$1 Billion for our Region - Frequently Asked Questions

When does the region get the $1B?

This is a challenge grant and the money is based on performance.  The money will not be disbursed until private investments are made.  It is a huge opportunity to attract private sector investment.  It is likely that any company investments will take several years and the state investment will also be multi-year.

Is the money limited to the City of Buffalo?

The State resources are meant to impact the City of Buffalo and the entire region.  Projects funded should have regional impact.  The exact project locations are not as critical as the impact of the project in a broad way.  Recognizing that the City of Buffalo is the metropolitan center of the region, it is critical that projects have a positive impact on the City.  If the City is not strong, the rest of the region cannot succeed.

Can the money be used for infrastructure?  Housing development? Removing the skyway? Etc. etc?

The money is not for existing projects, it is not for "one shots", disjointed projects or a laundry list of projects.  It is for a mega project that will have regional impact and/or development of a cluster economy that will have region wide, sustainable development. The use of money to leverage a private sector investment is flexible, depending on the company's needs.

Is part of the $1B to retain the Buffalo Bills?

No

What are the sources of funding?  How much is tax credits? Low cost power? Other sources? 

The sources and nature of funding will be deal specific.  Each company has different needs; the Governor has committed flexibility in providing State resources to meet business needs.

How long do we have to spend the money?

This is anticipated to be a multi-year development and investment strategy.  Significant private sector investments take time to cultivate and implement.  The Governor recognizes that and understands that this is a multi-year commitment.

If I know of a business looking to expand, locate in the area, who do I refer them to?

Refer them to Empire State Development Western New York Office, (716)846-8221 or ckrazmien@esd.ny.gov

ESD will coordinate with the Governor's Office, WNY REDC and other appropriate development agencies to response.

How does a business apply for funding?

It will depend on the business needs.  Different needs may require varying applications.  Once private sector investments are identified, ESD will work with them one-on-one to coordinate an appropriate incentive package.

What are the eligible uses of the funding?

This is very flexible.  Every business and deal is unique and has varying needs. 

Can the money be used to lure a company to Buffalo from another part of the State?

No, this opportunity is to attract new jobs to New York State.

What is the role of existing, non-State economic development agencies in allocating these funds?

As the WNY REDC process has been, developing the strategy for leveraging this investment will be a collaborative process among WNY REDC, local economic development agencies and the State.

Is the $200M in CFA resources a part of this funding?

No, the Governor is working with the Legislature to include money in the FY2012/2013 State budget for a new round of CFA funding that will be separate from the $1B commitment.