In the first-ever State of the Upstate address, the former Governor proposed that a $1 billion Upstate Revitalization Fund be included in the 2008-2009 Executive Budget.  When the budget was finalized in early April, the fund was cut to $700 million but several projects essential to the growth of the Rochester region, and actively supported by Rochester Business Alliance and the Rochester Community Coalition, remained in the plan.

The Upstate Revitalization Fund consists of the following initiatives:

• Regional Blueprint Fund ($120 million): Last fall, the Empire State Development Corporation hosted seven meetings in Upstate New York to discuss five core issues: Infrastructure, Innovation, Intellectual Capital, International and Investment. These sessions helped to identify projects that focus on the distinct economic advantages of each Upstate region. The Empire State Development Corporation will oversee the $120 million that will fund these unique initiatives.    
• City-by-City Investments ($180 million): In addition to other economic development projects, this initiative includes $55 million for the demolition of Midtown Plaza and $50 million for the University of Rochester's Clinical and Translational Science Institute. These projects will create much-needed jobs in our region and are essential to the revitalization of our city.
• Upstate Housing Investments ($100 million): Development of affordable housing throughout the region is the primary focus of this fund. Offering reasonable housing prices in Upstate New York will help to attract and retain employees.  
• Rebuilding State Parks ($70 million): State parks, fairgrounds, campgrounds, historic sites and other facilities will receive this aid to encourage higher utilization among residents and tourists.
• Agricultural Development Fund ($40 million): This fund will be directed towards the development of alternative fuel products, improvements in farm and agricultural infrastructure, and access to markets.
• Upstate Infrastructure Investments ($30 million): Municipalities will be provided with additional Consolidated Highway Improvement Program (CHIPS) aid.
• Other Initiatives ($160 million): This funding will be used for other initiatives including an Investment Opportunity Fund, Saratoga County infrastructure improvements, community development, arts and cultural asset expansion, the Universal Broadband initiative, an Upstate business marketing program, enhancement of programs that support high technology development, and other ESDC job creation and investment programs.

Source: Governor Paterson Announces Creation of Statewide Economic Development Fund (4/9/08 Press Release)      

Upstate's future is New York's future, and if the Upstate decline continues, all New Yorkers will pay a price - in higher taxes, increased health care costs, a shrinking national voice in Washington, and fewer opportunities for our children and grandchildren. The strategic investments outlined in the Upstate Revitalization Plan are exactly what are needed to help our region return to a place of economic prosperity and prominence, and to make Upstate - and all of New York - the best place to live, work, raise a family and run a business.

For more information, contact:
Chris Wiest
Vice President of Public Policy and Advocacy
(585) 256-4626