program to support lagging economic, environmental and public recreation development projects across the state," said Silver (D-Manhattan). "We plan to enhance businesses and create more higher-paying jobs for working families through numerous investments in all aspects of the economy."

"This plan continues our strategic approach to recognize key industries and resources to further the state's economic development. This assistance will fund transportation infrastructure, support job creation, encourage innovation and enhance regional tourism. Struggling upstate areas will benefit a great deal from our budget," said Schimminger (D-Kenmore).

"Our budget supports community development projects and provides assistance for entrepreneurs. These efforts will bring much needed aid to businesses and communities to help them become more effective and competitive," said Farrell (D-Manhattan).

"We in the Assembly looked at all of our state's economy to enhance business infrastructure in all sectors, from small businesses, to manufacturing, to high tech industries, both up and down state. This budget will ensure a continued investment in our state, communities and residents," added Silver.

This legislation will provide capital funding for a range of development projects including:

• Regional Blue Print Fund: $120 million
• Upstate City by City initiatives: $115 million
• Investment Opportunity Fund: $50 million
• Agribusiness Program: $40 million
• Downstate Community Revitalization: $35 million
• Economic Community Development: $35 million
• Downstate Regional Projects: $35 million
• Arts and Cultural Grants Program: $30 million
• New York City Waterfront: $30 million
• Luther Forest Infrastructure: $45 million

The lawmakers noted that as part of the New York City waterfront projects, $20 million is added for Hudson River Park and $10 million for Governor's Island.

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NOTE: The New York State Assembly provided in the budget for capital projects. A full list of Assembly initiatives can be found at the following website. http://www.assembly.state.ny.us/comm/WAM/2008nyscap/