SENATOR BRUNO ANNOUNCES NEW TAX FREE EMPIRE ZONE FOR RENSSELAER COUNTY

Monday, November 25, 2002

Senate Majority Leader Joseph L. Bruno today announced that a new Empire Zone has been approved for Rensselaer County, a step that will lead to the creation of new jobs and will generate new business investment. The county's Empire Zone provides essentially tax-free status for certain areas within the County to help facilitate new private sector investment, job creation and economic growth for the local community.

"The Empire Zone will give Rensselaer County a significant, proven economic development tool that will help ensure the growth of existing businesses and the attraction of new ones," Senator Bruno said. "It will help strengthen the local economy and will be an integral part of the County's long-term economic plan. I want to thank Governor Pataki for his continuing support of economic growth, not only in Rensselaer County, but throughout the entire Capital Region."

"Our tax-free Empire Zones are one of New York's most powerful and effective tools to fuel additional job creation and economic growth," Governor George Pataki said. "This Empire Zone will help create new jobs and private sector investment for Rensselaer County and represents another bold step forward in our effort to overcome the challenges presented by the national economic downturn."

"The Empire Zone is a great investment in Rensselaer County and New York State," said Rensselaer County Executive Kathy Jimino. "This countywide designation is an additional incentive to bring even more new jobs to our improving industrial marketplace, and will allow new and existing companies greater flexibility in growing their operations within our very promising economic landscape. This Empire Zone designation for Rensselaer County is a tribute to the many employers who have established and grown their roots in our cities, towns, and villages, and is once again a signal of Senator Joseph L. Bruno's commitment to Rensselaer County's industrial base and to the Governor's attentiveness in addressing our needs. I am confident that this incentive will complement our ongoing efforts to the benefit of businesses and residents of Rensselaer County and New York State."

Rensselaer County's application for the zone designated three areas including the Mill Creek Commerce Park in East Greenbush (572 acres); the Rensselaer Technology Park in North Greenbush (200 acres) and in the City of Rensselaer and Town of East Greenbush including the University at Albany East Campus, Riverside Avenue and the former BASF facility (188 acres).

A remaining quarter of the total 1,260 acres available for the zone could be used at various eastern locations in the county such as the Town of Hoosick and the surrounding region. The City of Troy has had a designated Empire Zone since 1987.

Earlier this year, the Senate Majority called for the expansion of the Empire Zone program to create new and expanded zones throughout the state. The final 2002-03 budget authorized the immediate designation of four Empire Zone applicants from the year 2000 and authorized the establishment of an additional 6 Empire Zones.

Empire Zones are designated areas throughout the State consisting of a maximum of either 2 square miles, or 1,280 acres, or 1 square mile, or 640 acres, that offer significant incentives to encourage economic development, business investment and job creation. Businesses operating inside a zone are eligible for a range of tax benefits that are applied against new capital investments. Benefits include tax reduction credits, real property tax credits, sales tax exemptions, wage tax credits, and utility rate reductions, among others. The tax benefits can reduce a company's tax liability to as little as zero. The Empire Zone program is administered by the Empire State Development Corporation.

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