NY Targets Buffalo for $1-Billion Development Program
In his annual State of the State address, New York Gov. Andrew Cuomo has announced a $1-billion, multi-year economic development program for the City of Buffalo.
Gov. Cuomo said the new incentives package is designed to attract new industry to a city that has the third-highest poverty rate (at 28 percent) of any municipality in the nation.
“While we’re investing on our strength, we also have to invest in the struggling areas of our state, and many of our struggling areas have been ignored for too long. New York is stronger when every region of our state is strong. We must address the crisis in Western New York and in Buffalo, specifically,” he said.
The governor noted that Buffalo has the workforce, the talent, the resources, and the will to succeed. He said the state incentives, stretched out over several years, will be used to draw employers the same way high-tech companies were attracted to the Albany area with tax breaks and grants.
Cuomo says the state will empower the Buffalo Regional Council, which region was recently awarded $100 million, to develop a plan to create thousands of jobs.
In his annual address, the Empire State’s governor also proposed a constitutional amendment to legalize non-Indian casinos, a NY Works plan that would replace 100 bridges and repair 2,000 miles of road ,and a second round of competitive grants to attract and retain employers statewide.
You might like:
- Business Facilities’ 11th Annual Rankings Report: Metro and Global Rankings
- Business Facilities’ 2015 Metro Rankings Report: Austin, Nashville, Raleigh Are Metro Frontrunners
- Business Facilities’ 2015 Metro Rankings Report: Indiana Metros Are Exports Leaders
- Business Facilities’ 2015 Global Rankings Report: China Leads In Renewable Energy Investment
- Eli Lilly and Company To Expand Indianapolis R&D Headquarters
- Business Report: Tennessee – DENSO Manufacturing Expanding in Maryville, TN
- Business Report – North Carolina: Growing Innovation Throughout The Tarheel State
- Business Report – California: Largest Solar Facility On Earth Goes Operational
- Alcoa Expands R&D Center Near Pittsburgh
- U.S. Innovation Hubs: Inventing the Future
- Logistics Networks Are Getting Back On Track
- Panama Canal: Bigger, Better and Ready to Rumble
- Bell Inc. To Invest $30M In Ohio Carton Manufacturing Facility
- Business Facilities LiveXchange 2016 Registration Now Open
- NTN Driveshaft Adding 500+ Jobs in Indiana