2003 Yellow Book | |||||
Backward | Forward | Cover | Overview | Agency Summaries | Agency Details |
Urban Development Corporation (Summary) View Details |
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Adjusted Appropriation 2002-03 |
Executive Request 2003-04 |
Change |
Percent Change |
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AGENCY SUMMARY | |||||
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General Fund | 74,869,100 | 75,362,100 | 493,000 | 0.7% | |
Capital Projects Fund | 14,300,000 | 0 | (14,300,000) | -100.0% | |
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Total for AGENCY SUMMARY: | 89,169,100 | 75,362,100 | (13,807,000) | -15.5% |
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Budget Highlights |
The Urban Development Corporation (UDC) is currently doing business as the Empire State Development Corporation (ESDC). The mission of the UDC is to promote economic and real estate development by providing financial assistance to local governments, businesses and not-for-profit corporations engaged in economic development activities. In addition, the Corporation is engaged in housing portfolio maintenance and provides State facility financing for the construction and modernization of State correctional facilities, as well as other special projects. The Urban Development Corporation is included in the Transportation, Economic Development and Environmental Conservation appropriation bill. Aid To Localities The Executive recommends a General Fund appropriation of $75,362,100, a net increase of $493,000 over State Fiscal Year (SFY) 2002-03 funding levels. The Executive proposes to prohibit the use of State funds to finance SFY 2003-04 recommended appropriations totaling $75,350,000 for the Jobs Now Program, the Economic Development Fund (EDF) Program, the Urban and Community Development Program (UDCP) Program, the Minority and Women-owned Business Development and Lending (MWBDL) Program, the Military Base Reuse and Redevelopment Initiatives Program, and the Military Base Retention Efforts Program. Rather, the Executive proposes to have UDC issue corporate purpose bonds to support the funding of these Programs. The Executive proposes to fund these Programs as follows:
The Executive recommends funding the Payments to Municipalities Program with a $4,100 General Fund appropriation, reflecting no change from SFY 2002-03 levels. The Executive proposes the elimination of funding for various community projects. Funding for these projects totaled $15,665,000 in SFY 2002-03. Capital Projects The Executive recommends elimination of the $14,300,000 Capital Projects appropriation for the Jobs Now Program authorized in SFY 2002-03. However, the Executive recommends that $12,492,000 of this amount be shifted to UDC corporate bond financing in SFY 2003-04 Article VII The Executive proposes to authorize the Urban Development Corporation to issue bonds or notes in support of economic development projects in downtown Buffalo, the Buffalo inner harbor or surrounding areas. The bonding was first authorized in the SFY 2000-01 State budget to finance a $50,000,000 Capital Projects Fund appropriation. This bonding authorization has since lapsed. The Executive proposes to authorize the Dormitory Authority (DA) to provide $1,200,000 to support the operation of the Cornell Theory Center supercomputer. The Executive proposes to make the UDC's general loan powers permanent. The Corporation's loan powers are set to expire on July 1, 2003. |
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