2003 Yellow Book
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Urban Development Corporation
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Change Percent


General Fund 74,869,100 75,362,100 493,000 0.7%
Capital Projects Fund 14,300,000 0 (14,300,000) -100.0%

Total for AGENCY SUMMARY: 89,169,100 75,362,100 (13,807,000) -15.5%

chart * 1999-00 through 2001-02 reflect enacted appropriations.
* 2002-03 and 2003-04 reflect Executive recommended appropriations.

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:

  • $32,134,000 to support the Jobs Now Program, a decrease of $1,808,000 from SFY 2002-03 funding levels.

  • $32,278,000 to support the Economic Development Fund (EDF) Program, an increase of $2,378,000 from SFY 2002-03 funding levels.

  • $3,473,000 for both the Urban and Community and Development Program (UCDP) and the Minority and Women Owned Business Development and Lending Program (MWBDL), an increase of $644,000 from SFY 2002-03 funding levels.

  • $3,000,000 to support infrastructure and other improvements associated with cooperative State/Federal efforts at Rome Laboratory on the Griffiss Air Force Base, Plattsburgh Air Force Base, the Seneca Army Depot and other undefined areas. There is no specific designation of funding amounts for each individual project. However, the SFY 2002-03 enacted State budget lined out funding for specific projects, including Griffiss Air Force Base development, Plattsburgh Air Force Base, Seneca Army Depot, and Niagara Falls Air Force Base.

  • $1,000,000 for Military Base Retention Efforts, reflecting no change from the General Fund appropriation in SFY 2002-03.

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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