March 28, 2012
Economic Development Aid
Creates and Retains Jobs

Maintaining a focus on job creation and promoting support for working families, Speaker Sheldon Silver and Assemblyman Robin Schimminger, Chair of the Assembly Committee on Economic Development, announced today significant investments in New York's long-term economic growth.

"Job creation and retention remain priorities in the 2012 budget as demonstrated by the new investments in high tech research and development, minority- and women-owned businesses, military base retention and redevelopment, and another round of funding for the Regional Economic Development initiative," said Assembly Speaker Sheldon Silver.

Economic development aid in the new budget stands to create and retain thousands of new jobs in the State.

SUNY College of Nanoscale Science and Engineering (CNSE)

The Assembly maintains $250 million in funding for the SUNY College of Nanoscale Science and Engineering (CNSE), continuing support to keep it the largest, most state-of-the-art, high-tech complex in the academic world. This investment will lead to the creation of jobs in the Mohawk Valley, Central New York, and the Rochester region as well as jobs created and retained in the Hudson Valley and throughout Upstate New York.

Regional Economic Development Councils

The SFY 2012-2013 budget includes an investment of $220 million to support a second round of the Regional Economic Development Councils, an initiative to jumpstart local economies across New York State. Of that $220 million, $150 million is new capital funding and the remaining $70 million comes from tax credits for the Excelsior Jobs Program.

New York Works Economic Development Fund

Also included in the budget is an appropriation of $75 million for the New York Works Economic Development Fund. This new initiative includes business development and job creation efforts to revitalize the State's economy. These efforts include capital grants to support employer projects to create or retain jobs, and infrastructure investments necessary to attract new businesses or to expand existing businesses.

Jobs Now Program

More than $16 million will fund the Jobs Now Program to attract major new businesses and permanent private-sector jobs to New York. The program also provides financial assistance to encourage significant business expansion.

"These funding commitments underscore New York's focus on attracting and retaining a highly skilled workforce and creating jobs for the 21st century," said Schimminger. "These investments follow the pledge we made in September to make New York a leader in emerging technologies and research, powerful engines for long-term job creation."

The following were included in the budget: