In 2014-15 budget, New York State appropriates the remaining $680 million of the Buffalo Billion to fulfill state’s commitment.
Kennedy: Buffalo is a city on the move, and the state’s billion-dollar investment is driving us forward even faster.
ALBANY, N.Y. – Senator Tim Kennedy, D-Buffalo, announced the state will fulfill its commitment to provide $1 billion to rebuild the economy of Buffalo and Western New York in this year’s budget. In the 2014-15 budget, the state will appropriate $680 million in capital funds which will complete the state’s $1 billion commitment to Buffalo and Western New York for local economic development projects.
“The Buffalo Billion has helped fuel serious economic momentum and driven real progress throughout Buffalo and Western New York,” said Senator Kennedy. “With the state’s firm commitment to continue its focus on Western New York, we will have the resources and predictability necessary to foster sustained economic development for years to come – which will ensure local families have deeper access to good-paying job opportunities. Buffalo is a city on the move, and the state’s billion-dollar investment is driving us forward even faster.
“In this year’s budget, Governor Cuomo continues his commitment to Western New York and appropriates the remaining $680 million of the Buffalo Billion. This will ensure our community has the stability and security needed to attract substantial private investment and create new jobs for Western New Yorkers,” Kennedy added.
This $680 million represents the balance of the Buffalo Billion and will be directed to Empire State Development to administer current and future Buffalo Billion projects as they arise. These funds will not have to be spent over the course of the next year or within a specific timeline, but this $680 million appropriation will provide ESD with the stability and flexibility to attract new companies to Buffalo, encourage existing businesses to expand and foster the growth of emerging industries.
Senator Kennedy commended Governor Cuomo for his vision for a revitalized Western New York and for his commitment to the region. Kennedy credited Governor Cuomo’s Buffalo Billion initiative for serving as a catalyst behind the growth underway in the Buffalo-Niagara region.
At the start of the budget process, Senator Kennedy questioned the state’s top economic development official, ESD President Ken Adams, about the future of the Buffalo Billion initiative. In responding to Kennedy’s questions, Adams expressed the state’s interest in fostering economic growth through more investments structured like the state’s high-tech energy project at RiverBend where the state invests capital to construct infrastructure and purchase equipment, rather than directing grants and incentives directly into specific companies.
Senator Timothy M. Kennedy represents the New York State Senate’s 63rd District, which is comprised of the town of Cheektowaga, the city of Lackawanna and nearly all of the city of Buffalo. More information is available at http://kennedy.nysenate.gov.