BUFFALO, NY - New York Governor Andrew Cuomo announced that he is directing $1 billion in economic development money to the Buffalo area in his State of the State address on Wednesday afternoon.
In his speech, the Governor highlighted that the Buffalo region is the only one in the state that will receive the economic development funding. The hope is the money will lead to new business growth and a private investment of around $5 billion in the Buffalo area.
The governor said, "Buffalo has the workforce, the talent, the resources, and the will to succeed. We believe in Buffalo. And we'll put our money where our mouth is."
Buffalo Mayor Byron Brown issued the following statement concerning the development money:
"The announcement that Governor Cuomo is committing one billion dollars to economic development in Buffalo will accelerate the city's
transformation. As a member of the Governor's Economic Advisory Council, I've had the opportunity to highlight many of Buffalo's assets including one of the lowest effective tax rates in the state and 350 shovel ready acres that my administration has assembled to pave the way for business investment and job creation. I applaud Governor Cuomo for his focus on economic development statewide and this tremendous investment in the future
U.S. Representative Kathy Hochul (D - 26th District) issued the following statement on the announcement:
"This is incredible news for the Buffalo-Niagara region and all of Western New York. Bringing one billion dollars to this region for economic development will not only be a game changer for my district, but for the entire region.
"The sky's the limit with what we can achieve with this money. Whether we lure another industry to Buffalo, invest more in the businesses already here, or provide our young people with more training and more education, this funding will have a major impact for Western New Yorkers.
"I look forward to working with Governor Cuomo to identify and execute the best use of this money, and I thank him for his vision in seeing a bright future in Western New York."
Erie cOunty Executive Mark Poloncarz spoke out about the news on twitter. "Great news that @NYGovCuomo will be announcing a $1 Billion investment package for companies to come to Buffalo in his State of the State."