$1 Billion Upstate New York Revitatlization Fund

A $1 Billion Upstate Revitalization Fund will jump-start the Central New York economy. Visiting Syracuse just hours after he delivered his State of Upstate address in Buffalo, Governor Eliot Spitzer today outlined a bold new vision for Central New York and Upstate at the Annual Greater Syracuse Chamber of Commerce Economic Forecast Luncheon.

Echoing his State of Upstate address, Governor Spitzer told the more than 600 assembled business and political leaders about his proposal for a $1 billion infusion of economic development capital into the Upstate economy.

“Syracuse and Central New York are poised for a rebirth, and we must do all we can to ensure a bright and vibrant future for the communities that make up this great region,” said Governor Spitzer. “We are expanding our comprehensive, region-by-region approach that builds on the foundation we laid last year with an aggressive strategy to get Upstate New York back on its feet. Today, we are announcing to the world that Central New York is open for business.”

The Upstate Revitalization Fund includes a $350 million Regional Blueprint Fund designed to address infrastructure needs of communities across the state and capital for the construction and enhancement of development-ready sites and industrial parks. As part of the Upstate Revitalization Fund, Governor Spitzer also said he will call for $100 million in Upstate housing and community development and $50 million for a new Agribusiness Fund to support access to markets, new and expanded food processing centers, and the development of alternative fuels.

Governor Spitzer also proposed tripling the state's investment in high-speed, affordable broadband access across New York to $15 million and another $80 million investment to restore New York's state parks—a major asset when it comes to attracting business and creating livable communities.

“We need to link idea creation and job creation. That's why the Upstate Revitalization Fund will also include a $10 million venture capital fund—a pilot program to provide seed capital for 15 to 20 small companies that have the potential to expand into major employers,” said Governor Spitzer. “These funding streams and programs will make it possible for innovative companies—like E2E Materials in Ithaca, Zero Point in Potsdam and Source Sentinel in Syracuse—to grow and create jobs on a large scale.”

Senator David Valesky said: “I applaud Governor Spitzer's commitment to the revitalization of Upstate New York. I share his vision of promoting Agriculture as one of New York's leading industries and am encouraged by the potential for job growth in our Upstate communities. I look forward to continue working with the Governor on the success of these economic development initiatives.”

Senator John DeFrancisco said: “I have been a strong advocate for economic development and the growth of our Central New York business community. Revitalizing our Upstate economy is once again a priority and I applaud Governor Spitzer’s support of vital initiatives that will help to create jobs, assist our local businesses and spur investment and economic growth in Central New York.”

Assemblywoman Joan Christensen said: “The Governor correctly referred to Upstate as being under an economic storm cloud, so his pledge to invest $1 billion into the Upstate economy and what he is specifically targeting to Syracuse is a welcome relief. Upstate’s best days are in front of us, and I think this infusion of money into Upstate along with some of the other tax relief incentives he has proposed will go a long way in advancing Central New York’s economy.”

Assemblyman Bill Magnarelli said: “As I have said many times, it is time to get Central New York moving again, and I am so pleased to see Governor Spitzer commit to providing Upstate New York with the tools and resources we need to attract and retain businesses, attract jobs, and keep our young people here in this community.”

Assemblyman Al Stirpe said: “I welcome the Governor's continued focus on Upstate. New York State is a diverse place and the needs and concerns of Upstate are special. The previous administration used a one-size-fits-all approach to economic development and it hasn't work for us. Governor Spitzer has put forth an economic stimulus plan based on regional strengths that will create much-needed jobs and ease the tax burden for both businesses and hard working families.”

County Executive Joanne M. Mahoney said: “I am pleased Governor Spitzer understands that one of the keys to a strong New York State is a strong Upstate and I look forward to discussing his plan for economic stimulus. I also am very encouraged by his Property Tax Task Force Commission. Controlling property taxes is the single most important action we can take to transform our entire state.”

Darlene Kerr, President of the Greater Syracuse Chamber of Commerce, said: “We are pleased the Governor is focusing on the root causes that place so many businesses in Upstate at a competitive disadvantage…high taxes, the high costs of energy and healthcare. The proposed multi-billion dollar endowment for the SUNY/CUNY system, the multi-billion dollar Innovation fund and Upstate Revitalization fund, together have the potential to achieve three extremely important goals…helping to educate and retain some of our brightest young people, transferring cutting edge technology and research into commercially viable products and services and creating the economic conditions for these people and ideas to flourish right here in our Upstate communities.”

Governor Spitzer also said he will continue implementing his “City-by-City” strategy to help revitalize Upstate cities. In October, the Governor unveiled several projects in Central New York, including specific commitments for the Connective Corridor, a $2 million investment in the Near West Side Initiative, another $2 million investment to redevelop a building on North Franklin Street, and $3 million to transform and redesign the 300 block of South Salina Street.