S.1120: Provides Small Businesses with Grants to Commercialize Energy and Environmental Technology Innovations In‐State

The New York State Urban Development Act was created in 1968 to assist with urban renewal in primarily New York City. The Act allowed the formation of a corporate governmental agency, called the “New York State Urban Development Corporation.” This corporation, now doing business as the “Empire State Development Corporation,” has the authority to finance projects by issuing tax‐free bonds. In 1975, the Corporation expanded its mission from targeting subsidized housing to larger economic development. Since 1968, it is credited with expanding the state’s correctional facilities, revitalization of 42nd Street, revitalization of Niagara Falls, and construction of Battery Park City and Roosevelt Island. The proposed S.1120 is sponsored by Republican State Senator, George Maziarz, who represents Niagara, Orleans and western Monroe counties. The bill would provide capital grants (up to $100,000) to small businesses to promote innovative energy and environmental technology development. The bill amends the New York State Urban Development Corporation  Act by adding a new section to create this program supporting technology development. The bill aims to stimulate New York State economic development by providing incentives for new business and jobs in the energy environmental sector. The Empire State Development Corporation is in charge of overseeing the grant process to small businesses and starting in September, 2014, and annually thereafter, must report out to the Governor and State Assembly progress on the program.