Assemblyman Phil Ramos (D-Central Islip) announced that the 2011-12 state budget creates the Recharge New York power program, strengthens the existing Excelsior Jobs program, forms Regional Economic Development Councils and provides necessary additional funding to enhance the local economy.
“This year’s budget promotes local job growth and economic development through new initiatives and the enhancement of existing programs,” Ramos said. “We are helping to spur the local economy by making Suffolk County more attractive for businesses looking to grow here.”
Recharge New York provides permanent, low-cost power
Recharge New York serves as a permanent replacement for the Power for Jobs program. This initiative fosters job creation and capital investment by providing businesses and not-for-profits with a sustainable and predictable energy program based on low-cost power from the New York Power Authority (NYPA).
Under Recharge New York, NYPA will provide 910 megawatts of low-cost power to qualified applicants. Through seven-year contracts, Suffolk County’s small businesses and not-for-profits are provided the certainty they need to make long-term investments and workforce commitments.
“A low-cost, discount power program was long overdue,” Ramos said. “I supported the Power for Jobs program, but continually passing one-year extenders will not attract new businesses to our state. Recharge New York will ensure business owners that low-cost power is here to stay.”
Boosting the economy through Excelsior Jobs and Regional Economic Development Councils
Strengthening the existing Excelsior Jobs program makes New York a more business-friendly state for employers. Businesses in strategic industries across the state, such as manufacturing, high-tech and clean-energy, will receive increased tax credits and enhanced investment incentives from the current Excelsior program.
The 2011-12 budget also provides funding for Regional Economic Development Councils across New York State. Chaired by the lieutenant governor, the councils will help create a region-based approach to the allocation of $130 million in state funds for economic development over two years. This will speed up the creation of jobs and will allow Long Islanders to get back to work.