Potsdam, NY, Sep 10, 2009 — New York has decided to start over on one of its high-profile economic development programs. Last week, the Paterson Administration announced it would let the Empire Zone Program sunset as scheduled next year. Development officials say they'll collaborate with other state agencies and business leaders to draft a replacement.
Thousands of businesses operate in Empire Zones across the state. They receive tax breaks and incentives for job retention and creation. Gov. David Paterson put the value of the program at $550 to $600 million per year. But Empire Zones have been controversial. In the press release announcing the new effort, Gov. Paterson noted "abuses, and broad failures."
State comptroller Thomas DiNapoli was in Potsdam this week promoting an alternative, one that doesn't have the Empire Zones' overlay of economic development policy--investing state retirement fund monies in in-state business ventures. Martha Foley talked with Dinapoli about the private equity program, and the still-looming budget deficit, at Clarkson University Tuesday. Go to full article
Mar 18, 2004 — The amount of money invested in so-called socially responsible mutual funds continues to grow. But as the Great Lakes Radio Consortium's Bill Poorman reports, they're still a small part of the big picture. Go to full article