TITLE OF BILL:
to amend the New York state urban development corporation act, in
relation to requiring the corporation to study the city
of Buffalo for the purpose of fostering the growth of business and
industry in New York state; and providing for the repeal of such
provisions upon expiration thereof
The purpose of the study is to examine and evaluate the
prospects for retail redevelopment in the city of Buffalo. The
commission shall develop a retail revitalization program including,
choosing target industries, developing voluntary programs, and
creating tax credits or other similar incentives.
SUMMARY OF PROVISIONS:
The "Retail Redevelopment Commission" shall
establish a pilot program, whose primary responsibility shall be to
produce a study of the possible retail industries that would benefit
residents and visitors to Buffalo. This pilot program study shall be
conducted within the city of Buffalo and include a comprehensive
market analysis study.
The commission shall report on current and projected trends in
retail for the city, develop initiatives, programs and policies for
the development and growth of retail businesses in Buffalo, as a
model for other cities in the state. The study would require that the
results be presented in a report to the legislature of its
conclusions and recommendations, including legislative proposals
necessary to implement the suggested programs, not later than July 1,
2014 and a final report on or before January 1, 2015.
With high rates of joblessness, homelessness, poverty
and crime; many Buffalo residents struggle, as evidenced in the 2000
Census. The per capita income in the City of Buffalo is $14,991. This
number is well below the national per capita income of $21,587.
Twenty six percent of residents in the City of Buffalo live beneath
the poverty level, as determined by the U.S. Department of Health and
Human Services. Additionally, unemployment is on the rise at 10.4%,
as reported by the New York State Department of Labor in December of
Facing these grim statistics, Buffalo still has many advantages and is
strategically oriented to build on its assets.
For much of its history, Buffalo's economy has been dominated by
manufacturing, and when the jobs moved, so did the people. Over the
past several decades, and especially today, the economic climate is
As manufacturing employment continues to decline, the growth of the
area's 'a new economy,' defined by information technology, cross-sector
partnerships, urban reinvestment and changing demographics, has begun
As a city rich with culture and history, record commercial development
In downtown Buffalo, a resurgence in downtown living, and serving as
a Gate way to one of the Seven Wonders of the Natural World, Buffalo
is at the cusp of a new era. With a new master plan for our schools,
the newly designed award-winning airport, and innovative efforts to
bring Buffalo and the region's economy to a new level, Buffalo is
poised to attract progressive retail chains to the area. Therefore,
it is imperative that the city devise a comprehensive strategy to
rebuild its suffering retail industry to complement other positive
The retail industry is one of the most important sectors in the
economy, providing over 15 per cent of all employment and including
some of the largest and most admired companies worldwide. Retailing
deals with a large variety of products - ranging from physical
products, such as packaged goods, to intangible products, such as
financial services or travel. The importance of retailing for
consumers does not need much explanation: most people deal as
consumers with retailers almost every day and for many people
shopping plays an important part in their lives.
Through this Retail Redevelopment Commission, Buffalo becomes a
strong, urban epicenter - as it once was in its hey day -- where
citizens of the city and the surrounding region can live, work,
entertain and have access to a progressive and diverse retail industry.
2011-12: S.6933/A.976 Referred to Corporations, Authorities
Compensation may be required for actual and
necessary expenses to conduct this study.
This act shall take effect immediately and remain in effect until
March 31, 2015.
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