Economic Development Committee Update - January 28, 2015
Contact: Ken Pokalsky
Thanks again for your involvement in The Business Council’s advocacy efforts on economic development issues. I wanted to call your attention to several issues.
FY 2016 NYS Budget
Governor Cuomo’s FY 2016 Executive Budget contains several significant economic development initiatives. Our overview of the Executive Budget is available here; the economic development summary is available here; and the financial settlement spending plan is available here. We are asking for member input on the overall budget proposal, and on several issues in specific:
- the proposed $1.5 billion upstate revitalization fund and the proposed “competition” that would award funding to three of seven eligible regions.
- the proposed spending of $5.7 billion in financial settlement funds.
- the additional $150 million in capital and $70 million in Excelsior credits to be distributed through the REDC process, and any general comments on the REDC process to date.
- the amendments to the brownfield program that would significantly limit applicability of its redevelopment tax credits.
- The proposal requiring ESDC prior approval before IDAs can convey state tax abatements.
Eminent Domain Legislation
Last session, legislation was introduced – S.6779 (DeFrancisco)/A.7887 (Paulin) – that amends the Urban Development Corporation’s authority to obtain property through eminent domain. In general, it limits UDC taking to areas designated as “blighted,” and adopts a new definition of “blighted property” and “blighted area.” It also can be read as limited UDC redevelopment assistance to blighted property. We have been asked by Senator DeFrancisco to provide additional input before they reintroduce legislation this session. Our memo on last year’s bill is available here. We welcome members’ input on this proposal, and/or recommendations on other issues related to New York State eminent domain law.
My contact information is below. Please feel to contact me by phone or email with any comments or questions you have. Thanks.