BRUNO ANNOUNCES EXPANSION OF EMPIRE ZONE PROGRAM

Authorizes New Zone for Saratoga County; Expands Zones in Troy, Albany, Schenectady; Adds 8 New Gen*NY*sis Zones

Tuesday, February 27, 2001

In an effort to encourage additional economic growth and job creation, Senate Majority Joseph L. Bruno today unveiled a plan that would authorize the creation of a new Empire Zone in Saratoga County and the expansion of six existing zones in the greater Capital Region, including the Empire Zone in Troy.

"Saratoga County has proven to be an excellent location for businesses to locate and expand," Senator Bruno said. "State Farm, Target, Quad Graphics and Flow Management Technologies, just to name a few, are businesses that have either come to Saratoga or have expanded to add hundreds of new jobs. Creating a new Empire Zone will help attract additional businesses, particularly to the northern end of the county, to further strengthen the local economy."

"The Empire Zone in Troy has attracted 125 companies that have created almost 3,000 new jobs with $17.4 million in total private capital investment in 1998 and 1999," Senator Bruno said. "The Troy zone is near capacity and our plan would authorize the expansion of the zone to create additional room for more companies and more jobs."

The plan unveiled by Senator Bruno would significantly expand the successful Empire Zone program by authorizing the expansion of all 52 existing zones, creating 14 new zones for a total of 66 zones, and establishing eight new "Gen*NY*sis" zones to target job growth in biotechnology.

"The Empire Zone program has proven to be a very effective way to encourage economic development in certain locations," Senate Majority Leader Joseph L. Bruno said. "By providing additional incentives to locate in these zones we attract new jobs to strengthen the economies of many urban and rural communities and we encourage growth in small and large businesses. Governor Pataki had a very good idea to expand 22 zones. Our plan would take that idea further by authorizing the expansion of every existing zone up to four miles and adding 14 new zones."

The total value of the Senate plan is estimated at $350 million in tax credits and other incentives to promote business growth and job creation within the Empire and Gen*NY*sis zones.

"In the early 1980's, President Ronald Reagan and Congressman Jack Kemp developed the idea of creating federal Urban Enterprise Zones to encourage economic growth in cities," Senator
Bruno said. "In 1986, State Senate Republicans initiated the idea of creating these type of zones in New York. Since that time these zones have helped attract billions of dollars in private sector investment. Our announcement today is a logical continuation of the successful program we started 15 years ago."

Senator Bruno is proposing the following:

* EXPAND ALL 52 EXISTING EMPIRE ZONES -- The Governor has recommended that 22 of the 52 existing Empire Zones be expanded from two to up to four miles. The Senate proposal includes those 22 sites and also authorizes the immediate expansion of the other 15 zones in Upstate New York, subject to local approval. This includes existing Empire zone in Troy and five other locations in the Capital Region. In addition, the Senate is recommending the phased-in expansion of 15 Empire zones in the downstate MTA region, subject to local request and approval by the Governor.

"Our proposal allows for a great deal of flexibility to expand every Empire Zone in the state from the current limit of two miles to up to four miles," Senator Bruno said. "This flexibility will help local communities and the Empire State Development Corporation determine what size zone works best for each site."

* CREATE 14 NEW EMPIRE ZONES -- Legislation enacted in 1999, and amended last year, allowed for the approval of additional Empire Zones. The Senate is proposing that all fourteen communities that submitted applications and have been prequalified, including Saratoga County, be approved for Empire Zone designation.

"Empire Zones have helped New York compete for new business and jobs with every other state in the country and every country in the world," Senator Bruno said. "The enactment of our plan would bring us closer to having Empire Zones throughout all of upstate New York."

* ESTABLISH EIGHT "GEN*NY*SIS" ZONES -- Earlier this year, the Senate Majority unveiled its' "Gen*NY*sis" (Generating Employment Through New York Science) plan to encourage economic growth in the fields of biotechnology and biomedical research. These new zones, the locations of which have yet to be determined, will provide additional incentives for areas particularly attractive to biotech companies which tend to cluster near the centers of biotech research in New York State.

"Creating Gen*NY*sis zones would build on our plan to offer $225 million in state grants to match federal, industry and academic funding to attract companies launched by rapid advances in life sciences, genomics and genetics," Senator Bruno said. "The combination of these and other efforts would make New York State the nationwide leader in biotechology and biomedical research and development. The University at Albany East Campus in East Greenbush is home to several biotechnology companies and we will take a very close look at establishing a Gen*NY*sis zone there to help attract even more businesses and jobs."

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