Assemblywoman Donna Lupardo (D-Endwell) announced today that the Assembly passed legislation she co-sponsored (A.9132) to encourage financial services companies to locate their back-up facilities and back-office operations in New York state. The legislation would provide grants for new construction and renovation, as well as the acquisition of land, buildings and equipment.

“While promoting economic development, this legislation will also help financial companies prepare for crises ranging from power failures to natural disasters and potential terrorist attacks,” said Lupardo. “Greater Binghamton has distinct advantages and there is certainly the potential for these sites to be located here.”

“This legislation will provide a new tool for Greater Binghamton to promote our region to the financial services industries to locate their back-up centers in our region,” said Jim DiMascio, Executive Director of the Greater Binghamton Coalition. “We applaud Assemblywoman Lupardo and the Assembly for their efforts in encouraging new investment and job growth.”

Since the 9/11 terrorist attacks, financial companies have turned their attention to developing back-up systems and disaster-recovery plans. As of yet, no commitments have been made by any of the big banks, financial services or insurance companies to locate new sites in any specific region.

Many neighboring states are aggressively marketing their regions to Wall Street as back-up and back-office sites. This bill will provide New York with a much needed incentive program for use as an economic development tool to encourage firms to locate these sites within the state.

“Greater Binghamton is ideally situated with the facilities and infrastructure including fiber optics to accommodate back-up centers in our region,” said DiMascio. “We also have a skilled workforce to meet their workforce needs.”

“Without the critical infrastructure in place, it is difficult for companies to seriously consider making a move,” said Lupardo. “This gives the Greater Binghamton community a leg up on the competition, since we already have the space and fiber optics.”

Now that the bill has passed the Assembly, it has delivered to the Senate. Lupardo said she is urging the Senate to act on the measure before the legislature recesses.