State Commission Requests Testimony on Schimminger Proposal

November 19, 2008

Assemblyman Robin Schimminger has been invited to testify at a hearing to be held in Buffalo tomorrow (Thursday, November 20) by the New York State Commission on State Asset Maximization. Schimminger, who chairs the Assembly Committee on Economic Development, Job Creation, Commerce and Industry, will present his proposal for strengthening an economic development tool known as Tax Increment Financing (TIF) to the panel established by Governor Paterson to identify ways in which public-private partnerships can be used to leverage economic growth in New York State. Schimminger is scheduled to testify at the hearing, which will commence at 2:30 p.m. at the Albright-Knox Art Gallery Auditorium in Buffalo. The work of the commission is particularly important in light of the national economic downturn and the fiscal pressure it is exerting on the stateís budget and local governments.

Tax Increment Financing helps attract capital investment through the development of infrastructure and/or for the redevelopment of brownfields. Schimminger will explain that TIF is used by developers to cover the high costs of redevelopment projects often attributed to infrastructure development or subsurface contaminants. Notably, it brings investment and jobs to communities that otherwise wouldnít attract them, and it does so without relying on state or federal funds, or imposing new taxes on municipal taxpayers. (Schimmingerís bill is numbered A.2358 for the 2007-08 legislative session.)

Copies of Assemblyman Schimmingerís testimony will be available tomorrow at the hearing or from his district office.