NYC 9/11 Public Portal Document
NEW YORK STATE
EMERGENCY ECONOMIC STABILIZATION PROGRAM
As the magnitude of the physical, human and economic devastation suffered by New
York City comes into clearer focus in the days and weeks following the World Trade
Center disaster, so too does the impact on New York State as a whole.
Despite the national economic slowdown, as the result of six years of prudent fiscal
management, New York was weathering the storm well. However, the attacks on
September 11 crippled the State's financial services and tourism industries, among our
two most significant sources of direct and indirect tax revenues. The fallout from these
unexpected revenue losses now threatens the economic stability of businesses and
communities statewide.
It is not enough for New York to simply rely on the Federal economic stimulus package
as a buffer against hard times. The State, too, must target its increasingly scarce
resources to stabilize and grow the economy. Accordingly, the State will establish a
$100 million Emergency Economic Stabilization Program and enact several statutory
changes that will immediately create and retain jobs, and increase economic activity
statewide. Specific activities supported by this Program will include:
> Tourism promotion through the I Love New York marketing campaign.
> Grants and loans to businesses to support job creation or retention projects.
> Funding for business marketing and international trade promotion, to
increase investment in New York State and to create business opportunities
for New York companies.
> Comprehensive redevelopment initiatives for revitalization of distressed
regions such as Niagara Falls.
> Workforce development and employment incentives, to provide retraining
for dislocated workers or to enable employers to hire skilled workers.
Where appropriate the State will seek to be reimbursed with or leverage Federal funds
for these initiatives. However, the need is so immediate and the State's commitment so
strong that this Program will proceed regardless of the availability of such funds.
In addition, the State will enact legislation to speed the progress of job creating
construction projects and protect New York businesses from future revenue losses due
to State and national emergencies.
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