Empire Zone Program Update
 Despite the proposed changes to the Empire Zone Program, EDC continues to administer the program’s benefits to employers in Warren County with positive results. Recently, EDC staff attended a conference in January sponsored by New York State Economic Development Council, which included an update on the Empire Zone program and benefits.
The program changes discussed at the conference followed Governor Paterson's Empire Zone budget proposals. Included in the discussion was the impact of the loss of local administration of the program through the elimination of the local administrative board and position of the local Empire Zone certification officer. In the near future, we may see a shift of local approval of applications for certification into the program directly to the State.
There has been a strong focus on the cost of the program to the State over the past year and this will continue. This will take the form of a shortened cost benefit analysis period and the narrowing of entities allowed into the program. After April 1, 2009 only manufacturing, financial service companies, and "extraordinary projects" (to be defined in future rules and regulations) will be certified to receive benefits.
More information about the proposed changes to the program, outlined in December 2008, is available at the NYSEDC web site. You may also wish to review the February 3, 2009 memo to New York legislators from NYSEDC Executive Director Brian McMahon. |
