Watch live: Cuomo in town to unveil economic plan
Gov. Andrew Cuomo will detail his plans for a $1.5 billion upstate economic development fund at 11 a.m. in Rochester at Wegmans headquarters.
During his re-election campaign, Cuomo proposed the Upstate Revitalization Fund as a way to build off of the success of the Buffalo Billion, a $1 billion fund Cuomo established in 2011 for the state’s largest upstate city.
Cuomo has been unveiling some of his major initiatives for the year in advance of his State of the State address and budget release Wednesday. On Tuesday, he proposed a $1.7 billion property-tax credit program that would provide breaks to middle-class homeowners and renters.
The upstate economy continues to lag, while New York City and its suburbs have largely rebounded from the recession in 2008 and 2009. Rochester has among the worst poverty rates in the nation, and other upstate cities, including Binghamton, Poughkeepsie and Syracuse, have struggled with job losses, infrastructure needs and population declines.
“The URF will inject $1.5 billion of state resources to drive the revitalization of communities, job growth, and population sustainability in major upstate urban centers,” Cuomo said in his 245-page policy book in October.
“Instead of focusing on one city, the URF will target its investment to a set of economically distressed upstate metropolitan areas. The URF will invest in both catalytic infrastructure projects as well as quality of life initiatives to make Upstate New York a better place to live, work, and visit.”
Cuomo has been under pressure to help other upstate cities after his administration put a heavy focus on Buffalo during his first term. Cuomo lost Monroe County to Republican Rob Astorino in a Democratic county, becoming the first Democratic gubernatorial candidate to lose there since 1998.
D&C reporter Meaghan McDermott is covering the governor’s visit today.
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